Prothena price target lowered to $20 from $24 at RBC Capital

RBC Capital lowered the firm’s price target on Prothena (PRTA) to $20 from $24 and keeps a Sector Perform rating on the shares. The company’s Q4 earnings reflected a pipeline whose timelines remain on track, with in-line spend and continued good expense control, while its 2025 will feature many major readouts as the portfolio reaches an inflection – most importantly the birtamimab phase 3 amyloidosis results coming in Q2, the analyst tells investors in a research note. While the stock price seems to reflect less optimistic expectations however, RBC remains reticent to get in front of the readouts given the risks.