Prothena downgraded to Neutral from Buy at BofA

BofA analyst Tazeen Ahmad downgraded Prothena to Neutral from Buy with a price target of $38, down from $68, as the firm thinks clarity on the potential profile of PRX012 in Alzheimer’s is needed and many not come until 2025. The firm thinks it is prudent to assume a more conservative stance on 012 given the potential for a longer timeline to “answer our and the Street’s questions” about how the drug compares to its competition, the analyst tells investors.