Piper Jaffray Companies Initiates Coverage on Proteostasis Therapeutics (PTI)

Piper Jaffray Companies started coverage on shares of Proteostasis Therapeutics (NASDAQ:PTI) in a research note published on Monday, The Fly reports. The brokerage issued an overweight rating and a $14.00 price objective on the stock. Piper Jaffray Companies also issued estimates for Proteostasis Therapeutics’ Q3 2018 earnings at ($0.47) EPS, Q4 2018 earnings at ($0.40) EPS, FY2018 earnings at ($1.60) EPS, Q1 2019 earnings at ($0.49) EPS, Q2 2019 earnings at ($0.55) EPS, Q3 2019 earnings at ($0.55) EPS, Q4 2019 earnings at ($0.61) EPS and FY2019 earnings at ($2.20) EPS.

A number of other research firms have also weighed in on PTI. ValuEngine raised shares of Proteostasis Therapeutics from a hold rating to a buy rating in a research report on Thursday, October 18th. Zacks Investment Research raised shares of Proteostasis Therapeutics from a hold rating to a buy rating and set a $9.00 target price for the company in a research report on Tuesday, October 23rd. Royal Bank of Canada raised shares of Proteostasis Therapeutics from a sector perform rating to an outperform rating in a research report on Thursday, October 18th. Finally, HC Wainwright reissued a buy rating and set a $15.00 target price on shares of Proteostasis Therapeutics in a research report on Thursday, October 18th. One research analyst has rated the stock with a hold rating and five have given a buy rating to the company. The company has an average rating of Buy and a consensus price target of $12.67.

PTI stock opened at $6.74 on Monday. The firm has a market capitalization of $221.65 million, a P/E ratio of -2.88 and a beta of 3.93. Proteostasis Therapeutics has a 1 year low of $1.41 and a 1 year high of $10.38.

Proteostasis Therapeutics (NASDAQ:PTI) last released its earnings results on Wednesday, August 8th. The company reported ($0.43) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.39) by ($0.04). The firm had revenue of $0.84 million for the quarter, compared to analyst estimates of $1.16 million. Proteostasis Therapeutics had a negative return on equity of 96.44% and a negative net margin of 1,086.77%. Research analysts forecast that Proteostasis Therapeutics will post -1.87 earnings per share for the current year.

In related news, Director Franklin M. Berger acquired 40,000 shares of the company’s stock in a transaction dated Friday, October 26th. The shares were bought at an average price of $6.75 per share, for a total transaction of $270,000.00. Following the acquisition, the director now owns 266,162 shares in the company, valued at approximately $1,796,593.50. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Insiders own 19.80% of the company’s stock.

Large investors have recently bought and sold shares of the company. Acadian Asset Management LLC bought a new stake in Proteostasis Therapeutics in the second quarter valued at about $141,000. Bailard Inc. increased its stake in Proteostasis Therapeutics by 12.0% in the second quarter. Bailard Inc. now owns 582,400 shares of the company’s stock valued at $1,625,000 after acquiring an additional 62,300 shares during the period. Northern Trust Corp increased its stake in Proteostasis Therapeutics by 82.2% in the first quarter. Northern Trust Corp now owns 43,034 shares of the company’s stock valued at $204,000 after acquiring an additional 19,416 shares during the period. Barclays PLC increased its stake in Proteostasis Therapeutics by 2,396.9% in the first quarter. Barclays PLC now owns 54,957 shares of the company’s stock valued at $261,000 after acquiring an additional 52,756 shares during the period. Finally, Schwab Charles Investment Management Inc. increased its stake in Proteostasis Therapeutics by 156.3% in the second quarter. Schwab Charles Investment Management Inc. now owns 46,900 shares of the company’s stock valued at $131,000 after acquiring an additional 28,600 shares during the period. Institutional investors own 64.57% of the company’s stock.

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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