BlackRock Inc. increased its holdings in Proteostasis Therapeutics Inc (NASDAQ:PTI) by 3,693.4% in the 2nd quarter, according to its most recent filing with the SEC. The institutional investor owned 1,807,717 shares of the company’s stock after buying an additional 1,760,063 shares during the quarter. BlackRock Inc. owned about 5.01% of Proteostasis Therapeutics worth $5,043,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Jennison Associates LLC increased its holdings in Proteostasis Therapeutics by 1.2% in the 2nd quarter. Jennison Associates LLC now owns 3,663,710 shares of the company’s stock worth $10,222,000 after buying an additional 41,856 shares in the last quarter. Bailard Inc. increased its holdings in Proteostasis Therapeutics by 12.0% in the 2nd quarter. Bailard Inc. now owns 582,400 shares of the company’s stock worth $1,625,000 after buying an additional 62,300 shares in the last quarter. Bank of New York Mellon Corp increased its holdings in Proteostasis Therapeutics by 252.8% in the 2nd quarter. Bank of New York Mellon Corp now owns 62,319 shares of the company’s stock worth $174,000 after buying an additional 44,653 shares in the last quarter. Acadian Asset Management LLC bought a new stake in Proteostasis Therapeutics in the 2nd quarter worth about $141,000. Finally, Schwab Charles Investment Management Inc. increased its holdings in Proteostasis Therapeutics by 156.3% in the 2nd quarter. Schwab Charles Investment Management Inc. now owns 46,900 shares of the company’s stock worth $131,000 after buying an additional 28,600 shares in the last quarter. Institutional investors own 64.57% of the company’s stock.
In other news, Director Franklin M. Berger purchased 40,000 shares of the business’s stock in a transaction on Friday, October 26th. The stock was acquired at an average cost of $6.75 per share, for a total transaction of $270,000.00. Following the purchase, the director now directly owns 266,162 shares in the company, valued at approximately $1,796,593.50. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Insiders own 19.80% of the company’s stock.
Proteostasis Therapeutics stock opened at $7.02 on Friday. The stock has a market cap of $251.01 million, a price-to-earnings ratio of -3.00 and a beta of -3.25. Proteostasis Therapeutics Inc has a 52-week low of $1.41 and a 52-week high of $10.38.
Proteostasis Therapeutics (NASDAQ:PTI) last released its quarterly earnings results on Wednesday, August 8th. The company reported ($0.43) earnings per share (EPS) 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 the consensus estimate of $1.16 million. Proteostasis Therapeutics had a negative net margin of 1,086.77% and a negative return on equity of 96.44%. On average, equities research analysts anticipate that Proteostasis Therapeutics Inc will post -1.87 earnings per share for the current year.
A number of research firms have issued reports on PTI. Zacks Investment Research downgraded Proteostasis Therapeutics from a “buy” rating to a “hold” rating in a research note on Wednesday, August 1st. Royal Bank of Canada upgraded Proteostasis Therapeutics from a “sector perform” rating to an “outperform” rating in a research note on Thursday, October 18th. HC Wainwright restated a “buy” rating and set a $15.00 price target on shares of Proteostasis Therapeutics in a research note on Thursday, October 18th. ValuEngine upgraded Proteostasis Therapeutics from a “hold” rating to a “buy” rating in a research note on Thursday, October 18th. Finally, Piper Jaffray Companies began coverage on Proteostasis Therapeutics in a research note on Monday, October 29th. They set an “overweight” rating and a $14.00 price target for the company. One analyst has rated the stock with a sell rating, one has issued a hold rating and six have given a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus target price of $13.86.
Proteostasis Therapeutics Company Profile
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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