Zacks Investment Research Upgrades Proteostasis Therapeutics (PTI) to Buy
Zacks Investment Research upgraded shares of Proteostasis Therapeutics (NASDAQ:PTI) from a hold rating to a buy rating in a research report report published on Friday. The firm currently has $4.50 target price 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. “
Several other equities analysts have also weighed in on the stock. ValuEngine lowered shares of Proteostasis Therapeutics from a buy rating to a hold rating in a research report on Friday, December 21st. Cantor Fitzgerald restated a buy rating and set a $21.00 price objective on shares of Proteostasis Therapeutics in a research report on Monday, December 17th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and five have issued a buy rating to the company. The stock presently has a consensus rating of Buy and a consensus target price of $11.90.
In other news, insider Meenu Chhabra sold 16,478 shares of the stock in a transaction that occurred on Monday, February 4th. The shares were sold at an average price of $2.99, for a total value of $49,269.22. Following the completion of the sale, the insider now directly owns 97,093 shares of the company’s stock, valued at $290,308.07. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 19.80% of the stock is owned by corporate insiders.
A number of institutional investors and hedge funds have recently modified their holdings of PTI. Geode Capital Management LLC lifted its holdings in shares of Proteostasis Therapeutics by 63.5% during the fourth quarter. Geode Capital Management LLC now owns 421,035 shares of the company’s stock valued at $1,364,000 after acquiring an additional 163,445 shares during the period. UBS Oconnor LLC bought a new position in shares of Proteostasis Therapeutics during the fourth quarter valued at $262,000. Macquarie Group Ltd. bought a new position in shares of Proteostasis Therapeutics during the fourth quarter valued at $2,430,000. Great Point Partners LLC bought a new position in shares of Proteostasis Therapeutics during the fourth quarter valued at $9,867,000. Finally, Jane Street Group LLC bought a new position in shares of Proteostasis Therapeutics during the fourth quarter valued at $41,000.
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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