Proteostasis Therapeutics Inc (PTI) Short Interest Update

Proteostasis Therapeutics Inc (NASDAQ:PTI) saw a large growth in short interest in the month of October. As of October 31st, there was short interest totalling 4,465,842 shares, a growth of 114.3% from the October 15th total of 2,083,696 shares. Based on an average daily volume of 12,326,373 shares, the days-to-cover ratio is currently 0.4 days. Currently, 19.3% of the shares of the company are sold short.

In related news, Director Franklin M. Berger purchased 40,000 shares of the stock in a transaction that occurred on Friday, October 26th. The shares were bought at an average price of $6.75 per share, with a total value of $270,000.00. Following the acquisition, the director now owns 266,162 shares of the company’s stock, valued at approximately $1,796,593.50. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Insiders own 19.80% of the company’s stock.

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Jennison Associates LLC grew its position in shares of Proteostasis Therapeutics by 0.7% during the 3rd quarter. Jennison Associates LLC now owns 3,690,138 shares of the company’s stock valued at $8,893,000 after purchasing an additional 26,428 shares in the last quarter. Northern Trust Corp grew its position in shares of Proteostasis Therapeutics by 526.1% during the 2nd quarter. Northern Trust Corp now owns 269,451 shares of the company’s stock valued at $752,000 after purchasing an additional 226,417 shares in the last quarter. Bank of New York Mellon Corp grew its position in shares of Proteostasis Therapeutics by 252.8% during the 2nd quarter. Bank of New York Mellon Corp now owns 62,319 shares of the company’s stock valued at $174,000 after purchasing an additional 44,653 shares in the last quarter. BlackRock Inc. grew its position in shares of Proteostasis Therapeutics by 3,693.4% during the 2nd quarter. BlackRock Inc. now owns 1,807,717 shares of the company’s stock valued at $5,043,000 after purchasing an additional 1,760,063 shares in the last quarter. Finally, Schwab Charles Investment Management Inc. grew its position in shares of Proteostasis Therapeutics by 156.3% during the 2nd quarter. Schwab Charles Investment Management Inc. now owns 46,900 shares of the company’s stock valued at $131,000 after purchasing an additional 28,600 shares in the last quarter. Hedge funds and other institutional investors own 64.57% of the company’s stock.

Shares of PTI stock opened at $7.02 on Friday. Proteostasis Therapeutics has a 1 year low of $1.41 and a 1 year high of $10.38. The firm has a market cap of $251.01 million, a price-to-earnings ratio of -3.00 and a beta of -3.25.

Proteostasis Therapeutics (NASDAQ:PTI) last issued its earnings results on Wednesday, August 8th. The company reported ($0.43) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.39) by ($0.04). The business 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 forecast that Proteostasis Therapeutics will post -1.87 earnings per share for the current fiscal year.

A number of brokerages have issued reports on PTI. Zacks Investment Research cut shares of Proteostasis Therapeutics from a “buy” rating to a “hold” rating in a report on Wednesday, August 1st. ValuEngine raised shares of Proteostasis Therapeutics from a “hold” rating to a “buy” rating in a report on Thursday, October 18th. Cantor Fitzgerald began coverage on shares of Proteostasis Therapeutics in a report on Tuesday. They set a “buy” rating and a $21.00 target price on the stock. HC Wainwright reissued a “buy” rating and set a $15.00 target price on shares of Proteostasis Therapeutics in a report on Thursday, October 18th. Finally, Piper Jaffray Companies began coverage on shares of Proteostasis Therapeutics in a report on Monday, October 29th. They set an “overweight” rating and a $14.00 target price on the stock. One investment analyst has rated the stock with a sell rating, one has given a hold rating and six have given a buy rating to the stock. The stock presently has an average rating of “Buy” and an average price target of $13.86.

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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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