Wedbush Reiterates Outperform on Prothena Following Management Access Conference
In a report published Tuesday, Wedbush analyst Christopher N. Marai reiterated an Outperform rating and $18.00 price target on Prothena Corporation PLC (NASDAQ: PRTA).
In the report, Wedbush noted, “During our Life Sciences Management Access Conference, PRTA's presentation highlighted progress and potential paths forward for its lead clinical program NEOD001 for systemic amyloidosis. Phase I dose escalation studies of NEOD001 were started in April 2013 and in its Q2:13 update, management noted that enrollment remains on track. Importantly, management noted the increased physician awareness that has resulted following positive results reported by Alnylam (ALNY:not covered) for TTR-amyloidosis. A read-out from the Phase I is anticipated by H2:14 and is likely to highlight positive efficacy benefit and could translate into a short-duration pivotal trials, with renal or cardiac surrogate endpoints in sub-pops with significant unmet medical need.”
Prothena Corporation PLC closed on Monday at $17.32.
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