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Equities research analysts at HC Wainwright began coverage on shares of Prana Biotechnology (NASDAQ:PRAN) in a research note issued to investors on Tuesday, reports. The firm set a “buy” rating and a $20.50 price target on the stock. HC Wainwright’s target price indicates a potential upside of 182.76% from the stock’s previous close.

The analysts wrote, “We are initiating coverage of Prana Biotechnology Ltd. with a BUY recommendation and a $20.50 one-year price target. In our view, two ongoing randomized, double-blind Phase IIa trials of Prana’s lead drug candidate, PBT2, in Huntington’s and Alzheimer’s diseases (HD and AD, respectively) are likely to deliver favorable results soon. We note that Prana was granted a trading halt on the Australian Securities Exchange yesterday (Feb. 17) due to a pending announcement of top line results of its HD trial, called Reach2HD. The results are likely to be announced today or tomorrow. Prana guided to announcing top line results of the AD trial, called IMAGINE, in mid-March.”

Shares of Prana Biotechnology (NASDAQ:PRAN) opened at 7.25 on Tuesday. Prana Biotechnology has a 52 week low of $2.10 and a 52 week high of $13.29. The stock has a 50-day moving average of $8.35 and a 200-day moving average of $5.55. The company’s market cap is $282.5 million.

Prana Biotechnology Limited (NASDAQ:PRAN) is an Australia-based company engaged in drug development and research.

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