Prothena initiated with bullish view at Deutsche Bank, here’s why

Deutsche Bank initiated coverage of Prothena with a Buy rating and $62 price target. With the selloff over the last few months, the analyst thinks the share price is justified by just birtamimab, cash, and projected milestone payments from collaborations. As such, Prothena’s risk/reward into the Phase 1b MAD data for PRX012 is “fundamentally skewed to the upside,” the analyst tells investors in a research note.