Prothena price target lowered to $36 from $43 at RBC Capital

RBC Capital lowered the firm’s price target on Prothena to $36 from $43 and keeps a Sector Perform rating on the shares. The analyst notes that the lack of detailed initial phase 1 data for PRX012 likely indicates mixed or unclear data from what was likely a sub-therapeutic initial dose, and subQ leca and others’ data set a high bar that may limit the drug’s future differentiation to administration convenience. The firm remains on the sidelines pending additional details later this year that may help better determine PRX012’s viability, RBC added.