Piper Sandler lowered the firm’s price target on Prothena (PRTA) to $81 from $110 and keeps an Overweight rating on the shares. The firm was disappointed to see Phase 3 AFFIRM-AL miss statistical significance on its primary and secondary endpoints despite initially being bullish on its potential. Consequently, Prothena will no longer pursue this asset, thus Piper removed birtamimab in AL amyloidosis from its model.
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