Sell The News In Prothena Corporation.

Joel Elconin is the co-host of Benzinga's #PreMarket Prep, a daily trading idea radio show.

Prothena Corporation PRTA shares are trading higher by $8.58 at $37.81 in Friday's session. The catalyst for the rally is the announcement of positive Phase 1 Study Results of PRX002 in Parkinson's Disease While the impressive gain is good news for shareholders, the bad news is that the issue way off its high for the session as continued profit taking has flooded the issue with sellers. Earlier in the session, it reached $45.00 before reversing course. That represents the highest level for the issue since it made its all time high at $49.24 in March 2014. A contributing factor to the sell off may be a tweet by Adam Feuerstein expressing some doubt as to whether or not the drug can actually reach the part of the matters when treating Parkinson's Disease. It should be noted the price action in the issue is taking place on way above average volume. So far, it has traded over 5M shares compared to its 20 day average of only 500K.