Citizens JMP analyst Jason Butler lowered the firm’s price target on Prothena (PRTA) to $11 from $29 and keeps an Outperform rating on the shares. Prothena last week reported results from cohort A of the Phase 1 PRX012 in Alzheimer’s disease patients, with results demonstrating a favorable reduction in amyloid levels at the 200mg and 400mg doses, but this benefit was accompanied by elevated, uncompetitive ARIA incidence in PRX012-treated patients, the analyst tells investors in a research note. The ARIA AE profile likely makes PRX012 competitively unviable in early-stage AD patients, the firm says.
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