Prothena selloff ‘misplaced,’ brings buying opportunity, says H.C. Wainwright

H.C. Wainwright attributes the selloff yesterday in shares of Prothena to a “misinterpretation” of Chief Medical Officer Hideki Garren’s departure, coupled with a recent Science article, “Picture imperfect,” questioning the prasinezumab program. The firm remains a buyer of Prothena, viewing the stock’s weakness as misplaced. It continues to hold a positive outlook on Prothena’s pipeline. While losing a CMO can be concerning, Garren’s departure should be seen as a positive, given the substantial progress he achieved during his three years at Prothena, the analyst tells investors in a research note. Wainwright believes Prothena is well positioned to execute its key pipeline programs in both the near and long term and keeps a Buy rating on the shares with an $84 price target