Prothena falls on apprehensions around Alzheimer's drug update

Prothena

08/01/2024 16:49

** Shares of Ireland-based therapy developer Prothena
Corporation  PRTA.O  fall 20.8% to $32.22, set to be their
biggest one day drop since 2018 
    ** Co says its Alzheimer's drug PRX012 showed "encouraging"
reduction in levels of amyloid, a protein that forms plaques in
the brain of patients with Alzheimer's disease
    ** RBC analysts think the data is qualitative and that there
could be potential disappointment around this update, given that
there is high anticipation and lack of concrete details about
the drug
    ** Brokerage Jefferies says that investors will debate the
level for "encouraging", given that Street expects more than 25%
amyloid reduction 
    ** Stock fell 39.7% in 2023

 (Reporting by Christy Santhosh)
 ((Christy.Santhosh@thomsonreuters.com))