Prothena shares are trading lower after B of A Securities downgraded the stock from Buy to Neutral and lowered its price target from $68 to $38.
Portfolio Pulse from Benzinga Newsdesk
Prothena Corporation's stock (PRTA) is trading lower following a downgrade by B of A Securities from Buy to Neutral, accompanied by a reduction in the price target from $68 to $38.
January 30, 2024 | 4:32 pm
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NEGATIVE IMPACT
Prothena Corporation's stock price is expected to face downward pressure in the short term due to the downgrade by B of A Securities and a significant cut in the price target.
Analyst ratings and price target adjustments are strong indicators of market sentiment towards a stock. The downgrade from Buy to Neutral suggests a less optimistic outlook on Prothena's future performance, while the substantial decrease in the price target from $68 to $38 may lead to a loss of investor confidence and a potential sell-off in the short term.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100