In a report released today, Elemer Piros from Cantor Fitzgerald maintained a Buy rating on Proteostasis Therapeutics Inc (PTI), with a price target of $21. The company’s shares closed on Friday at $4.81.
Piros observed:
“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.”
According to TipRanks.com, Piros is ranked 0 out of 5 stars with an average return of -11.2% and a 34.4% success rate. Piros covers the Healthcare sector, focusing on stocks such as Spring Bank Pharmaceuticals Inc, Nightstar Therapeutics Limited, and Strongbridge Biopharma Plc.
Currently, the analyst consensus on Proteostasis Therapeutics Inc is a Strong Buy with an average price target of $14.75.
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The company has a one-year high of $10.38 and a one-year low of $1.71. Currently, Proteostasis Therapeutics Inc has an average volume of 2.73M.
Based on the recent corporate insider activity of 7 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of PTI in relation to earlier this year.
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Proteostasis Therapeutics, Inc. engages in the research, development, and market of pharmaceutical products. Its medicines intend to treat cystic fibrosis, protein conformational and neurodegenerative diseases.
