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Why is Prothena (PRTA) stock up 75% today?


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Prothena (NASDAQ:PRTA) stock posts massive gains on Wednesday despite a lack of news from the late-stage clinical company.

However, there is news of biogenic (NASDAQ:IBIB) which explains why PRTA shares are up today. The company revealed positive clinical trial data on its treatment for Alzheimer’s disease.

This saw Biogen testing the effectiveness of lecanemab in slowing the progression of early Alzheimer’s disease. The study found it to be 27% effective in slowing disease progression compared to a placebo.

For this reason, several analysts revisited BIIB stock today. This has seen them raise the company’s price targets alongside clinical trial data. This drives BIIB’s stock higher today, while helping those in the same market.

How is the PRTA stock involved?

To cut to the chase, Prothena is also developing its own drug to treat Alzheimer’s disease. Although not directly related to Biogen, similar actions are gaining sympathy with the company’s stock today.

As a result, PRTA shares are heavily traded today. This has over 7 million shares in motion at the time of this writing. For the record, the company’s average daily trading volume is closer to 378,000 shares.

PRTA stock rose 74.5% on Wednesday afternoon.

Investors looking for more stock market detail today are in luck!

We’ve got them covered with our latest stock market breakdowns for Wednesday! This is in particular why the shares of Acumen Pharmaceuticals (NASDAQ:ABOS) Inventory, Taiwan semiconductor (NYSE:TSM) shares, and BTRS (NASDAQ:BTRS) are in the news today. You can get all these details from the following links!

More Wednesday stock market news

As of the date of publication, William White had (neither directly nor indirectly) any position in the securities mentioned in this article. The opinions expressed in this article are those of the author, subject to InvestorPlace.com publishing guidelines.

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