Prothena price target lowered to $80 from $98 at Oppenheimer

Oppenheimer lowered the firm’s price target on Prothena to $80 from $98 and keeps an Outperform rating on the shares following quarterly results. The firm recently met with management following corporate updates earlier this year and discussed several key topics including PRX012. Oppenheimer’s overall thesis on PRX012 hasn’t fundamentally changed and it continues to drive its Outperform rating. The firm also expects multiple data readouts expected throughout 2024 to provide a fresh perspective to the story.