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In a report published Friday, Bank of America Merrill Lynch analyst Steve Byrne initiated a Neutral rating on Prothena
PRTA and set a price target of $28.00.
In the report, Bank of America Merrill Lynch says "We are initiating coverage on Prothena (PRTA), a clinical stage biopharmaceutical company with a $28 PO and a Neutral rating. Prothena's lead asset (D001) is an antibody that targets folded light chain proteins caused by cancerous plasma cells, which can result in amyloid deposits in organs (half have cardiac dysfunction). While chemo/stem cell transplant can treat the underlying cause, there are no approved therapies to treat AL amyloid deposits. We conservatively model D001 with a 15% probability of success, given there is no proof of concept human data. A phase 1 dose escalation study in patients with AL amyloidosis is under way, with data in ~1H14, which we see as having significant upside or downside implications. PRTA's EV is near other early stage orphan companies, but the comps all have more data."
Prothena closed on Thursday at $27.09.
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