Proteostasis shares shattered as weak triplet data inspires a scorching backlash
You almost have to pity Proteostasis $PTI today. The micro-cap biotech sallied out into the stock market early in the day trying to float some mediocre efficacy results for their triple for cystic fibrosis and got gunned down on every side.
Already quick to entice skepticism after earlier shots on goal aroused a short attack from Kerrisdale Capital, some prominent analysts made short work of Proteostasis’ numbers this morning. Its share price is down 65% to an all-time low and the market cap has shriveled to a paltry $76 million — less than current assets on hand.
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