Prothena price target lowered to $31 from $33 at BofA

BofA lowered the firm’s price target on Prothena to $31 from $33 and keeps a Neutral rating on the shares following the announcement made late Friday that CMO Hideki Garren was leaving the company. Prothena management noted there is no evidence of research misconduct directly related to prasinezumab at this point, notes the analyst, who points out that the firm’s trimmed target is based on assuming slightly higher risk adjustment for the prasinezumab program, for which it now models value of $5 per share, down from $7 per share previously. However, the firm also notes that the biggest drivers to its valuation for Prothena are not Parkinson’s, but rather the AD program and the AL amyloidosis program.