Prothena Shares Initiated With Buy At UBS

Loading...
Loading...

In a report published Friday, UBS analyst Andrew Peters initiated coverage of Prothena Corporation PLC PRTA with a Buy rating and $58 price target, following an analysis of the company' lead drug programs.

"We believe early data for NEOD001 are clearly suggestive of an active therapy in a high unmet need indication, with near-term data positioned to increase our and investor confidence on the clinical profile of the phase-3 asset," Peters said.

The analyst believes that the revenue potential and catalyst capabilities of NEOD001 in the treatment of AL Amyliodosis are underappreciated by the market. Although the initial data is compelling, further updates at the ASCO would help investors better understand its clinical profile.

According to the UBS report, the potential of PRX002 in the treatment of Parkinson's disease is also underappreciated, given that it has a highly compelling rationale and strong partnership with Roche Holding Ltd., which offers significant economic support.

The analyst also believes that "given the broad pipeline in large market opportunities as well as an attractive Irish-tax base, we see the company as a top M&A target in smid-cap biotech."

date
ticker
name
Price Target
Upside/Downside
Recommendation
Firm
Posted In: Analyst ColorInitiationAnalyst RatingsAndrew PetersUBS
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!

Loading...