Proteostasis Therapeutics may gain 299% over the year

Proteostasis Therapeutics may gain 299% over the year

Proteostasis Therapeutics is a medical stock. The company is currently developing CFTR modulator combinations. It aims to provide more drug options for patients with cystic fibrosis (CF). Proteostasis is due for the release of clinical data for the first quarter of 2012. However, the shares are trading at $1.38 now, and some experts think that its an attractive entry point.

Kristen Kluska, Cantor’s analyst, noted that the company has completed enrolment, and collected rectal biopsies for the CHOICES study before the coronavirus pandemic. This study features patients with ultra-rare cystic fibrosis mutations. For now, samples are being stored in liquid nitrogen as the company had to delay conducting the ex vivo testing. However, the process will take just a few weeks. Four labs in Europe are going to test the organoids.

How is the company faring now? 

Proteostasis is in weekly engagement with these centers. It announced that timelines remain on track. With these timelines, labs may be able to re-open and complete the analysis by August.

Kluska also underlined the possibility that data in the first quarter of 2021 may include ppFEV1 (sweat chloride and safety measures). According to her, that will 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 or not.

Furthermore, they have $57.1 million in cash to support the company’s operations into 2H21. This is an additional bonus for the stock. Kluska thinks that it has good potential to gain. She set the price target at $4 per share. If the target is met, the shareholders could gain 190% over a twelve-month period.

It seems that other analysts agree with Kluska. Wall Street announced Proteostasis Therapeutics is a strong-buy as well. However, the average price target is $5.50, which has the potential to gain 299% over the year.

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