Piper Sandler lowered the firm’s price target on Prothena (PRTA) to $15 from $81 and keeps an Overweight rating on the shares. While the firm was disappointed to see PRX012’s ASCENT program hit non-competitive rates of ARIA, Piper is not concerned about Prothena as the company has a high-value partnership pipeline ripe for future cash opportunities. Firstly, the firm thinks it is crucial not to minimize the ASCENT data as it effectively supports PRX012’s mechanism and de-risks second generation, PRX012-TfR, with plans underway to seek potential partnership opportunities for both. Furthermore, Piper thinks there is a lot of value attached to Prothena’s robust partnership pipeline. That said, the firm removed PRX012 in AD from its model as it is viewing potential partnership as an upside.
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