Zacks Investment Research cut shares of Proteostasis Therapeutics (NASDAQ:PTI) from a buy rating to a hold rating in a report issued on Wednesday.
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 research analysts also recently commented on the company. Royal Bank of Canada began coverage on Proteostasis Therapeutics in a report on Friday, March 9th. They issued an outperform rating and a $11.00 price objective for the company. ValuEngine upgraded Proteostasis Therapeutics from a strong sell rating to a sell rating in a report on Friday, February 2nd. HC Wainwright reiterated a buy rating and issued a $15.00 price objective on shares of Proteostasis Therapeutics in a report on Tuesday, December 19th. Leerink Swann lifted their price objective on Proteostasis Therapeutics from $6.00 to $8.00 in a report on Tuesday, December 12th. Finally, Robert W. Baird lifted their price objective on Proteostasis Therapeutics from $13.00 to $25.00 and gave the stock an outperform rating in a report on Tuesday, December 12th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and four have issued a buy rating to the stock. The company currently has an average rating of Buy and an average target price of $13.45.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Dimensional Fund Advisors LP bought a new stake in shares of Proteostasis Therapeutics during the 2nd quarter valued at about $296,000. JPMorgan Chase & Co. grew its stake in shares of Proteostasis Therapeutics by 425.4% during the 3rd quarter. JPMorgan Chase & Co. now owns 1,124,602 shares of the company’s stock valued at $2,361,000 after purchasing an additional 910,550 shares during the period. Jennison Associates LLC grew its stake in shares of Proteostasis Therapeutics by 53.5% during the 4th quarter. Jennison Associates LLC now owns 3,178,432 shares of the company’s stock valued at $18,530,000 after purchasing an additional 1,107,496 shares during the period. Monashee Investment Management LLC bought a new stake in shares of Proteostasis Therapeutics during the 4th quarter valued at about $2,186,000. Finally, Sectoral Asset Management Inc bought a new stake in shares of Proteostasis Therapeutics during the 4th quarter valued at about $1,749,000. Institutional investors own 70.48% of the company’s stock.
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Proteostasis Therapeutics Company Profile
Proteostasis Therapeutics, Inc is a biopharmaceutical company. The Company is engaged in discovery and development of therapeutics that treat diseases caused by an imbalance in the proteostasis network, a set of pathways that control protein biosynthesis, folding, trafficking and clearance. It has developed the Disease Relevant Translation (DRT) technology platform, a drug screening approach for identifying highly translatable therapeutics based on predictive and functionally pertinent phenotypic assays and disease relevant models.
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