Proteostasis Therapeutics Inc (NASDAQ: PTI) was one of the biggest gainers in Tuesday’s trading session. It gained by over 26.98% to close the day at $2.40. The stock’s continued bullish rally is driven by the company’s strong revenue numbers, and progress in its lead treatment candidates.
On the 7th of November, the company released its Q3 results and they were impressive. The company recorded a quarterly loss of $12.8 million. This was much lower than the loss of $18.4 million that the company reported in the same period in 2018. The company also noted that for the quarter ending on the 30th of September it did not report any revenues. This is compared to quarterly revenues of $1.1 million in the same period in the 2018 fiscal year. It attributed this to a close of a collaboration that the company had with Astellas.
Besides the positive quarterly results, the company also recently announced that it had completed enrollment in a worldwide phase 3 study in Cystic Fibrosis. It announced that this trial is meant to assess the safety, tolerability and efficacy of its proprietary treatment in 4 weeks. The company’s endpoints from this study are changes in sweat concertation and safety. It expects results from this study in Q4 of 2019 as opposed to Q1 of 2020. Investors will be keen to see how this plays out for the company’s stock value going forward.
Looking at the chart below, PTI has been forming new highs for the past week. The stock’s volumes have also been on the rise, and in yesterday’s close, volumes stood at 13.54 million.
About Proteostasis Therapeutics Inc
Proteostasis Therapeutics Inc is a biopharma company that researches and develop treats for cystic fibrosis amongst other diseases. Its lead candidate is PTI-801 for the treatment of cystic fibrosis. The company has its headquarters in Boston, Massachusetts.