PTC Therapeutics (NASDAQ:PTCT) Lowered to “Hold” Rating by Zacks Research

Zacks Research cut shares of PTC Therapeutics (NASDAQ:PTCT) from a strong-buy rating to a hold rating in a research report released on Thursday morning,Zacks.com reports.

Other analysts have also issued research reports about the stock. Weiss Ratings upgraded shares of PTC Therapeutics from a “sell (d)” rating to a “sell (d+)” rating in a research note on Friday, July 31st. Raymond James Financial began coverage on shares of PTC Therapeutics in a research note on Friday, April 10th. They set an “outperform” rating and a $108.00 target price on the stock. TD Cowen upgraded shares of PTC Therapeutics from a “hold” rating to a “buy” rating and raised their price target for the stock from $75.00 to $90.00 in a report on Friday, May 8th. Jefferies Financial Group raised shares of PTC Therapeutics from a “hold” rating to a “buy” rating and lifted their price target for the company from $76.00 to $85.00 in a research note on Wednesday, May 27th. Finally, Royal Bank Of Canada upped their price objective on shares of PTC Therapeutics from $82.00 to $85.00 and gave the company a “sector perform” rating in a report on Tuesday, July 7th. One research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, two have issued a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $98.09.

PTC Therapeutics Price Performance

Shares of PTC Therapeutics stock opened at $73.31 on Thursday. PTC Therapeutics has a one year low of $43.17 and a one year high of $90.87. The stock’s 50-day moving average is $77.54 and its 200 day moving average is $72.55. The firm has a market cap of $6.12 billion, a price-to-earnings ratio of -126.40, a PEG ratio of 2.19 and a beta of 0.56.

PTC Therapeutics (NASDAQ:PTCT) last released its earnings results on Thursday, July 30th. The biopharmaceutical company reported $0.92 EPS for the quarter, topping the consensus estimate of $0.24 by $0.68. The business had revenue of $360.52 million during the quarter, compared to analysts’ expectations of $298.63 million. PTC Therapeutics had a negative return on equity of 362.45% and a negative net margin of 3.80%.The firm’s revenue was up 101.5% on a year-over-year basis. During the same quarter last year, the firm posted ($0.83) earnings per share. On average, sell-side analysts expect that PTC Therapeutics will post 1.17 EPS for the current fiscal year.

Insider Transactions at PTC Therapeutics

In related news, CEO Matthew B. Klein sold 10,292 shares of PTC Therapeutics stock in a transaction on Tuesday, August 4th. The shares were sold at an average price of $68.57, for a total value of $705,722.44. Following the completion of the sale, the chief executive officer owned 383,868 shares of the company’s stock, valued at approximately $26,321,828.76. This trade represents a 2.61% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, VP Mark Elliott Boulding sold 5,079 shares of the business’s stock in a transaction on Monday, July 6th. The shares were sold at an average price of $85.08, for a total transaction of $432,121.32. Following the sale, the vice president owned 105,272 shares of the company’s stock, valued at $8,956,541.76. This trade represents a 4.60% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders have sold 205,414 shares of company stock worth $16,774,162. Insiders own 5.30% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the business. BlackRock Inc. bought a new stake in shares of PTC Therapeutics during the second quarter worth about $1,139,089,000. Vanguard Group Inc. lifted its position in PTC Therapeutics by 6.2% in the 4th quarter. Vanguard Group Inc. now owns 8,803,203 shares of the biopharmaceutical company’s stock valued at $668,691,000 after acquiring an additional 514,204 shares in the last quarter. Janus Henderson Group PLC boosted its stake in PTC Therapeutics by 48.3% during the 1st quarter. Janus Henderson Group PLC now owns 7,193,433 shares of the biopharmaceutical company’s stock valued at $489,997,000 after purchasing an additional 2,342,101 shares during the last quarter. Wellington Management Group LLP boosted its stake in PTC Therapeutics by 4.8% during the 3rd quarter. Wellington Management Group LLP now owns 4,918,619 shares of the biopharmaceutical company’s stock valued at $301,856,000 after purchasing an additional 224,481 shares during the last quarter. Finally, State Street Corp increased its holdings in PTC Therapeutics by 34.2% during the 4th quarter. State Street Corp now owns 4,206,126 shares of the biopharmaceutical company’s stock worth $319,497,000 after purchasing an additional 1,071,343 shares in the last quarter.

PTC Therapeutics Company Profile

PTC Therapeutics, Inc is a biopharmaceutical company focused on the discovery, development and commercialization of small molecule and biologic therapies for the treatment of rare genetic disorders. Since its founding in 1998, PTC has dedicated its efforts to addressing high unmet medical needs by targeting underlying genetic causes of disease. The company’s research platform emphasizes mechanisms such as nonsense suppression and RNA modulation, enabling the development of novel treatments for conditions with limited therapeutic options.

Among PTC’s approved products is Translarna (ataluren), a first-in-class therapy designed to treat nonsense mutation Duchenne muscular dystrophy in select markets.