PTC Therapeutics (NASDAQ:PTCT) Price Target Cut to $26.00 by Analysts at Royal Bank of Canada

PTC Therapeutics (NASDAQ:PTCT) had its target price decreased by Royal Bank of Canada from $49.00 to $26.00 in a research report sent to investors on Monday morning, Marketbeat Ratings reports. Royal Bank of Canada currently has a sector perform rating on the biopharmaceutical company’s stock.

A number of other equities analysts have also commented on PTCT. Cantor Fitzgerald reiterated an overweight rating and set a $73.00 price target on shares of PTC Therapeutics in a report on Monday, August 7th. Barclays cut their price target on shares of PTC Therapeutics from $44.00 to $26.00 and set an equal weight rating on the stock in a report on Monday. Morgan Stanley reiterated an equal weight rating and set a $47.00 price target on shares of PTC Therapeutics in a report on Friday, August 4th. StockNews.com assumed coverage on shares of PTC Therapeutics in a report on Thursday, August 17th. They set a hold rating on the stock. Finally, Citigroup lowered shares of PTC Therapeutics from a buy rating to a neutral rating and cut their price target for the stock from $55.00 to $28.00 in a report on Monday. Two analysts have rated the stock with a sell rating, eight have given a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of Hold and a consensus target price of $41.00.

PTC Therapeutics Price Performance

Shares of PTC Therapeutics stock opened at $24.28 on Monday. PTC Therapeutics has a fifty-two week low of $23.83 and a fifty-two week high of $59.84. The firm has a market capitalization of $1.83 billion, a P/E ratio of -2.88 and a beta of 0.37. The company’s 50 day moving average price is $39.26 and its two-hundred day moving average price is $44.80.

PTC Therapeutics (NASDAQ:PTCT) last issued its earnings results on Thursday, August 3rd. The biopharmaceutical company reported ($2.66) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.58) by ($1.08). The business had revenue of $213.80 million for the quarter, compared to analysts’ expectations of $206.99 million. During the same quarter in the prior year, the company earned ($2.13) EPS. PTC Therapeutics’s quarterly revenue was up 29.2% on a year-over-year basis. On average, analysts expect that PTC Therapeutics will post -5.45 earnings per share for the current year.

Insider Buying and Selling at PTC Therapeutics

In other news, Director Alethia Young sold 11,666 shares of the business’s stock in a transaction dated Wednesday, September 6th. The shares were sold at an average price of $39.86, for a total transaction of $465,006.76. Following the completion of the sale, the director now directly owns 9,067 shares of the company’s stock, valued at $361,410.62. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders own 5.30% of the company’s stock.

Institutional Investors Weigh In On PTC Therapeutics

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Virginia Retirement Systems ET AL bought a new stake in shares of PTC Therapeutics during the second quarter worth about $517,000. Wells Fargo & Company MN increased its position in shares of PTC Therapeutics by 58.7% during the second quarter. Wells Fargo & Company MN now owns 63,342 shares of the biopharmaceutical company’s stock worth $2,576,000 after acquiring an additional 23,436 shares in the last quarter. Public Employees Retirement System of Ohio increased its position in shares of PTC Therapeutics by 34.0% during the second quarter. Public Employees Retirement System of Ohio now owns 23,146 shares of the biopharmaceutical company’s stock worth $941,000 after acquiring an additional 5,873 shares in the last quarter. Blueshift Asset Management LLC bought a new stake in shares of PTC Therapeutics during the second quarter worth about $225,000. Finally, Lazard Asset Management LLC increased its position in shares of PTC Therapeutics by 228.6% during the second quarter. Lazard Asset Management LLC now owns 4,337 shares of the biopharmaceutical company’s stock worth $175,000 after acquiring an additional 3,017 shares in the last quarter.

About PTC Therapeutics

PTC Therapeutics, Inc, a biopharmaceutical company, focuses on the discovery, development, and commercialization of medicines to patients with rare disorders. Its portfolio pipeline includes commercial products and product candidates in various stages of development, including clinical, pre-clinical and research and discovery stages, focuses on the development of treatments for multiple therapeutic areas, such as rare diseases.