Analyst Andrew Fein from H.C. Wainwright maintained a Buy rating on Prothena and keeping the price target at $30.00.
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Andrew Fein has given his Buy rating due to a combination of factors that highlight Prothena’s promising advancements in the ATTR-CM treatment landscape. The recent Phase 2 trial data for coramitug, a drug developed by Prothena, demonstrated a significant reduction in NT-proBNP levels within 12 months, which is a strong indicator of potential clinical benefits such as reduced mortality and fewer cardiovascular hospitalizations. This biomarker achievement is particularly noteworthy as it surpasses the results of existing treatments like tafamidis and acoramidis, which took longer to achieve similar outcomes.
Furthermore, the data validates coramitug’s amyloid-clearing mechanism, positioning it as a next-generation therapy in the ATTR space. The rapid and substantial biomarker changes observed in the trial provide a solid rationale for advancing coramitug into the Phase 3 CLEOPATRA trial, which aims to assess its impact on hard clinical endpoints. Fein’s confidence in the drug’s potential to deliver significant clinical benefits underpins his Buy rating for Prothena’s stock.
Fein covers the Healthcare sector, focusing on stocks such as Alector, Palvella Therapeutics, and Denali Therapeutics. According to TipRanks, Fein has an average return of 24.9% and a 52.49% success rate on recommended stocks.
In another report released today, Piper Sandler also maintained a Buy rating on the stock with a $36.00 price target.