Prothena Corporation (NASDAQ:PRTA)

CAPS Rating: 2 out of 5

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Member Avatar zzlangerhans (99.84) Submitted: 12/5/2014 8:15:44 PM : Outperform Start Price: $21.85 PRTA Score: -7.94

Prothena doesn't seem to have impressed the street much with their recent announcement of positive interim data from the phase I/II trial of NEOD001 anti-amyloid mAb for amyloid light chain (AL) amyloidosis. The company reported a 50% cardiac response rate and a 43% best renal response rate in the single arm trial, which they claim compares favorably with empiric data from other therapies. Prothena has already initiated the VITAL phase III registrational trial of NEOD001 in AL amyloidosis based on this positive data. Despite this seemingly positive development, Prothena's share price seems to be falling back towards the recent low of 17.5. Perhaps the street hasn't been sensitized to the commercial potential of treatments for amyloidosis, much in the way that NASH was ignored until Intercept's positive data at the beginning of the year. I would not that Prothena enjoys a strong cash position, over 300M, thanks to a large dilutive financing in June. Two other mAb therapeutics are in early clinical development. Prothena doesn't seem to have inspired much of a following in the sector so far, but it could be a nice sleeper pick for 2015.

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