venBio Select Advisor LLC acquired a new position in Proteostasis Therapeutics Inc (NASDAQ:PTI) during the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 1,300,000 shares of the company’s stock, valued at approximately $4,212,000. venBio Select Advisor LLC owned 3.54% of Proteostasis Therapeutics as of its most recent SEC filing.
A number of other institutional investors also recently added to or reduced their stakes in PTI. Meeder Asset Management Inc. acquired a new position in shares of Proteostasis Therapeutics in the fourth quarter worth about $37,000. Bank of Montreal Can boosted its holdings in shares of Proteostasis Therapeutics by 8,649.2% during the fourth quarter. Bank of Montreal Can now owns 15,486 shares of the company’s stock worth $51,000 after purchasing an additional 15,309 shares during the period. JGP Global Gestao de Recursos Ltda. acquired a new stake in shares of Proteostasis Therapeutics during the fourth quarter worth approximately $64,000. American International Group Inc. boosted its holdings in shares of Proteostasis Therapeutics by 32.9% during the fourth quarter. American International Group Inc. now owns 22,574 shares of the company’s stock worth $73,000 after purchasing an additional 5,593 shares during the period. Finally, New York State Common Retirement Fund boosted its holdings in shares of Proteostasis Therapeutics by 6,175.0% during the fourth quarter. New York State Common Retirement Fund now owns 25,100 shares of the company’s stock worth $81,000 after purchasing an additional 24,700 shares during the period.
PTI has been the subject of several research reports. Zacks Investment Research upgraded shares of Proteostasis Therapeutics from a “sell” rating to a “hold” rating in a report on Thursday, January 17th. ValuEngine cut shares of Proteostasis Therapeutics from a “buy” rating to a “hold” rating in a report on Friday, December 21st. Finally, Cantor Fitzgerald restated a “buy” rating and set a $21.00 price target on shares of Proteostasis Therapeutics in a report on Monday, December 17th. One analyst has rated the stock with a sell rating, one has assigned a hold rating and five have issued a buy rating to the stock. The company presently has a consensus rating of “Buy” and an average price target of $11.90.
In related news, insider Meenu Chhabra sold 16,478 shares of the firm’s stock in a transaction that occurred on Monday, February 4th. The shares were sold at an average price of $2.99, for a total transaction of $49,269.22. Following the completion of the sale, the insider now directly owns 97,093 shares in the company, valued at $290,308.07. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Company insiders own 19.80% of the company’s stock.
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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