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Fly News Breaks for April 23, 2018
CELG, RHHBY, PRTA
Apr 23, 2018 | 13:36 EDT
As previously reported, Jefferies analyst Michael Yee downgraded Prothena (PRTA) to Hold from Buy and lowered his price target to $12 from $100 after the NEOD001 AL amyloidosis program was discontinued following the failure of the Phase 2 PRONTO study. The focus now shifts to its early pipeline assets, which include the Roche-partnered (RHHBY) '002 for Parkinson's and Celgene-partnered (CELG) Neuro program, said Yee. Noting that these early programs will not have data until 2019-20, he believes the stock will be range-bound near its cash level of about $10-$12 per share.