RBC Capital Markets writes that Prothena Corporation plc (NASDAQ: PRTA) believes that the recent stock downside provides an entry point and that progress with the programs and improved sentiment in the space could drive appreciation.
Over the past month, the stock has lost 27%, and over the last six months, the stock price has dropped almost 50%.
RBC lowered the price target from to following coverage transfer, maintaining Outperform, Speculative Risk rating.
RBC sees a high risk but a considerable potential opportunity for birtamimab if successful in AL amyloidosis.
Birtamimab is an amyloid-clearing monoclonal antibody recently moved into phase 3 for Stage IV AL amyloidosis patients. A post-hoc analysis of the prior study showed a strong survival advantage in advanced pts.
"While data are not expected before 2024, given that it is PRTA's most advanced wholly-owned candidate, we believe it will remain an important potential value contributor," RBC writes.
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