PTC Therapeutics (NASDAQ:PTCT) 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 issued to investors on Saturday morning.

Several other research firms have also commented on PTCT. Morgan Stanley lifted their price target on PTC Therapeutics from $93.00 to $104.00 and gave the stock an “overweight” rating in a report on Friday, July 31st. Cantor Fitzgerald raised their price objective on shares of PTC Therapeutics from $124.00 to $130.00 and gave the stock an “overweight” rating in a research report on Thursday, July 16th. Citigroup raised shares of PTC Therapeutics from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $75.00 to $108.00 in a research note on Tuesday, June 9th. Royal Bank Of Canada lifted their target price on shares of PTC Therapeutics from $82.00 to $85.00 and gave the stock a “sector perform” rating in a research note on Tuesday, July 7th. Finally, Barclays increased their price target on shares of PTC Therapeutics from $120.00 to $122.00 and gave the company an “overweight” rating in a research note on Friday, August 14th. One investment analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, two have assigned a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat.com, PTC Therapeutics presently has a consensus rating of “Moderate Buy” and a consensus price target of $98.55.

PTC Therapeutics Stock Performance

NASDAQ:PTCT opened at $71.06 on Friday. PTC Therapeutics has a one year low of $48.28 and a one year high of $90.87. The stock has a market cap of $5.93 billion, a PE ratio of -122.52, a P/E/G ratio of 2.15 and a beta of 0.56. The stock has a 50 day moving average price of $77.51 and a 200 day moving average price of $72.31.

PTC Therapeutics (NASDAQ:PTCT) last released its quarterly earnings data 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 company had revenue of $360.52 million for the quarter, compared to analyst estimates 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 revenue for the quarter was up 101.5% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($0.83) earnings per share. As a group, analysts predict that PTC Therapeutics will post 1.17 earnings per share for the current fiscal year.

Insider Transactions at PTC Therapeutics

In other PTC Therapeutics news, CEO Matthew B. Klein sold 10,292 shares of PTC Therapeutics stock in a transaction dated Tuesday, August 4th. The shares were sold at an average price of $68.57, for a total transaction of $705,722.44. Following the completion of the sale, the chief executive officer directly owned 383,868 shares in the company, valued at $26,321,828.76. This trade represents a 2.61% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 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, Director Michael Schmertzler sold 12,500 shares of the business’s stock in a transaction that occurred on Wednesday, August 19th. The shares were sold at an average price of $73.32, for a total transaction of $916,500.00. Following the completion of the sale, the director directly owned 1,374,094 shares in the company, valued at $100,748,572.08. This trade represents a 0.90% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 205,343 shares of company stock worth $16,774,704 in the last 90 days. Insiders own 5.30% of the company’s stock.

Institutional Trading of PTC Therapeutics

Several institutional investors have recently added to or reduced their stakes in the stock. California State Teachers Retirement System lifted its stake in PTC Therapeutics by 7,806.7% during the second quarter. California State Teachers Retirement System now owns 6,666,961 shares of the biopharmaceutical company’s stock worth $543,824,000 after purchasing an additional 6,582,641 shares in the last quarter. Nykredit A S purchased a new position in shares of PTC Therapeutics during the second quarter worth $263,000. Moore Capital Management LP boosted its position in shares of PTC Therapeutics by 69.1% during the second quarter. Moore Capital Management LP now owns 75,588 shares of the biopharmaceutical company’s stock worth $6,166,000 after buying an additional 30,894 shares during the period. Two Sigma Securities LLC acquired a new stake in shares of PTC Therapeutics in the second quarter valued at $235,000. Finally, Wellington Management Group LLP grew its stake in shares of PTC Therapeutics by 4.7% in the second quarter. Wellington Management Group LLP now owns 4,128,273 shares of the biopharmaceutical company’s stock valued at $336,743,000 after buying an additional 185,663 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.