Cantor Fitzgerald began coverage on shares of Proteostasis Therapeutics (NASDAQ:PTI) in a research report sent to investors on Tuesday, Marketbeat reports. The firm issued a buy rating and a $21.00 price objective on the stock.

“The Disclosure Section may be found on pages 43 – 45. We are initiating coverage of Proteostasis Therapeutics (PTI) with an Overweight rating and a 12- month price target of $21/share. Proteostasis is developing CFTR modulators for the treatment of cystic fibrosis. The company has a number of ongoing Phase 2 studies evaluating doublet and triplet proprietary drug combinations, with further studies assessing the drugs as add-on therapies to standard of care. In our view, cystic fibrosis is a well-understood disease that has received a magnitude of support from multiple CF foundations. We believe Vertex (Rated OW by Alethia Young) has ignited the engine with establishing proof of concept of this drug class, with three approved drugs.”,” the firm’s analyst wrote.

PTI has been the topic of a number of other research reports. Zacks Investment Research downgraded Proteostasis Therapeutics from a buy rating to a hold rating in a research report on Thursday, October 25th. BidaskClub raised Proteostasis Therapeutics from a strong sell rating to a sell rating in a research report on Tuesday. Royal Bank of Canada raised Proteostasis Therapeutics from a sector perform rating to an outperform rating in a research report on Thursday, October 18th. Piper Jaffray Companies started coverage on Proteostasis Therapeutics in a research report on Monday, October 29th. They set an overweight rating and a $14.00 price target on the stock. Finally, ValuEngine raised Proteostasis Therapeutics from a hold rating to a buy rating in a research report on Thursday, October 18th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and six have given a buy rating to the stock. Proteostasis Therapeutics has an average rating of Buy and an average price target of $13.86.

PTI traded down $0.17 on Tuesday, hitting $7.02. 659,377 shares of the company were exchanged, compared to its average volume of 7,768,375. Proteostasis Therapeutics has a 12 month low of $1.41 and a 12 month high of $10.38. The firm has a market capitalization of $253.58 million, a PE ratio of -3.00 and a beta of -3.25.

Proteostasis Therapeutics (NASDAQ:PTI) last released its earnings results on Wednesday, August 8th. The company reported ($0.43) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.39) by ($0.04). Proteostasis Therapeutics had a negative return on equity of 104.16% and a negative net margin of 1,309.13%. The company had revenue of $0.84 million for the quarter, compared to the consensus estimate of $1.16 million. On average, equities research analysts anticipate that Proteostasis Therapeutics will post -1.88 earnings per share for the current year.

In other news, Director Franklin M. Berger bought 40,000 shares of the firm’s stock in a transaction dated Friday, October 26th. The shares were bought at an average price of $6.75 per share, with a total value of $270,000.00. Following the completion of the transaction, the director now owns 266,162 shares of the company’s stock, valued at $1,796,593.50. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 19.80% of the stock is currently owned by corporate insiders.

Hedge funds have recently modified their holdings of the stock. Schwab Charles Investment Management Inc. boosted its stake in shares of Proteostasis Therapeutics by 156.3% in the second quarter. Schwab Charles Investment Management Inc. now owns 46,900 shares of the company’s stock valued at $131,000 after buying an additional 28,600 shares during the period. Acadian Asset Management LLC bought a new stake in shares of Proteostasis Therapeutics in the second quarter valued at approximately $141,000. Bank of New York Mellon Corp boosted its stake in shares of Proteostasis Therapeutics by 252.8% in the second quarter. Bank of New York Mellon Corp now owns 62,319 shares of the company’s stock valued at $174,000 after buying an additional 44,653 shares during the period. Northern Trust Corp boosted its stake in shares of Proteostasis Therapeutics by 82.2% in the first quarter. Northern Trust Corp now owns 43,034 shares of the company’s stock valued at $204,000 after buying an additional 19,416 shares during the period. Finally, Bailard Inc. boosted its stake in shares of Proteostasis Therapeutics by 12.0% in 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 period. Institutional investors and hedge funds own 64.57% 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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Analyst Recommendations for Proteostasis Therapeutics (NASDAQ:PTI)

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