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PTI

Proteostasis

$4.17

-0.14 (-3.25%)

, VRTX

Vertex

$181.49

-1.07 (-0.59%)

09:25
03/25/19
03/25
09:25
03/25/19
09:25

Piper sees 'clear rationale' for Phase II studies, stays Overweight Proteostasis

Piper Jaffray analyst Edward Tenthoff lowered his price target for Proteostasis Therapeutics (PTI) to $10 from $14 after the company reported Phase I TripleRx data on PTI-801, potentiator PTI-808 and amplifier PTI-428 in homozygous F508del cystic fibrosis patients showing per protocol ppFEV1 benefit of 5% versus baseline at 14 days. While below the ~10% threshold set by Vertex's (VRTX) Phase III TripleRx trials at 28 days, Proteostasis has a "clear rationale" for planned 28-day Phase II studies of higher dose TripleRx in homozygous and heterozygous F508del patients to start in mid-2019, Tenthoff tells investors in a research note. The analyst, however, lowered his price target for the shares to $10 by pushing out the TripleRx launch to 2022 from 2021. He keeps an Overweight rating on the name. Proteostasis in premarket trading is down 52%, or $2.12, to $1.95.

PTI

Proteostasis

$4.17

-0.14 (-3.25%)

VRTX

Vertex

$181.49

-1.07 (-0.59%)

  • 25

    Mar

  • 10

    Apr

PTI Proteostasis
$4.17

-0.14 (-3.25%)

11/07/18
CANT
11/07/18
INITIATION
Target $21
CANT
Overweight
Cantor sees 'clear opportunity' for Proteostasis, starts at Overweight
Cantor Fitzgerald analyst Elemer Piros last night initiated coverage of Proteostasis (PTI) with an Overweight rating and $21 price target. Proteostasis is developing CFTR modulator therapies for the treatment of cystic fibrosis, Piros tells investors in a research note. The analyst sees a "clear opportunity" for Proteostasis to carve out a good portion of the market and make a name for itself in CF. Vertex (VRTX) has opened the door for developing CFTR modulators, says Piros.
11/07/18
PIPR
11/07/18
NO CHANGE
Target $14
PIPR
Overweight
Piper Jaffray sees 'huge valuation disconnect' between Proteostasis, Vertex
Piper Jaffray analyst Edward Tenthoff notes that Proteostasis (PTI) ended Q3 with cash of $46M million subsequently completed an equity financing and sold 1.4M shares through an ATM, bringing pro forma cash to about $138M, which he estimates will fund the company into 2020. The primary driver remains initial Phase I data on Proteostasis' proprietary TripleRx regimen in homozygous F508del Cystic Fibrosis this quarter, he contends, adding that he remains encouraged based on recently reported positive Phase I data on proprietary CFTR potentiator PTI-808 and corrector PTI-801 in homozygous F508del CF patients. The analyst sees a "huge valuation disconnect" between Proteostasis and CF market leader Vertex (VRTX), and reiterates an Overweight rating and $14 price target on the former's shares.
11/07/18
11/07/18
INITIATION

On The Fly: Top analyst initiations
Catch up on today's top analyst initiations with this list compiled by The Fly: 1. Linde plc (LIN) initiated with a Market Perform at BMO Capital. 2. Posco (PKX) initiated with an Equal Weight at Morgan Stanley. 3. Proteostasis (PTI) initiated with an Overweight at Cantor Fitzgerald. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.
12/17/18
PIPR
12/17/18
NO CHANGE
PIPR
Proteostasis deal with Genentech strenghtens balance sheet, says Piper Jaffray
Piper Jaffray analyst Edward Tenthoff reiterated an Overweight rating and $14 price target on Proteostasis (PTI), noting the company announced an agreement with Roche's (RHHBY) Genentech to license small molecule modulators of an undisclosed target that lie outside of Cystic Fibrosis, which makes the company eligible for $100M in upfront and milestone payments plus royalties. Tenthoff sees this deal strengthening Proteostasis' balance sheet. Additionally, Tenthoff is optimistic on Proteostasis' TripleRx combo, and expects full Phase I TripleRx data in Q1 of 2019. Longer term, the analyst anticipates TripleRx approval in 2021, with global sales of $2.0B by 2026.
VRTX Vertex
$181.49

-1.07 (-0.59%)

03/07/19
OPCO
03/07/19
NO CHANGE
Target $230
OPCO
Outperform
Vertex price target raised to $230 from $200 at Oppenheimer
Oppenheimer analyst Hartaj Singh raised his price target for Vertex to $230 from $200 after the company reported a successful phase 3 program for efficacy for the VX-445 triplet regimen. Like the successful phase 3 VX-659 triplet program reported in late November, VX-445 efficacy continues to be solid, he contended, adding however that only a minority of hetmin F508del patients had passed the 24-week safety evaluation, forcing Vertex to wait and review this data in Q2 before choosing a candidate for regulatory filings. Singh review of the VX-659 and VX-445 phase 1/2 studies, management commentary and the positive tone around safety in the press release lead him to believe Vertex has one candidate that can be filed. He reiterates an Outperform rating on the shares.
03/19/19
LEER
03/19/19
DOWNGRADE
LEER
Market Perform
Vertex downgraded to Market Perform from Outperform at SVB Leerink
03/19/19
03/19/19
DOWNGRADE
Target $170

Market Perform
Vertex downgraded to Market Perform on EU impasse, full valuation at SVB Leerink
As previously reported, SVB Leerink analyst Geoffrey Porges downgraded Vertex to Market Perform from Outperform, citing the slower ramp of the company's cystic fibrosis products in Europe and the continued resistance of payers there, the already high expectations priced into the stock and evident in consensus forecasts, and the limited near-term opportunities and catalysts from the company's pipeline. Overall, the analyst sees the stock's recent strength as consistent with his positive view, but now reflecting most of the realistic value of the company's identifiable product opportunities for cystic fibrosis. Porges also lowered his price target on the shares to $170 from $183.
03/19/19
03/19/19
DOWNGRADE

Fly Intel: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. ImmunoGen (IMGN) downgraded to Underweight from Neutral at JPMorgan with analyst Jessica Fye saying the failure of Forward I is a "meaningful setback" for the mirvetuximab development program. 2. Vertex (VRTX) downgraded to Market Perform from Outperform at SVB Leerink with analyst Geoffrey Porges citing the slower ramp of the company's cystic fibrosis products in Europe, the already high expectations priced into the stock and the limited near-term opportunities and catalysts from the company's pipeline. 3. iRobot (IRBT) downgraded to Hold from Buy at Needham with analyst James Ricchiuti stating the market appears to be pricing in expectations of "meaningful upside" to the company's 2019 guidance after the run-up in its stock price this year. 4. Yum! Brands (YUM) downgraded to Neutral from Overweight at JPMorgan with analyst John Ivankoe saying the 9% year-to-date run in shares leaves little upside to estimates. 5. Boeing (BA) downgraded to Hold from Buy at Argus with analyst John Eade stating that he believes company management has not been particularly proactive in its response to two fatal crashes involving the 737 Max jet. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.

TODAY'S FREE FLY STORIES

FITB

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GOL

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NAVB

Navidea

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EFC

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BOOT

Boot Barn

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ERIC

Ericsson

$9.24

0.1 (1.09%)

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GLD

SPDR Gold Shares

$137.59

-1.42 (-1.02%)

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PICO

PICO Holdings

$10.81

0.31 (2.95%)

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QHC

Quorum Health

$0.95

0.0522 (5.81%)

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SPRT

Support.com

$1.94

0.01 (0.52%)

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BXRX

Baudax Bio

$6.69

0.34 (5.35%)

17:29
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  • 16

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LMT

Lockheed Martin

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1.175 (0.30%)

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ENV

Envestnet

$71.72

1.27 (1.80%)

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NOC

Northrop Grumman

$344.79

0.4 (0.12%)

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SPRT

Support.com

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RZLT

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AMZN

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MGTA

Magenta Therapeutics

$13.29

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Conference/Events
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IMH

IMPAC Mortgage

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ALEC

Alector

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ATAX

America First Multifamily Investors

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PNM

PNM Resources

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