7 Best Debt Free Stocks To Buy

2. Prothena Corporation plc (NASDAQ:PRTA)

Market Cap as of 16/08/2024: $1.12 Billion

Enterprise Value: $572.00 Million

Upside Potential: 185.84%

Prothena Corporation plc (NASDAQ:PRTA) is a clinical biotechnology firm specializing in discovering new treatments for illnesses linked to problems with protein dysregulation. The firm is engaged in advancing birtamimab, an experimental humanized antibody currently in its third phase of clinical trials for the cure of AL amyloidosis; Prasinezumab, a humanized monoclonal antibody, aimed at treating Parkinson’s disease and other associated synucleinopathies.

Prothena Corporation plc (NASDAQ:PRTA)’s emphasis on developing new treatments for neurodegenerative illnesses such as Alzheimer’s has captured the attention of both investors and experts. The advancement and potential achievements of Prothena’s pipeline initiatives are diligently watched, as favorable outcomes might result in significant breakthroughs in treating these difficult diseases. Analysts at RBC Capital have shared their conviction that there could be substantial benefits if the pipeline initiatives are successful.

Prothena Corporation plc (NASDAQ:PRTA) reported earnings per share of $1.22, beating the consensus estimate of a loss of $1.01 a share. Higher revenues drove the earnings beat. Revenues totaled $132 million, above estimates of $22 million and a significant improvement from $4 million in the year-ago quarter. The company ranks second on our list of best debt-free stocks to buy. It also had a low debt level of about $12.12 million as of the end of last year.

Prothena Corporation plc (NASDAQ:PRTA) is increasingly becoming one of the best debt-free stocks to buy, having inked a strategic collaboration with Bristol Myers worth $80 million for PRX012, a wholly-owned potential best-in-class, next-generation antibody.

While Prothena Corporation plc (NASDAQ:PRTA) is down by about 50% for the year, analysts on Wall Street remain upbeat about the stocks’ long-term prospects given its pipeline of drugs that affirm long-term prospects. The average price target on the stock is $69.83, which implies a 185.84% upside potential from current levels. 15 out of 920 hedge funds tracked by the Insider Monkey database held stakes in the company as of the end of Q1 2024.