Noor Ul Ain Rehman
1 min read
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On May 27, Jefferies downgraded Prothena Corporation plc (NASDAQ:PRTA) to Hold from Buy and slashed the price target to $6 from $32.
The considerable price target reduction followed the company's announcement regarding the discontinuation of its Phase 3 AFFIRM-AL clinical trial for Birtamimab in AL Amyloidosis patients, as it could not meet the primary and secondary endpoints.
A biopharmaceutical research lab with a team of scientists working on immunomodulatory therapies.
The analyst told investors in a research note that Prothena Corporation's (NASDAQ:PRTA) Phase III study in light-chain amyloidosis has failed for the second time, which is why it is discontinuing the study and reducing opex related to birtamimab. While more updates are expected in June, the next investor focus is on PRX-012 Phase I/II for Alzheimer's.
Data for PRX-012 Phase I/II is expected to roll out by August. However, Jeffries expressed caution regarding the results, as they may not show significant efficacy.
Prothena Corporation (NASDAQ:PRTA) is a clinical-stage neuroscience company that discovers and develops novel therapies for serious diseases. Its clinical pipeline includes both partnered and wholly owned therapies for AL amyloidosis, Alzheimer's disease, ATTR amyloidosis, Parkinson's disease, and other neurodegenerative diseases.
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