Prothena initiated with a Buy at Chardan

Chardan initiated coverage of Prothena (PRTA) with a Buy rating and $40 price target Prothena “remains a controversial name,” and the stock has been under pressure during the past year due to the setback in its PRX-012 program and investors have been disappointed by the slow progress and lack of clarity, the analyst tells investors. Additionally, the initial commercial launch of Biogen (BIIB) and Eisai’s Leqembi is not gaining momentum, the analyst added. However, the firm believes it is “a good time to revisit this name,” as it remains “cautiously optimistic” on the potential of PRX012 and notes that the company has multiple data points from late-stage clinical studies upcoming.