Proteostasis Therapeutics’ (PTI) Buy Rating Reiterated at Cantor Fitzgerald

Proteostasis Therapeutics (NASDAQ:PTI)‘s stock had its “buy” rating reiterated by research analysts at Cantor Fitzgerald in a report released on Monday. They currently have a $14.00 price target on the stock.

The analysts wrote, “: We reiterate our OW rating and are lowering out 12-month PT to $14 from $21 on Proteostasis (due to lowering the probability of success on the program from 55% to 40%). This morning, the company announced and hosted a conference call to provide results from the low- and high-dose data from the triplet (PTI-801/808/428) trial. Additionally, the company announced data from the combination studies of on top of SYMDEKO. We feel the results were inferior to our projections, but believe data by year-end 2019 could make the case whether PTI’s internal drugs could be a competitive entrant in cystic fibrosis (CF).””

Several other analysts also recently issued reports on PTI. Zacks Investment Research upgraded Proteostasis Therapeutics from a “hold” rating to a “buy” rating and set a $4.50 price target for the company in a research note on Friday, March 15th. ValuEngine downgraded Proteostasis Therapeutics from a “buy” rating to a “hold” rating in a research note on Friday, December 21st. One analyst has rated the stock with a sell rating, one has issued a hold rating and five have issued a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus price target of $10.50.

NASDAQ PTI traded down $2.36 on Monday, reaching $1.71. The stock had a trading volume of 218,222 shares, compared to its average volume of 904,196. Proteostasis Therapeutics has a 1 year low of $1.71 and a 1 year high of $10.38. The company has a market capitalization of $207.73 million, a P/E ratio of -0.71 and a beta of -0.81.

In other news, insider Meenu Chhabra sold 16,478 shares of the stock in a transaction that occurred on Monday, February 4th. The stock was sold at an average price of $2.99, for a total value of $49,269.22. Following the completion of the transaction, the insider now directly owns 97,093 shares of the company’s stock, valued at approximately $290,308.07. The sale was disclosed in a legal filing with the SEC, which is available at this link. Corporate insiders own 19.80% of the company’s stock.

A number of hedge funds have recently added to or reduced their stakes in PTI. Great Point Partners LLC acquired a new stake in Proteostasis Therapeutics during the 4th quarter valued at $9,867,000. Sectoral Asset Management Inc bought a new position in Proteostasis Therapeutics in the 4th quarter valued at $5,125,000. venBio Select Advisor LLC bought a new position in Proteostasis Therapeutics in the 4th quarter valued at $4,212,000. BlackRock Inc. boosted its position in Proteostasis Therapeutics by 61.1% in the 4th quarter. BlackRock Inc. now owns 2,920,723 shares of the company’s stock valued at $9,464,000 after buying an additional 1,107,731 shares during the last quarter. Finally, Hillhouse Capital Advisors Ltd. bought a new position in Proteostasis Therapeutics in the 4th quarter valued at $2,806,000. 78.36% of the stock is owned by hedge funds and other institutional investors.

Proteostasis Therapeutics Company Profile

Proteostasis Therapeutics, Inc, a clinical stage biopharmaceutical company, discovers and develops novel therapeutics to treat cystic fibrosis and other diseases caused by an imbalance in the proteostasis network. Its lead product candidate is PTI-428, an orally bioavailable cystic fibrosis transmembrane conductance regulator modulator belonging to the amplifier class, which is in Phase II study.

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