Hedge Fund Takes Another Shot at Biotech, This Time at Prothena
- Kerrisdale believes that Prothena's lead drug NEOD001 will fail in its current Phase 2b and Phase 3 trials
NEW YORK, Nov. 8, 2017 /PRNewswire/ -- Kerrisdale Capital, a private investment manager, has published a negative report explaining its short position in Prothena Corporation PLC (PRTA), a $2.4 billion development-stage biotechnology company whose valuation is primarily based on lead drug candidate NEOD001, an antibody currently in trials to treat AL amyloidosis. Prothena's stock price has increased over 700% since its spin-off from Elan in 2012 despite no evidence that its principal asset NEOD001 works. Kerrisdale believes that NEOD001 is a poorly-understood drug that will fail its Phase 2b and Phase 3 trials.
The full report can be found at http://kerr.co/prta.
Kerrisdale has a short position in Prothena Corporation PLC and stands to benefit if its share price falls.
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About Kerrisdale Capital
Kerrisdale Capital Management, LLC is a member of the Financial Industry Regulatory Authority, CRD number 160804.
SOURCE Kerrisdale Capital Management, LLC