Zacks Investment Research upgraded shares of Proteostasis Therapeutics (NASDAQ:PTI) from a hold rating to a buy rating in a research report sent to investors on Tuesday morning. Zacks Investment Research currently has $9.00 price objective on the stock.
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 equities analysts have also weighed in on the company. ValuEngine upgraded Proteostasis Therapeutics from a hold rating to a buy rating in a research report on Thursday, October 18th. HC Wainwright reiterated a buy rating and issued a $15.00 price target on shares of Proteostasis Therapeutics in a research report on Thursday, October 18th. Finally, Royal Bank of Canada upgraded Proteostasis Therapeutics from a sector perform rating to an outperform rating in a research report on Thursday, October 18th. One investment analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. The stock currently has an average rating of Buy and an average target price of $12.40.
Proteostasis Therapeutics (NASDAQ:PTI) last announced its earnings results on Wednesday, August 8th. The company reported ($0.43) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.39) by ($0.04). Proteostasis Therapeutics had a negative net margin of 1,086.77% and a negative return on equity of 96.44%. The firm had revenue of $0.84 million for the quarter, compared to the consensus estimate of $1.16 million. On average, equities analysts forecast that Proteostasis Therapeutics will post -2 EPS for the current fiscal year.
In other Proteostasis Therapeutics news, Director Franklin M. Berger acquired 40,000 shares of Proteostasis Therapeutics stock in a transaction that occurred on Friday, October 26th. The stock was purchased at an average cost of $6.75 per share, with a total value of $270,000.00. Following the purchase, the director now owns 266,162 shares in the company, valued at $1,796,593.50. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Company insiders own 19.80% of the company’s stock.
A number of institutional investors have recently made changes to their positions in PTI. Schwab Charles Investment Management Inc. lifted its stake in Proteostasis Therapeutics by 156.3% in the 2nd quarter. Schwab Charles Investment Management Inc. now owns 46,900 shares of the company’s stock worth $131,000 after acquiring an additional 28,600 shares in the last quarter. Acadian Asset Management LLC purchased a new stake in Proteostasis Therapeutics in the 2nd quarter worth about $141,000. Element Capital Management LLC purchased a new stake in Proteostasis Therapeutics in the 1st quarter worth about $158,000. Bank of New York Mellon Corp lifted its stake in Proteostasis Therapeutics by 252.8% in the 2nd quarter. Bank of New York Mellon Corp now owns 62,319 shares of the company’s stock worth $174,000 after acquiring an additional 44,653 shares in the last quarter. Finally, Northern Trust Corp lifted its stake in Proteostasis Therapeutics by 82.2% in the 1st quarter. Northern Trust Corp now owns 43,034 shares of the company’s stock worth $204,000 after acquiring an additional 19,416 shares in the last quarter. 64.58% 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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