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Proteostasis's stock rockets on heavy volume after BTD granted

Shares of Proteostasis Therapeutics Inc. PTI, +64.98% rocketed 70% toward an 11-month high in very energetic morning business Tuesday, after the biopharmaceutical corporate mentioned it cystic fibrosis remedy was once granted Breakthrough Therapy Designation (BTD) by means of the Food and Drug Administration. Volume topped 14 million shares, when compared with the full-day average over the past 30 days of about 780,000 shares, according to FactSet. The BTD is helping expedite the advance and assessment of a drug aimed toward treating a serious or life-threatening disease where there's a significant unmet want. "We believe the Breakthrough Therapy Designation for PTI-428 reflects the strength of the recent Phase 2 study results for our amplifier, a novel and proprietary class of CFTR modulators," mentioned Chief Executive Meenu Chhabra. Despite Tuesday's rally, the stock has still shed 45% over the past 12 months, while the iShares Nasdaq Biotechnology ETF IBB, +0.63% has climbed 15% and the S&P 500 SPX, +0.54% has received 18%.