SVB Securities bullish on Prothena, initiates with an Outperform

As previously reported, SVB Securities analyst Rudy Li initiated coverage of Prothena with an Outperform rating and $80 price target. The firm notes Prothena has a strong discovery engine to optimally target key epitopes on misfolded proteins by specifically and selectively targeting the toxic/pathogenic protein species, which should help maximize treatment effect while minimizing side effects. SVB believes PRX012 could become the best-in-class antiAbeta mAb for treating early Alzheimer’s disease, with potential accelerated approval pathway and a significant peak sales opportunity in the multi-billions. Prothena has built up a diversified pipeline of product candidates targeting misfolded proteins, and it has strong collaborations with multiple large cap pharma companies, the firm adds.