Oppenheimer keeps an Outperform rating on Prothena after speaking with management following Chief Medical Officer Hideki Garren’s departure. The firm was “encouraged” to learn that Garren is leaving purely as a result of an “amazing opportunity” and not related to anything at Prothena. The company has not seen data from PADOVA or AFFIRM-AL that would influence his decision, the analyst tells investors in a research note. Opco adds that the results from PADOVA are on track for Q4 with the study under control of partner Roche. Shares of Prothena are down 19% to $16.22 in late morning tradiing.
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