PTC Therapeutics (NASDAQ:PTCT) Stock Rating Cut to “Buy” at Wall Street Zen

Wall Street Zen lowered shares of PTC Therapeutics (NASDAQ:PTCT) from a strong-buy rating to a buy rating in a research note released on Saturday morning,Wall Street Zen reports.

PTCT has been the subject of a number of other reports. Morgan Stanley boosted their price objective on PTC Therapeutics from $93.00 to $104.00 and gave the stock an “overweight” rating in a report on Friday, July 31st. Royal Bank Of Canada decreased their price target on PTC Therapeutics from $85.00 to $75.00 and set a “sector perform” rating for the company in a report on Wednesday. Leerink Partners initiated coverage on PTC Therapeutics in a research note on Monday, September 14th. They set an “outperform” rating and a $98.00 price objective on the stock. Weiss Ratings raised shares of PTC Therapeutics from a “sell (d)” rating to a “sell (d+)” rating in a report on Thursday. Finally, Cantor Fitzgerald increased their target price on shares of PTC Therapeutics from $130.00 to $137.00 and gave the company an “overweight” rating in a report on Tuesday, September 22nd. One research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, two have issued a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $98.25.

PTC Therapeutics Stock Performance

Shares of PTCT opened at $64.70 on Friday. The firm has a market cap of $5.40 billion, a PE ratio of -111.55, a price-to-earnings-growth ratio of 2.00 and a beta of 0.49. PTC Therapeutics has a 52-week low of $61.23 and a 52-week high of $90.87. The business’s 50 day moving average price is $68.37 and its two-hundred day moving average price is $71.92.

PTC Therapeutics (NASDAQ:PTCT) last posted its quarterly earnings results on Thursday, July 30th. The biopharmaceutical company reported $0.92 earnings per share for the quarter, topping analysts’ consensus estimates of $0.24 by $0.68. The firm had revenue of $360.52 million for the quarter, compared to analyst estimates of $298.63 million. The firm’s quarterly revenue was up 101.5% compared to the same quarter last year. During the same period last year, the company posted ($0.83) earnings per share. Research analysts predict that PTC Therapeutics will post 1.19 EPS for the current fiscal year.

Insiders Place Their Bets

In other PTC Therapeutics news, VP Mark Boulding sold 2,813 shares of the company’s stock in a transaction on Monday, August 17th. The stock was sold at an average price of $72.57, for a total value of $204,139.41. Following the completion of the transaction, the vice president owned 105,272 shares in the company, valued at $7,639,589.04. This represents a 2.60% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Matthew Klein sold 10,292 shares of the firm’s 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 sale, the chief executive officer directly owned 383,868 shares of the company’s stock, valued at approximately $26,321,828.76. This represents a 2.61% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 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. Insiders sold a total of 74,678 shares of company stock worth $5,160,898 in the last ninety days. Company insiders own 5.30% of the company’s stock.

Institutional Investors Weigh In On PTC Therapeutics

A number of hedge funds have recently modified their holdings of PTCT. Allworth Financial LP bought a new position in PTC Therapeutics during the second quarter valued at $67,000. EverSource Wealth Advisors LLC grew its stake in shares of PTC Therapeutics by 16.9% during the 1st quarter. EverSource Wealth Advisors LLC now owns 1,045 shares of the biopharmaceutical company’s stock worth $71,000 after acquiring an additional 151 shares during the period. Harbor Investment Advisory LLC purchased a new stake in PTC Therapeutics in the 2nd quarter worth about $81,000. Quantbot Technologies LP purchased a new stake in PTC Therapeutics in the 2nd quarter worth about $112,000. Finally, GAMMA Investing LLC raised its stake in PTC Therapeutics by 58.1% in the 2nd quarter. GAMMA Investing LLC now owns 1,453 shares of the biopharmaceutical company’s stock valued at $119,000 after acquiring an additional 534 shares during the period.

PTC Therapeutics Company Profile

PTC Therapeutics, Inc is a biopharmaceutical company focused on discovering, developing and commercializing medicines for rare diseases. Its research programs use technologies designed to address genetic and molecular causes of disease, including RNA biology, protein translation and gene therapy.

The company’s commercial portfolio includes Emflaza (deflazacort), a corticosteroid approved in the United States to treat Duchenne muscular dystrophy, and Upstaza (eladocagene exuparvovec), a gene therapy for aromatic L-amino acid decarboxylase deficiency in eligible patients.