Prothena Shares Rise 7% on Prasinezumab Study With Roche
October 21 2020 - 1:50PM
Dow Jones News
By Chris Wack
Prothena Corp. PLC shares were up 7% to $11.97 after the company
said that based on positive signals of efficacy consistent with
disease modification in its study, it and Roche Holding AG plan to
advance prasinezumab into a Phase 2b study in patients with early
Parkinson's disease.
Volume for the stock was 432,000 shares at 1:10 p.m. EDT,
compared to its 65-day average volume of 232,000 shares.
The company said the study would be designed to further assess
the efficacy of prasinezumab by expanding upon the patient
population enrolled in the study to include patients with early
Parkinson's disease on stable levodopa therapy.
Prothena said prasinezumab is the first anti-alpha synuclein
antibody to advance into late stage development. Prothena would
earn a $60 million clinical milestone payment upon first patient
dosed in this study. Further details are expected to be announced
in the first half of 2021.
Cantor Fitzgerald raised its price target for Prothena shares to
$24 from $20 a share, while maintaining its "overweight" rating on
the stock.
Write to Chris Wack at chris.wack@wsj.com
(END) Dow Jones Newswires
October 21, 2020 13:35 ET (17:35 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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