BofA analyst Tazeen Ahmad lowered the firm’s price target on Prothena (PRTA) to $22 from $26 and keeps a Neutral rating on the shares after the company and partner Roche (RHHBY) announced the Phase 2b PADOVA study evaluating prasinezumab in early-stage Parkinson’s disease did not meet the primary endpoint. The firm’s prior assumption was that PADOVA could be used as a registrational trial and a second Phase 3 would be needed, but it now expect two large Phase 3 trials will be needed for registration, which pushes out its estimated launch of prasinezumab to 2030 from 2028.
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Read More on PRTA:
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- Prothena partner Roche PADOVA study misses primary endpoint
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