The week is starting off strong for Proteostasis Therapeutics (NASDAQ:PTI). It’s only Tuesday, and the U.S. biopharma company is already witnessing a more than 50% jump in its stock. Not bad, right?
Proteostasis Therapeutics: What Happened Tuesday?
For those who don’t know, Proteostasis Therapeutics was founded in 2006 and is based in Cambridge, Massachusetts. The biopharma company is primarily interested in discovering and developing therapeutics that can treat various diseases that are caused by an imbalance in protein biosynthesis process.
Yesterday, Proteostasis Therapeutics announced that the FDA had granted Breakthrough Therapy Designation for the company’s cystic fibrosis transmembrane conductance regulator amplifier. This is significant news as less than half of the drugs that have been presented for Breakthrough Therapy under the FDA Safety and Innovation Act have been given the green light for the designation. For these reasons, are we really surprised to see the stock soaring the day after the announcement? I’m certainly not.
As of this writing, Proteostasis Therapeutics is trading at $6.34 on the Nasdaq Exchange. This puts the PTI stock up $2.20, or a whopping 53.38%. The stock opened the trading day at $6.27 and has a current market cap of 210.95 million.
This is not the first time Proteostasis Therapeutics has made headlines in 2018. Last month, the company announced that it will be presenting at the LEERINK Partners 7th Annual Global Healthcare Conference, and just last week, Proteostasis Therapeutics disclosed that it will also be presenting at the Cowen and Company 38th Annual Health Care Conference.
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Based on these recent announcements, it appears that not only is the FDA impressed with the work conducted by the company, but the entire healthcare sector is as well. Therefore, I think it’s only right to offer my congratulations to Proteostasis Therapeutics! Going forward, I hope to see the stock climbing even higher.
Check back in next week to see where the stock is sitting!
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