Zacks Investment Research upgraded shares of Proteostasis Therapeutics (NASDAQ:PTI) from a sell rating to a hold rating in a report issued on Wednesday.
According to Zacks, “Proteostasis Therapeutics, Inc. is a biopharmaceutical company which focuses on the discovery and development of novel therapeutics to treat diseases caused by an imbalance in the proteostasis network primarily in the United States. Proteostasis Therapeutics, Inc. is based in Cambridge, Massachusetts. “
A number of other research analysts have also weighed in on the company. ValuEngine upgraded Proteostasis Therapeutics from a strong sell rating to a sell rating in a report on Friday, February 2nd. HC Wainwright restated a buy rating and issued a $15.00 price objective on shares of Proteostasis Therapeutics in a report on Tuesday, December 19th. Leerink Swann raised their price objective on Proteostasis Therapeutics from $6.00 to $8.00 in a report on Tuesday, December 12th. Finally, Robert W. Baird raised their price objective on Proteostasis Therapeutics from $13.00 to $25.00 and gave the company an outperform rating in a report on Tuesday, December 12th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and three have issued a buy rating to the company. The stock has an average rating of Hold and a consensus target price of $16.00.
Proteostasis Therapeutics (NASDAQ:PTI) last announced its quarterly earnings data on Tuesday, November 14th. The company reported ($0.56) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.72) by $0.16. The company had revenue of $1.55 million for the quarter, compared to analyst estimates of $1.38 million. Proteostasis Therapeutics had a negative return on equity of 93.15% and a negative net margin of 712.49%. equities analysts expect that Proteostasis Therapeutics will post -2.5 earnings per share for the current fiscal year.
In other news, major shareholder Cormorant Asset Management, Ll sold 504,027 shares of Proteostasis Therapeutics stock in a transaction on Thursday, December 14th. The stock was sold at an average price of $4.88, for a total transaction of $2,459,651.76. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Director Franklin M. Berger purchased 60,000 shares of Proteostasis Therapeutics stock in a transaction dated Monday, December 18th. The shares were bought at an average price of $5.00 per share, for a total transaction of $300,000.00. Following the acquisition, the director now owns 266,162 shares in the company, valued at $1,330,810. The disclosure for this purchase can be found here. Insiders acquired a total of 2,100,000 shares of company stock worth $10,500,000 in the last 90 days. 17.40% of the stock is currently owned by insiders.
Several hedge funds and other institutional investors have recently bought and sold shares of PTI. RTW Investments LP purchased a new position in shares of Proteostasis Therapeutics during the 4th quarter worth $8,745,000. Jennison Associates LLC raised its holdings in shares of Proteostasis Therapeutics by 53.5% during the 4th quarter. Jennison Associates LLC now owns 3,178,432 shares of the company’s stock worth $18,530,000 after acquiring an additional 1,107,496 shares during the period. JPMorgan Chase & Co. raised its holdings in shares of Proteostasis Therapeutics by 425.4% during the 3rd quarter. JPMorgan Chase & Co. now owns 1,124,602 shares of the company’s stock worth $2,361,000 after acquiring an additional 910,550 shares during the period. Millennium Management LLC raised its holdings in shares of Proteostasis Therapeutics by 434.2% during the 4th quarter. Millennium Management LLC now owns 953,513 shares of the company’s stock worth $5,559,000 after acquiring an additional 775,019 shares during the period. Finally, Endurant Capital Management LP purchased a new position in shares of Proteostasis Therapeutics during the 4th quarter worth $2,828,000. Institutional investors and hedge funds own 55.15% of the company’s stock.
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Proteostasis Therapeutics Company Profile
Proteostasis Therapeutics, Inc is a biopharmaceutical company. The Company is engaged in discovery and development of therapeutics that treat diseases caused by an imbalance in the proteostasis network, a set of pathways that control protein biosynthesis, folding, trafficking and clearance. It has developed the Disease Relevant Translation (DRT) technology platform, a drug screening approach for identifying highly translatable therapeutics based on predictive and functionally pertinent phenotypic assays and disease relevant models.
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