Prothena price target raised to $98 from $91 at Cantor Fitzgerald

Cantor Fitzgerald analyst Charles Duncan raised the firm’s price target on Prothena to $98 from $91 and keeps an Overweight rating on the shares. Prothena recently completed an equity raise in which it issued ~3.3M shares at $56.50/share, and Duncan notes that the raise was upsized and completed despite what he perceived to be a persistently risk-off environment for development-stage biotech, the analyst tells investors in a research note. Duncan views the transaction as evidence that investors recognize Prothena’s differentiated approach to treating misfolded proteinopathies.