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PTI

Proteostasis

$1.91

-2.44 (-56.09%)

, VRTX

Vertex

$218.12

-1.21 (-0.55%)

10:52
12/17/19
12/17
10:52
12/17/19
10:52

Proteostasis pullback a a buying opportunity, says RBC Capital

RBC Capital analyst Brian Abrahams said the topline results from Proteostasis' (PTI) Phase 2 study evaluating its proprietary cystic fibrosis transmembrane conductance regulator, or CFTR, modulator combinations looks "generally in line" with his expectations and he sees a "good likelihood" of true activity likely optionally suited for Vertex (VRTX) ineligible or nonresponsive cystic fibrosis patients. He believes expectations may have become overly optimistic for activity relative to the high bar set by Vertex's Trikafta and views the pullback in the stock as a buying opportunity. Abrahams maintains an Outperform rating on Proteostasis shares.

PTI

Proteostasis

$1.91

-2.44 (-56.09%)

VRTX

Vertex

$218.12

-1.21 (-0.55%)

  • 17

    Dec

  • 19

    Mar

PTI Proteostasis
$1.91

-2.44 (-56.09%)

03/26/19
WBLR
03/26/19
UPGRADE
WBLR
Outperform
William Blair upgrades Vertex to Outperform after 'subpar' competitor data
William Blair analyst Y. Katherine Xu upgraded Vertex Pharmaceuticals (VRTX) to Outperform from Market Perform on expectations the company's cystic fibrosis franchise will continue dominating after Proteostasis (PTI) reported disappointing triplet data. Proteostasis' triplet efficacy falls short of the high bar set by the Vertex triples, Xu tells investors in a research note. While Proteostasis is starting a Phase II study of the triplet that would include a higher PTI-808 dose and test a longer duration aiming to optimize response with data out around year-end 2019, the chance of it matching or exceeding Vertex triple efficacy is "very low," contends the analyst. With both Galapagos (GLPG)/AbbVie (ABB) and Proteostasis having shown "subpar data," Xu is upgrading Vertex shares to Outperform and raised her fair value estimate for the shares to $222 from $178. The analyst maintains her high probability of success of a Vertex triple combo reaching the cystic fibrosis market at 90% and ascribe peak sales of $10.2B, up from $8.9 billion previously.
05/09/19
PIPR
05/09/19
NO CHANGE
Target $5
PIPR
Overweight
Proteostasis price target lowered to $5 from $10 at Piper Jaffray
Piper Jaffray analyst Edward Tenthoff lowered his price target on Proteostasis to $5 after its Q1 results that disclosed the company's $105M cash position and also to reflect its recently reported disappointing Phase 1 TripleRx data in homozygous F508del CF patients. The analyst maintains his Overweight rating on the stock but also lowers his estimate for Proteostasis' proprietary TripleRx regimen in the U.S. at $128M vs. $293M prior view.
11/06/19
PIPR
11/06/19
NO CHANGE
Target $4
PIPR
Overweight
Piper says Proteostasis guiding to TripleRx CF data sooner than expected
Piper Jaffray analyst Edward Tenthoff noted that Proteostasis said has completed enrollment of the Phase 2 study of 60 f508del cystic fibrosis patients ahead of schedule and is now guiding to top-line data by year-end 2019, which is ahead of the prior expectation of the first quarter of 2020. If it generates positive data for the triple combo of amplifier PTI-428 with CFTR corrector PTI-801 and potentiator PTI-808, Proteostasis could initiate a Phase 3 trial next year, said Tenthoff, who keeps an Overweight rating and $4 price target on Proteostasis shares.
12/04/19
CANT
12/04/19
INITIATION
Target $8
CANT
Overweight
Proteostasis assumed with an Overweight at Cantor Fitzgerald
Cantor Fitzgerald analyst Kristen Kluska assumed coverage of Proteostasis Therapeutics (PTI) with an Overweight rating with a price target of $8, down from $14. The stock is now set up for success, Kluska tells investors in a research note. While direct comparisons to Vertex (VRTX) will still be made, Proteostasis' doublet and triplet could lead to "robust improvements," contends the analyst.
VRTX Vertex
$218.12

-1.21 (-0.55%)

11/20/19
PIPR
11/20/19
NO CHANGE
PIPR
Piper Jaffray reiterates Overweight on Vertex after reimbursement agreement
Piper Jaffray analyst Edward Tenthoff reiterated an Overweight rating and $247 price target on Vertex Pharmaceuticals after the company reached a reimbursement agreement with the French Authorities to expand access to Orkambi for cystic fibrosis, or CF, pediatrics, lowering the prior age of eligibility to 2 years from 12 years. This agreement will provide all eligible French CF patients access to Orkambi and Kalydeco, the analyst noted, adding that Vertex's CF modulators are "now reimbursed in 21 countries."
12/13/19
FBCO
12/13/19
NO CHANGE
Target $231
FBCO
Outperform
Credit Suisse replaces Vertex with Regeneron as top 2020 Biotech pick
Credit Suisse analyst Evan Seigerman replaced Vertex Pharmaceuticals (VRTX) with Regeneron Pharmaceuticals (REGN), a stock he upgraded this morning to Outperform, as his top U.S. Biotechnology pick heading into 2020. The analyst, however, keeps an Outperform rating on Vertex with a $231 price target.
12/16/19
ARGS
12/16/19
NO CHANGE
Target $248
ARGS
Buy
Vertex price target raised to $248 from $200 at Argus
Argus analyst Jasper Hellweg raised his price target on Vertex to $248 and kept his Buy rating, citing his positive earnings outlook for the company based on its "impressive" growth of Symdeko, the expansion of reimbursement coverage, FDA approval of Trikafta, and its strong cost controls. The analyst adds that in spite of the recent advance of Vertex stock price, shares continue to trade below their historical average price-to-earnings multiple and appear "attractively valued" at current levels.

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