Prothena (PRTA) Shares Surge On Positive Results From Phase 1 Study of PRX002

Prothena Corporation plc (PRTA) shares are trading higher by nearly 28% to $37.40 in the extended session Thursday after the company announced positive results from a Phase 1 single ascending dose study of PRX002, a monoclonal antibody for the potential treatment of Parkinson’s disease and other related synucleinopathies. PRX002 is the focus of a worldwide collaboration between Prothena and Roche.

“We are extremely pleased with the results of the Phase 1 single ascending dose study as the mean reduction of free serum alpha-synuclein of up to 96% demonstrates the pharmacodynamic effects of PRX002,” commented Gene Kinney, PhD, Chief Scientific Officer and Head of Research and Development at Prothena. “Importantly and for the first time in humans, we demonstrated that this robust, rapid and dose-dependent reduction of free serum alpha-synuclein was safe and well-tolerated…”

On valuation measures, Prothena Corp. PLC shares have a T-12 price/sales ratio of 15.34 and a price/book for the same period of 2.69. EPS is ($0.13). The name has a market cap of $791.71 million and a median Wall Street price target of $40.00 with a high target of $53.00. Currently there are 5 analysts that rate PRTA a ‘Buy’. No analyst rates it a ‘Hold’ or a ‘Sell’.

In terms of share statistics, Prothena Corp. PLC has a total of 27.38 million shares outstanding with 4.63% held by insiders and 83.20% held by institutions. The stock’s short interest currently stands at 8.21%, bringing the total number of shares sold short to 2.23 million.

Shares of the Dublin, Ireland-based clinical stage biotechnology company are down 23.36% year-over-year ; up 37.19% year-to-date.

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