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

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

Several other brokerages have also recently issued reports on PTCT. Zacks Research cut PTC Therapeutics from a “strong-buy” rating to a “hold” rating in a research report on Thursday, August 6th. Citigroup upgraded PTC Therapeutics from a “neutral” rating to a “buy” rating and upped their price objective for the company from $75.00 to $108.00 in a report on Tuesday, June 9th. Weiss Ratings cut PTC Therapeutics from a “sell (d+)” rating to a “sell (d)” rating in a research note on Monday, August 17th. Wells Fargo & Company lifted their target price on PTC Therapeutics from $106.00 to $109.00 and gave the stock an “overweight” rating in a report on Thursday, August 13th. Finally, Morgan Stanley upped their price target on shares of PTC Therapeutics from $93.00 to $104.00 and gave the company an “overweight” rating in a report on Friday, July 31st. One research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, two have issued a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $98.55.

PTC Therapeutics Price Performance

PTC Therapeutics stock opened at $69.82 on Friday. The firm has a 50 day simple moving average of $77.62 and a 200-day simple moving average of $72.34. The stock has a market capitalization of $5.83 billion, a PE ratio of -120.38, a price-to-earnings-growth ratio of 2.15 and a beta of 0.56. PTC Therapeutics has a 12-month low of $48.28 and a 12-month high of $90.87.

PTC Therapeutics (NASDAQ:PTCT) last announced 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 firm had revenue of $360.52 million for 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 quarterly revenue was up 101.5% compared to the same quarter last year. During the same quarter in the previous year, the company earned ($0.83) earnings per share. On average, analysts forecast that PTC Therapeutics will post 1.17 earnings per share for the current fiscal year.

Insider Buying and Selling at PTC Therapeutics

In other news, VP Mark Elliott Boulding sold 2,813 shares of the firm’s stock in a transaction on Monday, August 17th. The stock was sold at an average price of $72.57, for a total transaction of $204,139.41. Following the completion of the sale, the vice president directly owned 105,272 shares of the company’s stock, valued at $7,639,589.04. This trade represents a 2.60% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Matthew B. Klein sold 10,292 shares of PTC Therapeutics stock in a transaction on Tuesday, August 4th. The stock was sold at an average price of $68.57, for a total value of $705,722.44. Following the completion of the transaction, the chief executive officer owned 383,868 shares in the company, valued at $26,321,828.76. The trade was 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. Over the last quarter, insiders sold 205,343 shares of company stock worth $16,774,704. 5.30% of the stock is owned by insiders.

Hedge Funds Weigh In On PTC Therapeutics

A number of institutional investors have recently bought and sold shares of the stock. Teachers Retirement System of The State of Kentucky boosted its stake in PTC Therapeutics by 86.9% in the 4th quarter. Teachers Retirement System of The State of Kentucky now owns 40,858 shares of the biopharmaceutical company’s stock worth $3,103,000 after purchasing an additional 19,000 shares during the period. Thrivent Financial for Lutherans purchased a new position in PTC Therapeutics during the 4th quarter worth approximately $4,191,000. Royce & Associates LP raised its stake in PTC Therapeutics by 146.5% during the 4th quarter. Royce & Associates LP now owns 80,794 shares of the biopharmaceutical company’s stock valued at $6,137,000 after purchasing an additional 48,015 shares during the period. M&T Bank Corp acquired a new stake in PTC Therapeutics during the 4th quarter valued at $1,859,000. Finally, Jefferies Financial Group Inc. lifted its holdings in shares of PTC Therapeutics by 4.7% in the fourth quarter. Jefferies Financial Group Inc. now owns 1,658,481 shares of the biopharmaceutical company’s stock valued at $125,978,000 after purchasing an additional 73,803 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.