Prothena price target lowered to $58 from $62 at Oppenheimer

Oppenheimer lowered the firm’s price target on Prothena (PRTA) to $58 from $62 and keeps an Outperform rating on the shares. The company announced the Phase 2b study of prasinezumab in Parkinson’s disease missed the primary endpoint, “creating a clearing event ahead of the next key catalyst,” the analyst tells investors in a research note. The firm says that while the primary endpoint was a near miss, other pre-specified analyses show benefit in patients on levodopa. Opco now looks ahead to Prothena’s AFFIRM-AL study, a critical catalyst in the first half of 2025 “that is far more important” to the company.