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Prothena (PRTA) Q2 Earnings Top Estimates, Pipeline in Focus
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Prothena Corporation (PRTA - Free Report) reported second-quarter earnings of 58 cents per share, beating the Zacks Consensus Estimate of 57 cents. In the year-ago quarter, the company incurred a loss of 66 cents per share.
Revenues mainly came from the company’s collaboration with Roche Holdings (RHHBY - Free Report) . Quarterly revenues came in at $60.1 million, slightly missing the Zacks Consensus Estimate by 0.12%. Revenues were up from $195,000 in the year-ago quarter.
Prothena earned a $60-million milestone for the first patient dosed in the phase IIb PADOVA study in the second quarter.
The company’s shares have surged 365.8% in the year so far in comparison with the industry’s growth of 4.2%.
Image Source: Zacks Investment Research
Quarter in Detail
R&D expenses were $21.1 million, up 22% year over year, primarily due to higher R&D consulting expenses, increased personnel costs and elevated manufacturing expenses primarily related to PRX004, PRX012 and birtamimab programs.
General and administrative expenses came in at $11 million, up 14% year over year, primarily due to higher personnel expenses, and increased costs for directors’ and officers’ insurance premium.
As of Jun 30, 2021, Prothena had $402.5 million in cash, cash equivalents and restricted cash, and no debt.
Pipeline Updates
In July 2021, Prothena announced that Novo Nordisk (NVO - Free Report) will acquire its clinical-stage antibody, PRX004, and broader ATTR amyloidosis program. In exchange, Prothena is eligible to receive development and sales milestone payments of approximately $1.2 billion. Prothena has already received a $60-million upfront payment in the fiscal third quarter and will receive $40 million upon initiation of phase II study in ATTR cardiomyopathy patients.
The company is evaluating prasinezumab in collaboration with Roche for the treatment of Parkinson’s disease.
Meanwhile, it is advancing an early-stage pipeline of programs for a number of potential neurological indications with Bristol-Myers Squibb (BMY - Free Report) . PRX005 — a potential treatment for Alzheimer’s disease (AD) — is an investigational antibody that targets tau, a protein implicated in diseases including AD, frontotemporal dementia, progressive supranuclear palsy, chronic traumatic encephalopathy and other tauopathies.
In June 2021, Bristol Myers exercised its option under the global neuroscience research and development collaboration and entered into an exclusive U.S. license for PRX005, a potential treatment for AD. A phase I study has also been initiated with PRX005. Prothena is expected to receive $80 million from Bristol Myers Squibb in third-quarter 2021.
Prothena announced plans in February 2021 to advance birtamimab, a potential treatment for AL amyloidosis, into the confirmatory phase III AFFIRM-AL study in Mayo Stage IV patients with AL amyloidosis. The decision was based on the significant survival benefit favoring birtamimab, from the previous VITAL study in a subset of patients categorized as Mayo Stage IV at baseline and multiple in-depth discussions with the FDA.
The company is also developing a dual Aβ-Tau vaccine — a potential prevention and treatment for AD — to target key epitopes within Aβ and tau proteins for promoting amyloid clearance as well as blockade pathogenic tau interaction. An investigational new drug application for the drug is anticipated in 2023.
Image: Bigstock
Prothena (PRTA) Q2 Earnings Top Estimates, Pipeline in Focus
Prothena Corporation (PRTA - Free Report) reported second-quarter earnings of 58 cents per share, beating the Zacks Consensus Estimate of 57 cents. In the year-ago quarter, the company incurred a loss of 66 cents per share.
Revenues mainly came from the company’s collaboration with Roche Holdings (RHHBY - Free Report) . Quarterly revenues came in at $60.1 million, slightly missing the Zacks Consensus Estimate by 0.12%. Revenues were up from $195,000 in the year-ago quarter.
Prothena earned a $60-million milestone for the first patient dosed in the phase IIb PADOVA study in the second quarter.
The company’s shares have surged 365.8% in the year so far in comparison with the industry’s growth of 4.2%.
Image Source: Zacks Investment Research
Quarter in Detail
R&D expenses were $21.1 million, up 22% year over year, primarily due to higher R&D consulting expenses, increased personnel costs and elevated manufacturing expenses primarily related to PRX004, PRX012 and birtamimab programs.
General and administrative expenses came in at $11 million, up 14% year over year, primarily due to higher personnel expenses, and increased costs for directors’ and officers’ insurance premium.
As of Jun 30, 2021, Prothena had $402.5 million in cash, cash equivalents and restricted cash, and no debt.
Pipeline Updates
In July 2021, Prothena announced that Novo Nordisk (NVO - Free Report) will acquire its clinical-stage antibody, PRX004, and broader ATTR amyloidosis program. In exchange, Prothena is eligible to receive development and sales milestone payments of approximately $1.2 billion. Prothena has already received a $60-million upfront payment in the fiscal third quarter and will receive $40 million upon initiation of phase II study in ATTR cardiomyopathy patients.
The company is evaluating prasinezumab in collaboration with Roche for the treatment of Parkinson’s disease.
Meanwhile, it is advancing an early-stage pipeline of programs for a number of potential neurological indications with Bristol-Myers Squibb (BMY - Free Report) . PRX005 — a potential treatment for Alzheimer’s disease (AD) — is an investigational antibody that targets tau, a protein implicated in diseases including AD, frontotemporal dementia, progressive supranuclear palsy, chronic traumatic encephalopathy and other tauopathies.
In June 2021, Bristol Myers exercised its option under the global neuroscience research and development collaboration and entered into an exclusive U.S. license for PRX005, a potential treatment for AD. A phase I study has also been initiated with PRX005. Prothena is expected to receive $80 million from Bristol Myers Squibb in third-quarter 2021.
Prothena announced plans in February 2021 to advance birtamimab, a potential treatment for AL amyloidosis, into the confirmatory phase III AFFIRM-AL study in Mayo Stage IV patients with AL amyloidosis. The decision was based on the significant survival benefit favoring birtamimab, from the previous VITAL study in a subset of patients categorized as Mayo Stage IV at baseline and multiple in-depth discussions with the FDA.
The company is also developing a dual Aβ-Tau vaccine — a potential prevention and treatment for AD — to target key epitopes within Aβ and tau proteins for promoting amyloid clearance as well as blockade pathogenic tau interaction. An investigational new drug application for the drug is anticipated in 2023.
Zacks Rank
Prothena currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Prothena Corporation plc Price
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