In a report released today, Andrew Fein from H.C. Wainwright maintained a Buy rating on Prothena, with a price target of $14.00.
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Andrew Fein has given his Buy rating due to a combination of factors including Prothena’s strategic initiatives and promising data from their Alzheimer’s disease pipeline. The company is planning to propose a capital reduction to facilitate a share redemption program, which is a non-dilutive way to return excess cash to shareholders. Additionally, Prothena anticipates significant revenue from ongoing collaborations by 2026, contingent on program success.
Moreover, the upcoming data release from the PRX012 MAD study is expected to be a significant catalyst. The study has shown encouraging results in amyloid plaque reduction with ARIA rates comparable to placebo, which could lead to strategic partnerships or acquisitions. The company’s confidence in PRX012’s potential is further highlighted by their decision to test higher doses with a patient-friendly dosing model. Furthermore, recent data supporting PRX005’s mechanism in targeting tau pathology strengthens the therapeutic rationale for Prothena’s Alzheimer’s disease-focused pipeline.
In another report released today, Citizens JMP also reiterated a Buy rating on the stock with a $29.00 price target.