(Updates headline and first two paragraphs with stock movement and analyst downgrades.)
Prothena (PRTA) shares fell more than 29% in recent trading Tuesday after the company said it will discontinue development of its drug targeting AL amyloidosis, or amyloid light chain amyloidosis.
Oppenheimer downgraded the company's stock rating to market perform from outperform, while Jefferies downgraded it to hold from buy and adjusted its price target to $6 from $32. Chardan adjusted the stock's price target to $18 from $40 and kept its buy rating.
Prothena said late Friday that it will discontinue the development of birtamimab after the phase 3 Affirm-Al trial of monoclonal antibody failed to meet the primary endpoint in treating patients with AL amyloidosis.
The company said it will also stop the open-label extension of the Affirm-Al clinical trial.
Prothena said it expects to provide details of its plans to reduce ongoing operating expenses, which include job cuts, in June and the results of its review of business options once finalized.
US stock markets were closed Monday for Memorial Day.
Price: 4.66, Change: -1.93, Percent Change: -29.26
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