Citizens JMP lowered the firm’s price target on Prothena (PRTA) to $29 from $78 and keeps an Outperform rating on the shares. Prothena on Friday announced negative results from the Phase 3 AFFIRM-AL trial for birtamimab in AL amyloidosis, with the trial missing the primary and secondary endpoints, and plans to discontinue the program and implement cost-cutting measures, including a substantial workforce reduction, the analyst tells investors in a research note. The firm is removing birtamimab from its model, but remains confident in the potential for success with PRX012 in Alzheimer’s disease.
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