Today’s Research Reports on Stocks to Watch: Proteostasis Therapeutics and Ophthotech Corporation

NEW YORK, NY / ACCESSWIRE / June 8, 2018 / While Proteostasis Therapeutics announced positive results from an ongoing 14-day dosing study of PTI-801, an analyst at RBC Capital Markets didn’t seem impressed and downgraded the company this week as well as lowered his price target on shares. Ophthotech Corporation saw a different story yesterday, gaining over 10% after announcing that it has entered into an exclusive global license agreement with the University of Florida Research Foundation and the University of Pennsylvania.

RDI Initiates Coverage on:

Proteostasis Therapeutics, Inc.
https://rdinvesting.com/news/?ticker=PTI

Ophthotech Corporation
https://rdinvesting.com/news/?ticker=OPHT

Proteostasis Therapeutics, Inc. shares collapsed in Thursday trading, ending the day down a little over 38%. It was yesterday that the clinical stage biopharma company had announced positive results from the its ongoing 14-day dosing study of PTI-801 in CF patients on background Orkambi® (lumacaftor/ivacaftor) therapy. The results had shown statistically significant improvement in sweat chloride, body mass index, and weight and blood glucose. Lead investigator of the study, Manu Jain, M.D., said, “Sweat chloride is the first diagnostic test to identify CF patients and the reduction of mean SC concentration levels to 55 mmol, levels below the CF disease diagnostic criteria, after only two weeks of treatment, is very encouraging and I believe a clear sign of a pharmacological effect of PTI-801. This is the first time the addition of a novel CFTR corrector in Orkambi treated CF subjects has improved sweat chloride values to Kalydeco®-like levels.” Despite all this, analyst Brian Abrahams of RBC Capital Markets said more data is necessary to de-risk the asset. He downgraded shares from “outperform” to “sector perform” and lowered his price target from $11 to $5. He said, “While there were signs of activity in the ph.II, given a lack of clear FEV1 benefit we believe more work will need to be done to more fully de-risk the asset.”

Access RDI’s Proteostasis Therapeutics, Inc. Research Report at:
https://rdinvesting.com/news/?ticker=PTI

Ophthotech Corporation shares closed up a little over 10% on Thursday with roughly 24.7 million shares traded. The stock hit a new high of $4.50 after the company announced that it has entered into an exclusive global license agreement with the University of Florida Research Foundation and the University of Pennsylvania to develop and commercialize a novel adeno-associated virus (AAV) gene therapy product for the treatment of rhodopsin-mediated autosomal dominant retinitis pigmentosa (RHO-adRP). RHO-adRP is an orphan monogenic disease that is characterized by progressive and severe loss of vision leading to blindness. Chief Medical Officer for the company, Kourous A. Rezaei, M.D. remarked, “The scientific elegance of this novel gene therapy product is its design to knock down the expression of the mutant rhodopsin while delivering the replacement functional rhodopsin with a single AAV vector, restoring normal protein expression in preclinical studies. Collaborating with the eminent scientists at the University of Florida and the University of Pennsylvania reinforces Ophthotech’s commitment to build a gene therapy pipeline for treatment of retinal diseases based on cutting edge technology.”

Access RDI’s Ophthotech Corporation Research Report at:
https://rdinvesting.com/news/?ticker=OPHT

Our Actionable Research on Proteostasis Therapeutics, Inc. (NASDAQ: PTI) and Ophthotech Corporation (NASDAQ: OPHT) can be downloaded free of charge at Research Driven Investing.

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