Proteostasis Therapeutics (NASDAQ:PTI) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued to clients and investors on Thursday.
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 analysts have also commented on PTI. Royal Bank of Canada raised Proteostasis Therapeutics from a “sector perform” rating to an “outperform” rating in a research note on Thursday, October 18th. HC Wainwright reissued a “buy” rating and set a $15.00 price target on shares of Proteostasis Therapeutics in a research note on Thursday, October 18th. ValuEngine raised Proteostasis Therapeutics from a “hold” rating to a “buy” rating in a research note on Thursday, October 18th. Piper Jaffray Companies began coverage on Proteostasis Therapeutics in a research note on Monday, October 29th. They issued an “overweight” rating and a $14.00 price objective on the stock. Finally, BidaskClub raised Proteostasis Therapeutics from a “strong sell” rating to a “sell” rating in a research note on Tuesday, November 6th. One research analyst has rated the stock with a sell rating, one has given a hold rating and six have issued a buy rating to the company’s stock. Proteostasis Therapeutics presently has an average rating of “Buy” and a consensus target price of $13.86.
In related news, Director Franklin M. Berger acquired 40,000 shares of the business’s stock in a transaction that occurred on Friday, October 26th. The shares were bought at an average cost of $6.75 per share, with a total value of $270,000.00. Following the completion of the purchase, the director now directly owns 266,162 shares in the company, valued at $1,796,593.50. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 19.80% of the stock is owned by insiders.
Several institutional investors have recently bought and sold shares of PTI. Schwab Charles Investment Management Inc. lifted 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 worth $131,000 after acquiring an additional 28,600 shares during the period. Acadian Asset Management LLC bought a new stake in Proteostasis Therapeutics in the second quarter worth approximately $141,000. Bank of New York Mellon Corp increased its holdings in 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 worth $174,000 after purchasing an additional 44,653 shares in the last quarter. Northern Trust Corp increased its holdings in Proteostasis Therapeutics by 82.2% in the first quarter. Northern Trust Corp now owns 43,034 shares of the company’s stock worth $204,000 after purchasing an additional 19,416 shares in the last quarter. Finally, Baird Financial Group Inc. bought a new stake in Proteostasis Therapeutics in the third quarter worth approximately $213,000. 64.84% of the stock is currently owned by institutional investors.
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.
Recommended Story: Why do company’s buyback their stock?
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Proteostasis Therapeutics Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Proteostasis Therapeutics and related companies with MarketBeat.com's FREE daily email newsletter.