BofA analyst Tazeen Ahmad raised the firm’s price target on Prothena (PRTA) to $8 from $4 and keeps an Underperform rating on the shares. Prothena no longer plans to disclose further data for its Alzheimer’s drug PRX012, notes the firm, which removed value for the program from its model and is shifting focus on valuation to two Phase 3 assets under development by partners Novo (NVO) and Roche (RHHBY) – Coramitug for ATTR-cardiomyopathy and prasinezumab for early-stage Parkinson’s disease. While both programs will have begun Phase 3 studies by year-end, which the firm views favorably for Prothena, the firm adds that each drug will need several years to reach the market and their competitive positioning in the case of Coramitug and clinical efficacy in the case of prasinezumab are “uncertain.”
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