Shares of Prothena Corporation PRTA have gained around 11% over the past six months compared with the industry’s 5.1% growth. The rally has been driven by growing investor confidence in the continued advancement across Prothena's late-stage partnered programs, milestone payments from strategic partners, expansion of its neurodegenerative disease pipeline and a solid cash position.
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Progress on PRTA’s Partnered Programs
PRTA’s pipeline progress has been driven largely by partnered assets rather than wholly owned programs.
Prothena’s partner Novo Nordisk NVO is evaluating coramitug, a potential first-in-class amyloid-depleting antibody, in the phase III CLEOPATTRA program for ATTR amyloidosis with cardiomyopathy (ATTR-CM). This represents meaningful late-stage progress within the collaboration portfolio. The study is expected to be completed by 2029. Coramitug was initially developed by Prothena and was acquired by Novo Nordisk in July 2021.
NVO initiated an open-label study evaluating the biodistribution of 89Zr-coramitug and assessing coramitug’s ability to reduce TTR amyloid deposits in myocardial tissue using PET/CT imaging in patients with ATTR-CM, with primary completion expected in 2027. In March, Prothena also received a $50 million clinical milestone payment tied to progress in phase III enrollment.
Roche RHHBY, another partner of PRTA, is evaluating prasinezumab, a potential first-in-class anti-alpha-synuclein antibody in an ongoing late-stage PARAISO study for early-stage Parkinson’s disease, underscoring its continued commitment to this collaboration and future milestones. The primary completion of the study is expected in 2029. Roche expects prasinezumab to have peak sales potential exceeding $3.5 billion (unadjusted).
Prasinezumab continues to generate encouraging long-term clinical evidence. At AD/PD 2026, Roche presented analyses that reinforced investor confidence that the phase III program could address one of the largest unmet needs in neurodegenerative diseases.
Prothena has a worldwide collaboration agreement with RHHBY to develop and commercialize antibodies that target alpha-synuclein, including prasinezumab. Roche has sole responsibility for developing and commercializing prasinezumab and has agreed to pay Prothena up to double-digit teen royalties on net sales. Prothena also retains an option to co-promote prasinezumab in the United States.
PRTA is advancing an early-to-mid-stage pipeline of programs for several potential neurological indications with Bristol Myers BMY.
BMS-986446 (formerly PRX005) is a best-in-class anti-tau, MTBR-specific antibody for the treatment of Alzheimer’s Disease.
Bristol Myers is conducting the phase II TargetTau-1 study in approximately 310 patients with early Alzheimer’s disease with primary completion is expected in the first half of 2027. Bristol Myers Squibb also conducted a phase I open-label single-dose clinical study to assess subcutaneous administration.
PRX019, a potential treatment for neurodegenerative diseases, is being developed in collaboration with Bristol Myers. BMY in-licensed exclusive global rights to PRX019 in 2024.
Prothena completed a phase I study evaluating the safety, tolerability, immunogenicity and pharmacokinetics of single-ascending and multiple-dose administration in healthy volunteers. The company could receive a $55 million clinical milestone payment if BMY elects to advance the program, with a decision expected by year-end 2026.
PRTA’s Expansion of Early-Stage Pipeline
Prothena continues to strengthen its early-stage pipeline through its wholly owned preclinical programs. TDP-43 CYTOPE is being developed to target intracellular TDP-43 pathology in amyotrophic lateral sclerosis and related neurodegenerative disorders, while PRX012-TfR combines PRX012 with proprietary transferrin receptor technology to enhance brain delivery and improve the therapy's overall product profile. These programs highlight the company's commitment to advancing innovative treatments for neurodegenerative diseases.
Stronger Balance Sheet Reduces Financing Concerns of PRTA
Financial strength has also contributed to improving investor sentiment. The $50 million milestone payment from Novo Nordisk in March helped Prothena report a profitable first quarter of 2026, while the company ended the quarter with approximately $330 million in cash and cash equivalents. Management believes this capital is sufficient to fund operations for at least the next year.
Prothena Corporation plc Price and Consensus
Prothena Corporation plc price-consensus-chart | Prothena Corporation plc Quote
PRTA’s Zacks Rank
Prothena carries a Zacks Rank #3 (Hold) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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Prothena Corporation plc (PRTA): Free Stock Analysis Report
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This article originally published on Zacks Investment Research (zacks.com).