Cantor Fitzgerald analyst Elemer Piros initiated coverage with a Buy rating on Proteostasis Therapeutics Inc (PTI) today and set a price target of $21. The company’s shares opened today at $6.93.
Piros noted:
“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.”
According to TipRanks.com, Piros is currently ranked with no stars on a 0-5 star ranking scale, with an average return of -7.6% and a 38.0% success rate. Piros covers the Healthcare sector, focusing on stocks such as Spring Bank Pharmaceuticals Inc, Strongbridge Biopharma Plc, and Global Blood Therapeutics.
Currently, the analyst consensus on Proteostasis Therapeutics Inc is a Strong Buy with an average price target of $16.67, implying a 140.5% upside from current levels. In a report issued on October 29, Piper Jaffray also initiated coverage with a Buy rating on the stock with a $14 price target.
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Based on Proteostasis Therapeutics Inc’s latest earnings release for the quarter ending June 30, the company reported a quarterly GAAP net loss of $15.48 million. In comparison, last year the company had a GAAP net loss of $13.95 million.
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.
