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Investing.com - Citizens has raised its price target on Prothena Corp (NASDAQ:PRTA) to $19.00 from $11.00 while maintaining a Market Outperform rating.
The firm cited recent advancements in Prothena’s partnered programs as the primary reason for the increased valuation, particularly highlighting the reintroduction of prasinezumab for the treatment of Parkinson’s disease.
Citizens noted that Prothena has the potential to receive up to $105 million in clinical milestone payments by the end of 2026 associated with the advancement of coramitug for ATTR amyloidosis and PRX019 for neurodegenerative diseases.
The research firm believes these partnered programs demonstrate potential to generate both near-term and long-term shareholder value, with future revenue coming from sales royalties as products gain approval.
Citizens also pointed to these programs as evidence of the success of Prothena’s discovery engine, further supported by earlier-stage pipeline programs like Bristol Myers’ BMS-986446 and PRX019, as well as the company’s emerging preclinical pipeline including TDP-43 CYTOPE.
In other recent news, Prothena Corporation presented promising preclinical data on its TDP-43 CYTOPE technology, which could target intracellular disease pathways in amyotrophic lateral sclerosis (ALS). This data was showcased at the Neuroscience 2025 event in San Diego, highlighting significant reductions in TDP-43 pathology in an ALS mouse model. Novo Nordisk, in collaboration with Prothena, has commenced a Phase 3 trial for coramitug, a potential treatment for ATTR amyloidosis with cardiomyopathy. The trial aims to assess coramitug’s effects on cardiovascular outcomes in patients with ATTR-CM. Analyst firm H.C. Wainwright increased its price target for Prothena to $30 from $20, maintaining a Buy rating, citing the value of Prothena’s partnered pipeline. Piper Sandler also raised its price target for Prothena to $36 from $15, recognizing the potential for substantial royalties and milestone payments. These developments underscore the growing interest in Prothena’s pipeline and its potential impact on treatment options for serious diseases.
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