Why Prothena (PRTA) Hit an All-Time High Today

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.

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