PTC Therapeutics (NASDAQ:PTCT) Raised to Strong-Buy at Zacks Research

PTC Therapeutics (NASDAQ:PTCT) was upgraded by stock analysts at Zacks Research from a “hold” rating to a “strong-buy” rating in a research report issued to clients and investors on Tuesday,Zacks.com reports.

A number of other research analysts also recently weighed in on PTCT. Truist Financial upgraded shares of PTC Therapeutics to a “strong-buy” rating in a report on Wednesday, March 25th. Royal Bank Of Canada upped their price objective on shares of PTC Therapeutics from $82.00 to $85.00 and gave the stock a “sector perform” rating in a report on Tuesday. Morgan Stanley reissued an “overweight” rating and set a $94.00 target price on shares of PTC Therapeutics in a research report on Friday, May 8th. Weiss Ratings lowered PTC Therapeutics from a “hold (c-)” rating to a “sell (d)” rating in a report on Monday, May 11th. Finally, Raymond James Financial began coverage on PTC Therapeutics in a report on Friday, April 10th. They set an “outperform” rating and a $108.00 target price on the stock. Two analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating, one has given a Hold rating and two have given a Sell rating to the company. According to MarketBeat.com, PTC Therapeutics presently has a consensus rating of “Moderate Buy” and an average price target of $91.57.

PTC Therapeutics Stock Performance

NASDAQ:PTCT opened at $88.57 on Tuesday. The stock’s 50 day moving average price is $74.77 and its 200 day moving average price is $72.61. PTC Therapeutics has a 52 week low of $43.17 and a 52 week high of $89.85. The company has a market capitalization of $7.35 billion, a P/E ratio of -38.01, a P/E/G ratio of 4.10 and a beta of 0.53.

PTC Therapeutics (NASDAQ:PTCT) last posted its earnings results on Thursday, May 7th. The biopharmaceutical company reported ($0.03) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.45) by $0.42. The firm had revenue of $272.55 million during the quarter, compared to analysts’ expectations of $217.42 million. PTC Therapeutics had a negative net margin of 22.58% and a negative return on equity of 362.45%. The company’s revenue was up 43.5% compared to the same quarter last year. During the same period in the previous year, the company earned $10.04 earnings per share. As a group, sell-side analysts forecast that PTC Therapeutics will post 0.78 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, CEO Matthew B. Klein sold 12,572 shares of the business’s stock in a transaction on Thursday, May 14th. The shares were sold at an average price of $72.95, for a total value of $917,127.40. Following the completion of the sale, the chief executive officer directly owned 393,998 shares in the company, valued at approximately $28,742,154.10. The trade was a 3.09% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 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, insider Neil Gregory Almstead sold 24,613 shares of the company’s stock in a transaction on Tuesday, July 7th. The stock was sold at an average price of $88.89, for a total transaction of $2,187,849.57. Following the sale, the insider directly owned 60,299 shares of the company’s stock, valued at approximately $5,359,978.11. This represents a 28.99% 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. Over the last 90 days, insiders have sold 183,214 shares of company stock valued at $14,902,651. 5.50% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On PTC Therapeutics

Hedge funds have recently bought and sold shares of the company. GAMMA Investing LLC increased its stake in shares of PTC Therapeutics by 58.1% in the second quarter. GAMMA Investing LLC now owns 1,453 shares of the biopharmaceutical company’s stock worth $119,000 after purchasing an additional 534 shares during the period. Avior Wealth Management LLC acquired a new stake in PTC Therapeutics in the 2nd quarter valued at approximately $308,000. Harbor Investment Advisory LLC bought a new position in PTC Therapeutics in the 2nd quarter worth approximately $81,000. Defilade Capital Management L.P. bought a new position in PTC Therapeutics in the 1st quarter worth approximately $25,628,000. Finally, Segall Bryant & Hamill LLC lifted its holdings in shares of PTC Therapeutics by 287.4% during the first quarter. Segall Bryant & Hamill LLC now owns 195,380 shares of the biopharmaceutical company’s stock worth $13,311,000 after buying an additional 144,949 shares during 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.