PTC Therapeutics (NASDAQ:PTCT) Downgraded to Buy Rating by StockNews.com

PTC Therapeutics (NASDAQ:PTCT) was downgraded by research analysts at StockNews.com from a “strong-buy” rating to a “buy” rating in a note issued to investors on Friday.

A number of other brokerages have also weighed in on PTCT. Bank of America upgraded shares of PTC Therapeutics from a “neutral” rating to a “buy” rating and boosted their target price for the company from $55.00 to $68.00 in a research note on Friday, May 9th. Scotiabank initiated coverage on PTC Therapeutics in a report on Friday, March 7th. They issued a “sector perform” rating and a $55.00 price objective for the company. Morgan Stanley reissued an “overweight” rating and issued a $70.00 target price (up previously from $67.00) on shares of PTC Therapeutics in a report on Friday, March 7th. Cantor Fitzgerald cut their price target on PTC Therapeutics from $113.00 to $112.00 and set an “overweight” rating for the company in a research note on Wednesday, May 7th. Finally, JPMorgan Chase & Co. reduced their price target on shares of PTC Therapeutics from $75.00 to $67.00 and set an “overweight” rating for the company in a research report on Wednesday, May 7th. One analyst has rated the stock with a sell rating, four have given a hold rating, ten have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $61.92.

PTC Therapeutics Stock Performance

NASDAQ PTCT opened at $45.31 on Friday. PTC Therapeutics has a one year low of $28.72 and a one year high of $58.38. The stock has a 50-day moving average of $48.35 and a 200 day moving average of $47.12. The company has a market capitalization of $3.59 billion, a price-to-earnings ratio of -7.63 and a beta of 0.52.

PTC Therapeutics (NASDAQ:PTCT) last announced its quarterly earnings results on Tuesday, May 6th. The biopharmaceutical company reported $10.04 EPS for the quarter, topping analysts’ consensus estimates of $0.85 by $9.19. The company had revenue of $1.18 billion during the quarter, compared to the consensus estimate of $437.16 million. The business’s revenue was down 9.6% compared to the same quarter last year. During the same quarter in the prior year, the firm earned ($1.20) earnings per share. On average, equities analysts predict that PTC Therapeutics will post -4.52 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, Director Allan Steven Jacobson sold 1,230 shares of the business’s stock in a transaction on Tuesday, March 4th. The shares were sold at an average price of $51.52, for a total value of $63,369.60. Following the transaction, the director now owns 19,118 shares of the company’s stock, valued at approximately $984,959.36. The trade was a 6.04% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Matthew B. Klein sold 2,804 shares of PTC Therapeutics stock in a transaction on Tuesday, April 22nd. The shares were sold at an average price of $48.74, for a total transaction of $136,666.96. Following the completion of the sale, the chief executive officer now owns 273,234 shares in the company, valued at approximately $13,317,425.16. This represents a 1.02% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 32,305 shares of company stock worth $1,682,755. Corporate insiders own 5.50% of the company’s stock.

Hedge Funds Weigh In On PTC Therapeutics

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Smartleaf Asset Management LLC boosted its position in shares of PTC Therapeutics by 78.7% during the 4th quarter. Smartleaf Asset Management LLC now owns 613 shares of the biopharmaceutical company’s stock valued at $28,000 after acquiring an additional 270 shares during the last quarter. Sterling Capital Management LLC grew its stake in shares of PTC Therapeutics by 424.4% in the 4th quarter. Sterling Capital Management LLC now owns 645 shares of the biopharmaceutical company’s stock worth $29,000 after buying an additional 522 shares in the last quarter. Quantbot Technologies LP increased its holdings in shares of PTC Therapeutics by 545.5% in the 1st quarter. Quantbot Technologies LP now owns 652 shares of the biopharmaceutical company’s stock worth $33,000 after buying an additional 551 shares during the last quarter. PNC Financial Services Group Inc. raised its position in shares of PTC Therapeutics by 84.2% during the 1st quarter. PNC Financial Services Group Inc. now owns 700 shares of the biopharmaceutical company’s stock valued at $36,000 after buying an additional 320 shares in the last quarter. Finally, GAMMA Investing LLC lifted its holdings in shares of PTC Therapeutics by 86.3% in the 1st quarter. GAMMA Investing LLC now owns 952 shares of the biopharmaceutical company’s stock valued at $49,000 after acquiring an additional 441 shares during 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 in the United States and internationally. The company offers Translarna and Emflaza for the treatment of Duchenne muscular dystrophy; Upstaza to treat aromatic l-amino acid decarboxylas (AADC) deficiency, a central nervous system disorder; Tegsedi and Waylivra for the treatment of rare diseases; and Evrysdi to treat spinal muscular atrophy (SMA) in adults and children.