Royal Bank of Canada upgraded shares of Proteostasis Therapeutics (NASDAQ:PTI) from a sector perform rating to an outperform rating in a research report released on Thursday morning, MarketBeat.com reports.
Separately, Zacks Investment Research raised Proteostasis Therapeutics from a sell rating to a hold rating in a report on Friday, October 5th. One analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. The stock has an average rating of Buy and an average price target of $12.25.
Shares of PTI stock traded down $2.00 on Thursday, hitting $8.35. 271,712 shares of the stock were exchanged, compared to its average volume of 179,699. The company has a market capitalization of $69.36 million, a price-to-earnings ratio of -4.42 and a beta of 3.93. Proteostasis Therapeutics has a one year low of $1.41 and a one year high of $10.38.
A number of large investors have recently made changes to their positions in the business. Jennison Associates LLC raised its stake in Proteostasis Therapeutics by 1.2% during the second quarter. Jennison Associates LLC now owns 3,663,710 shares of the company’s stock valued at $10,222,000 after buying an additional 41,856 shares during the last quarter. BlackRock Inc. raised its stake in Proteostasis Therapeutics by 3,693.4% during the second quarter. BlackRock Inc. now owns 1,807,717 shares of the company’s stock valued at $5,043,000 after buying an additional 1,760,063 shares during the last quarter. Bailard Inc. raised its stake in Proteostasis Therapeutics by 12.0% during the second quarter. Bailard Inc. now owns 582,400 shares of the company’s stock valued at $1,625,000 after buying an additional 62,300 shares during the last quarter. Lord Abbett & CO. LLC purchased a new position in Proteostasis Therapeutics during the first quarter valued at $2,285,000. Finally, Northern Trust Corp raised its stake in Proteostasis Therapeutics by 526.1% during the second quarter. Northern Trust Corp now owns 269,451 shares of the company’s stock valued at $752,000 after buying an additional 226,417 shares during the last quarter. Institutional investors and hedge funds own 64.58% of the company’s stock.
About Proteostasis Therapeutics
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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