By Chris Wack

 

Prothena Corp. PLC shares were up 7% to $11.97 after the company said that based on positive signals of efficacy consistent with disease modification in its study, it and Roche Holding AG plan to advance prasinezumab into a Phase 2b study in patients with early Parkinson's disease.

Volume for the stock was 432,000 shares at 1:10 p.m. EDT, compared to its 65-day average volume of 232,000 shares.

The company said the study would be designed to further assess the efficacy of prasinezumab by expanding upon the patient population enrolled in the study to include patients with early Parkinson's disease on stable levodopa therapy.

Prothena said prasinezumab is the first anti-alpha synuclein antibody to advance into late stage development. Prothena would earn a $60 million clinical milestone payment upon first patient dosed in this study. Further details are expected to be announced in the first half of 2021.

Cantor Fitzgerald raised its price target for Prothena shares to $24 from $20 a share, while maintaining its "overweight" rating on the stock.

 

Write to Chris Wack at chris.wack@wsj.com

 

(END) Dow Jones Newswires

October 21, 2020 13:35 ET (17:35 GMT)

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