Zacks Investment Research Downgrades PTC Therapeutics Inc. (PTCT) to Sell
PTC Therapeutics Inc. (NASDAQ:PTCT) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued to clients and investors on Tuesday.
According to Zacks, “PTC Therapeutics, Inc. is a biopharmaceutical company. It is focused on the discovery and development of orally administered, small-molecule drugs for genetic disorders, oncology and infectious disease. PTC Therapeutics, Inc. is based in South Plainfield, United States. “
A number of other research firms have also recently issued reports on PTCT. Wedbush decreased their target price on PTC Therapeutics from $12.00 to $10.00 and set a “neutral” rating for the company in a research note on Tuesday, July 26th. Credit Suisse Group AG cut PTC Therapeutics from an “outperform” rating to a “neutral” rating in a research note on Tuesday, July 26th. Cowen and Company reaffirmed a “hold” rating on shares of PTC Therapeutics in a research report on Sunday, August 7th. Bank of America Corp. reaffirmed a “hold” rating and set a $15.00 price objective on shares of PTC Therapeutics in a research report on Monday, October 3rd. Finally, JPMorgan Chase & Co. reduced their price objective on PTC Therapeutics from $18.00 to $17.00 and set a “neutral” rating for the company in a research report on Friday, August 5th. Two equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and two have issued a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus price target of $33.82.
Shares of PTC Therapeutics (NASDAQ:PTCT) opened at 13.41 on Tuesday. PTC Therapeutics has a 1-year low of $5.27 and a 1-year high of $35.76. The stock’s 50 day moving average price is $10.34 and its 200-day moving average price is $8.01. The stock’s market capitalization is $457.05 million.
PTC Therapeutics (NASDAQ:PTCT) last posted its earnings results on Thursday, August 4th. The biopharmaceutical company reported ($1.14) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($1.27) by $0.13. PTC Therapeutics had a negative return on equity of 80.50% and a negative net margin of 305.62%. The firm earned $15.40 million during the quarter, compared to analysts’ expectations of $15.24 million. During the same period in the previous year, the firm earned ($1.14) earnings per share. The company’s revenue was up 150.0% on a year-over-year basis. Equities research analysts anticipate that PTC Therapeutics will post ($4.95) EPS for the current fiscal year.
A number of hedge funds have recently added to or reduced their stakes in PTCT. Pacad Investment Ltd. acquired a new stake in PTC Therapeutics during the first quarter valued at about $481,000. Prudential Financial Inc. raised its stake in PTC Therapeutics by 21.6% in the first quarter. Prudential Financial Inc. now owns 108,850 shares of the biopharmaceutical company’s stock valued at $701,000 after buying an additional 19,300 shares in the last quarter. BlackRock Inc. raised its stake in PTC Therapeutics by 4,748.6% in the first quarter. BlackRock Inc. now owns 48,825 shares of the biopharmaceutical company’s stock valued at $315,000 after buying an additional 47,818 shares in the last quarter. BlackRock Group LTD raised its stake in PTC Therapeutics by 1,020.2% in the first quarter. BlackRock Group LTD now owns 213,768 shares of the biopharmaceutical company’s stock valued at $1,377,000 after buying an additional 194,685 shares in the last quarter. Finally, Spark Investment Management LLC raised its stake in PTC Therapeutics by 1,466.3% in the first quarter. Spark Investment Management LLC now owns 274,100 shares of the biopharmaceutical company’s stock valued at $1,765,000 after buying an additional 256,600 shares in the last quarter. Hedge funds and other institutional investors own 83.32% of the company’s stock.
About PTC Therapeutics
PTC Therapeutics, Inc is a biopharmaceutical company focused on the discovery, development and commercialization of orally administered, small molecule therapeutics that focus on post-transcriptional control processes. The Company’s lead product, Translarna (ataluren), is used for the treatment of nonsense mutation Duchenne muscular dystrophy (nmDMD) in ambulatory patients with age of over five years and older.
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