Shares of Proteostasis Therapeutics Inc (NASDAQ:PTI) gapped up prior to trading on Wednesday following insider buying activity. The stock had previously closed at $4.22, but opened at $4.47. Proteostasis Therapeutics shares last traded at $5.02, with a volume of 2282900 shares traded.

Specifically, Director Franklin M. Berger bought 60,000 shares of the firm’s stock in a transaction that occurred on Monday, December 18th. The stock was purchased at an average price of $5.00 per share, for a total transaction of $300,000.00. Following the completion of the purchase, the director now directly owns 266,162 shares in the company, valued at $1,330,810. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, major shareholder Cormorant Asset Management, Ll sold 504,027 shares of the business’s stock in a transaction that occurred on Thursday, December 14th. The stock was sold at an average price of $4.88, for a total value of $2,459,651.76. The disclosure for this sale can be found here. Insiders bought a total of 2,100,000 shares of company stock valued at $10,500,000 in the last quarter. Company insiders own 17.40% of the company’s stock.

PTI has been the subject of several recent analyst reports. Leerink Swann boosted their target price on Proteostasis Therapeutics from $6.00 to $8.00 in a research note on Tuesday, December 12th. HC Wainwright restated a “buy” rating and set a $15.00 target price on shares of Proteostasis Therapeutics in a research note on Tuesday. Robert W. Baird boosted their target price on Proteostasis Therapeutics from $13.00 to $25.00 and gave the stock an “outperform” rating in a research note on Tuesday, December 12th. Finally, Zacks Investment Research lowered Proteostasis Therapeutics from a “hold” rating to a “sell” rating in a research report on Saturday, November 18th.

Proteostasis Therapeutics (NASDAQ:PTI) last released its quarterly earnings results on Tuesday, November 14th. The company reported ($0.56) EPS for the quarter, topping the consensus estimate 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 anticipate that Proteostasis Therapeutics Inc will post -2.47 earnings per share for the current fiscal year.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in PTI. LMR Partners LLP acquired a new position in shares of Proteostasis Therapeutics in the second quarter valued at approximately $127,000. Goldman Sachs Group Inc. increased its holdings in shares of Proteostasis Therapeutics by 364.3% in the second quarter. Goldman Sachs Group Inc. now owns 51,911 shares of the company’s stock valued at $243,000 after purchasing an additional 40,731 shares during the period. Susquehanna International Group LLP acquired a new position in shares of Proteostasis Therapeutics in the second quarter valued at approximately $254,000. Dimensional Fund Advisors LP acquired a new position in shares of Proteostasis Therapeutics in the second quarter valued at approximately $296,000. Finally, Sabby Management LLC increased its holdings in shares of Proteostasis Therapeutics by 109.6% in the second quarter. Sabby Management LLC now owns 125,151 shares of the company’s stock valued at $586,000 after purchasing an additional 65,451 shares during the period. 68.03% of the stock is currently owned by institutional investors.

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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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