Medical stocks flourished during the last several months while so many others have bottomed out. Most gains were by those companies that worked to develop coronavirus vaccine. However, several firms were hindered in their researches by the pandemic, Proteostasis Therapeutics among them.
This company is currently developing CFTR modulator combinations. It aims to provide more drug options for patients with cystic fibrosis (CF). According to Kristen Kluska, Cantor’s analyst, Proteostasis Therapeutics has completed enrolment and collected rectal biopsies for the CHOICES study before the coronavirus outbreaks.
The study features patients with ultra-rare cystic fibrosis mutations. Presently, samples are being stored in liquid nitrogen as Proteostasis had to delay conducting the ex vivo testing. But the company plans to continue the process soon, and it will take just a few weeks.
Four labs in Europe plan to test the organoids. The firm is, in fact, in weekly engagement with these centers. It declared that the timelines remain on track. If everything goes according to schedule, labs may be able to re-open and complete their analysis by August.
The Stock is due for the release of clinical data for the first quarter of 2012. Kluska highlighted the possibility that this data may include ppFEV1 (sweat chloride and safety measures). That would be a major catalyst for PTI, as the results could help to outline if these assays are predictive in determining who best responds to PTI drugs.
Proteostasis Therapeutics has $57.1 million in cash to support its operations into 2H21. This is an additional bonus for the Stock. Kluska gave it a strong-buy rating and set the price target at $4 per share. The shareholders could gain 190% over a twelve-month period if the target is met.
Wall Street seems to agree with Kluska as well. The Stock’s average price target is $5.50, which has the potential to gain 299% over the year. Presently, the shares are trading at $1.38, and some experts think that this is an attractive entry point.
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