Analyst Andrew Fein from H.C. Wainwright maintained a Buy rating on Prothena (PRTA – Research Report) and keeping the price target at $48.00.
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Andrew Fein has given his Buy rating due to a combination of factors surrounding Prothena’s drug, birtamimab, and its potential impact on treating AL amyloidosis. One of the primary reasons is the promising data from the Vital study, which suggests that birtamimab could significantly reduce mortality rates among patients with advanced Mayo Stage IV amyloidosis. This is particularly important because amyloidosis is a challenging disease to diagnose, and current treatments, like daratumumab, may not provide timely benefits for acute cases.
Furthermore, the discussions with a leading hematologist emphasized the urgent need for alternative therapies in AL amyloidosis, as existing chemotherapy options often fail to produce immediate survival benefits for patients with severe cardiac involvement. The high early mortality rate among these patients highlights the necessity for treatments that can offer quick and effective results, making birtamimab a potentially groundbreaking option. Additionally, if birtamimab can demonstrate a clear reduction in all-cause mortality, it could significantly enhance its acceptance among prescribers, thereby altering the treatment landscape for AL amyloidosis.
In another report released today, Chardan Capital also reiterated a Buy rating on the stock with a $40.00 price target.