Prothena price target lowered to $24 from $28 at RBC Capital

RBC Capital analyst Brian Abrahams lowered the firm’s price target on Prothena to $24 from $28 and keeps a Sector Perform rating on the shares after its Q2 results. The company’s pipeline programs remain on track with multiple readouts expected in the next 12 months from ‘012, prasinezumab, and birtamimab, but there could be meaningful upside on successes, all programs are “relatively high risk”, the analyst tells investors in a research note. RBC adds its reduced price target reflects moderated out-year Alzheimer’s estimates, partially offset by Prothena’s improved near-term capital position.