Prothena initiated with an Overweight at Piper Sandler

Piper Sandler analyst Yasmeen Rahimi initiated coverage of Prothena with an Overweight rating and $94 price target. The company has discovered drugs that can address large markets such as Alzheimer’s, Parkinson’s and rare diseases, the analyst tells investors in a research note. Piper recommends buying Prothena ahead of "major stock moving catalysts" in 2023. It believes the company has a catalyst rich 2023 and seven "differentiated" drugs.