Update (4:10 p.m.): Updated with Wednesday market close information.
NEW YORK (TheStreet) -- Prothena (PRTA) surged more than 25% and hit an all-time high of $47.48 on Wednesday, one day after the biotech company announced it would present clinical data at the XIV International Symposium on Amyloidosis in Indianapolis from April 27 to May 1.
In the wake of this news, RBC Capital Markets increased its target price on Prothena to $52 from $38 and maintained its "outperform" rating. The firm contends that the ISA abstract title indicates that the company's NEOD001 drug produced early cardiac responses in amyloidosis patients. The firm believes this outcome surpasses analysts' estimates and indicates the drug could be worth more than $500 million.
The stock closed at $47.39, up 27.53% or $10.23 from its previous close of $37.16. It amassed a volume of 1,858,633, well above its average of 243,923.Must Read: Warren Buffett's 10 Favorite Stocks STOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12 months. Learn more. STOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12 months. Learn more.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV