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Prothena Corporation plc latest news:
Biotech Prothena shares fall after it scraps psoriasis trial
Shares of biotech Prothena Corp. Plc slid 3.3% Friday, after the company said it was scrapping a psoriasis treatment after a trial failed to show the effects the company was seeking. Dublin-based Prothena said the trial of PRX003 me its primary goal of targeting CD146, a melanoma cell adhesion molecule, but it failed to show "a well-defined relationship between biological activity and meaningful clinical effect," as the company was hoping. The trial involved 33 patients and the company has learned from it. But it will not be pushing for a Phase 2 trial, a move that will save it $30 million to $50 million, according to Instinet analyst Christopher Marai. "We expected that data from the small trial would be difficult to interpret and believe investor expectations for a positive read-out were low," he wrote in a note. "We would buy on any weakness following this update." Marai recommends owning the stock ahead of a year he expects will be filled with catalysts, including data from trials of NEOD001, an investigational treatment for AL amyloidosis, a disease that can affect the heart, kidneys, skin, nerves and liver. The analyst rates the stock a buy with an $87 price target, or 30% above its current trading level. Shares have gained 34% in 2017, while the S&P 500 has gained 12%. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
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