PTC Therapeutics (NASDAQ:PTCT) Downgraded to “Strong Sell” at Zacks Investment Research


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PTC Therapeutics (NASDAQ:PTCT) was downgraded by Zacks Investment Research from a “hold” rating to a “strong sell” rating in a research report issued to clients and investors on Thursday, Zacks.com reports.

According to Zacks, “PTC Therapeutics, Inc. is a biopharmaceutical company. It is focused on the discovery and development of orally administered, small-molecule drugs for genetic disorders, oncology and infectious disease. PTC Therapeutics, Inc. is based in South Plainfield, United States. “

Several other equities analysts also recently issued reports on the stock. Cantor Fitzgerald cut their price objective on shares of PTC Therapeutics from $75.00 to $67.00 and set an “overweight” rating on the stock in a report on Friday, October 30th. UBS Group assumed coverage on shares of PTC Therapeutics in a report on Wednesday, October 28th. They set a “neutral” rating and a $55.00 price objective on the stock. Royal Bank of Canada downgraded shares of PTC Therapeutics from a “sector perform” rating to an “underperform” rating and set a $45.00 price objective on the stock. in a report on Monday, November 30th. BidaskClub lowered PTC Therapeutics from a “strong-buy” rating to a “buy” rating in a research report on Thursday, December 31st. Finally, JPMorgan Chase & Co. upgraded PTC Therapeutics from a “neutral” rating to an “overweight” rating and set a $71.00 target price on the stock in a research report on Wednesday, October 7th. Two analysts have rated the stock with a sell rating, four have assigned a hold rating and eleven have issued a buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus target price of $63.08.

PTCT opened at $66.64 on Thursday. PTC Therapeutics has a 52-week low of $30.79 and a 52-week high of $70.82. The company has a quick ratio of 2.91, a current ratio of 3.00 and a debt-to-equity ratio of 0.56. The company has a market cap of $4.55 billion, a P/E ratio of -9.49 and a beta of 1.08. The firm’s 50-day moving average price is $64.62 and its 200-day moving average price is $54.82.

PTC Therapeutics (NASDAQ:PTCT) last posted its quarterly earnings data on Thursday, October 29th. The biopharmaceutical company reported ($1.03) earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($1.10) by $0.07. PTC Therapeutics had a negative net margin of 138.67% and a negative return on equity of 67.92%. The firm had revenue of $82.71 million for the quarter, compared to the consensus estimate of $112.21 million. During the same quarter in the prior year, the company posted ($1.06) earnings per share. The company’s revenue for the quarter was up 15.9% compared to the same quarter last year. On average, research analysts anticipate that PTC Therapeutics will post -6.42 EPS for the current fiscal year.

In other PTC Therapeutics news, CEO Stuart Walter Peltz sold 348,417 shares of the company’s stock in a transaction that occurred on Monday, December 7th. The stock was sold at an average price of $61.00, for a total value of $21,253,437.00. Following the sale, the chief executive officer now owns 248,877 shares in the company, valued at approximately $15,181,497. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Allan Steven Jacobson sold 5,000 shares of the company’s stock in a transaction that occurred on Friday, October 16th. The stock was sold at an average price of $51.29, for a total value of $256,450.00. Following the completion of the sale, the director now owns 3,498 shares in the company, valued at approximately $179,412.42. The disclosure for this sale can be found here. In the last 90 days, insiders sold 810,903 shares of company stock worth $49,418,985. Insiders own 7.00% of the company’s stock.

Several large investors have recently made changes to their positions in PTCT. Assenagon Asset Management S.A. purchased a new position in shares of PTC Therapeutics during the 3rd quarter valued at approximately $12,496,000. Vanguard Group Inc. lifted its position in shares of PTC Therapeutics by 1.7% during the 2nd quarter. Vanguard Group Inc. now owns 5,672,336 shares of the biopharmaceutical company’s stock valued at $287,815,000 after buying an additional 93,165 shares in the last quarter. BlackRock Inc. lifted its position in shares of PTC Therapeutics by 1.3% during the 3rd quarter. BlackRock Inc. now owns 5,742,425 shares of the biopharmaceutical company’s stock valued at $268,459,000 after buying an additional 73,730 shares in the last quarter. DekaBank Deutsche Girozentrale purchased a new position in shares of PTC Therapeutics during the 3rd quarter valued at approximately $2,567,000. Finally, Polar Capital LLP purchased a new position in shares of PTC Therapeutics during the 3rd quarter valued at approximately $2,338,000.

About PTC Therapeutics

PTC Therapeutics, Inc, a biopharmaceutical company, focuses on the discovery, development, and commercialization of medicines for the treatment of rare disorders. The company offers Translarna (ataluren) and Emflaza (deflazacort) for the treatment of nonsense mutation Duchenne muscular dystrophy in ambulatory patients.

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