Prothena price target raised to $20 from $14 at H.C. Wainwright

H.C. Wainwright raised the firm’s price target on Prothena (PRTA) to $20 from $14 and keeps a Buy rating on the shares. The firm says Coramitug’s “outcomes-driven” design in transthyretin cardiac amyloidosis and prasinezumab’s “de-risked” Phase 3 in Parkinson’s both materially raise the probability of success. With Novo Nordisk and Roche paying for development costs and Prothena retaining milestones and royalties, the arrangement “offers asymmetric upside” that is not reflected in Prothena’s current valuation, the analyst tells investors in a research note. With yesterdauy’s disclosure of Coramitug’s Phase 3 design, Prothena’s two partnered late-stage programs “have advanced meaningfully,” contends H.C. Wainwright.