As previously reported, BofA downgraded Prothena (PRTA) to Underperform from Neutral with a price target of $4, down from $22, after lead drug birtamimab failed its Phase 3 trial to treat Mayo Stage IV AL Amyloidosis. Prothena continues to develop PRX012, a monoclonal antibody for Alzheimer’s disease, but it is still in early development and the firm assumes a conservative stance on this opportunity as currently approved therapies have not met expectations, the analyst tells investors.
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