Why Is Alzheimer's Player Prothena Stock Trading Higher Today?
Portfolio Pulse from Vandana Singh
Prothena Corporation (NASDAQ:PRTA) is reportedly preparing for a potential sale, attracting interest from large drugmakers. The company has collaborations with Bristol Myers Squibb Co (NYSE:BMY), Roche Holding AG (OTC:RHHBY), and Novo Nordisk A/S (NYSE:NVO). Recently, Bristol Myers Squibb exercised its option to obtain exclusive worldwide commercial rights for PRX005, an anti-tau antibody for potentially treating Alzheimer's disease, and will pay Prothena $55 million. Prothena's shares are up 20% at $52.90.
October 16, 2023 | 3:28 pm
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NEUTRAL IMPACT
Novo Nordisk A/S is one of the large drugmakers that Prothena has agreements with.
While Novo Nordisk has an agreement with Prothena, the news does not provide specific details about how this potential sale would impact Novo Nordisk.
CONFIDENCE 70
IMPORTANCE 50
RELEVANCE 50
NEUTRAL IMPACT
Roche Holding AG is one of the large drugmakers that Prothena has agreements with.
While Roche has an agreement with Prothena, the news does not provide specific details about how this potential sale would impact Roche.
CONFIDENCE 70
IMPORTANCE 50
RELEVANCE 50
POSITIVE IMPACT
Bristol Myers Squibb has exercised its option to obtain exclusive worldwide commercial rights for PRX005 and will pay Prothena $55 million.
The acquisition of exclusive rights to PRX005 could potentially lead to increased revenues for Bristol Myers Squibb in the future.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 70
POSITIVE IMPACT
Prothena is reportedly preparing for a potential sale, which has led to a 20% increase in its share price.
The news of a potential sale has led to increased interest in Prothena's stock, causing a significant increase in its share price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100