Woodford-Backed Prothena Loses 70%

Prothena has scrapped the development of its lead drug after mid-stage clinical tests failed, but key investor Neil Woodford is still backing the Irish biotech firm

David Brenchley 24 April, 2018 | 2:01PM

biotechnology, test tube, prothena, neil woodford, woodford patient capital

Shares in Irish drugmaker Prothena (PRTA) dived 70% to a near-five-year low on Monday after it scrapped the development of its headline drug thanks to a mid-stage trial failure.

The news dealt a further blow to fund manager Neil Woodford. Prothena has been the largest holding in Woodford Patient Capital Trust (WPCT) for most of the year. As a result, WPCT shares also slipped yesterday and are down by 11%.

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Securities Mentioned in Article

Security NamePriceChange (%)Morningstar
Rating
Pictet-Biotech I dy GBP708.34 GBP4.71
Prothena Corp PLC10.35 USD0.00
Woodford Patient Capital Trust22.54 GBP2.44

About Author

David Brenchley

David Brenchley  is a Reporter for Morningstar.co.uk

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