Prothena price target lowered to $18 from $40 at Chardan

Chardan lowered the firm’s price target on Prothena (PRTA) to $18 from $40 and keeps a Buy rating on the shares. The firm removed birtamimab from the model after the Phase 3 AFFIRM-AL study of birtamimab in AL Amyloidosis did not meet the primary endpoint or key secondary endpoints. The program will be discontinued. Investors had very low expectations for this readout, but the stock “will probably continue to be under pressure,” the analyst tells investors in a research note. Chardan remains “patient” for the PRX012 data in August.