PTC Therapeutics (NASDAQ:PTCT) Rating Increased to Strong-Buy at Wall Street Zen

Wall Street Zen upgraded shares of PTC Therapeutics (NASDAQ:PTCT) from a buy rating to a strong-buy rating in a research note published on Saturday,Wall Street Zen reports.

Several other research analysts have also recently issued reports on PTCT. Jefferies Financial Group upgraded PTC Therapeutics from a “hold” rating to a “buy” rating and increased their price objective for the stock from $76.00 to $85.00 in a research report on Wednesday, May 27th. Leerink Partners began coverage on shares of PTC Therapeutics in a research report on Monday, September 14th. They set an “outperform” rating and a $98.00 target price on the stock. Weiss Ratings cut shares of PTC Therapeutics from a “sell (d+)” rating to a “sell (d)” rating in a research note on Thursday. 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 report on Friday, August 14th. Finally, Cantor Fitzgerald raised their price objective on shares of PTC Therapeutics from $124.00 to $130.00 and gave the company an “overweight” rating in a research note on Thursday, July 16th. One investment analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, two have assigned a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $98.50.

PTC Therapeutics Trading Down 3.9%

NASDAQ PTCT opened at $65.37 on Friday. The business’s 50 day moving average is $72.27 and its two-hundred day moving average is $72.10. PTC Therapeutics has a 12-month low of $57.74 and a 12-month high of $90.87. The stock has a market capitalization of $5.46 billion, a price-to-earnings ratio of -112.71, a PEG ratio of 2.02 and a beta of 0.55.

PTC Therapeutics (NASDAQ:PTCT) last posted its quarterly earnings results on Thursday, July 30th. The biopharmaceutical company reported $0.92 EPS for the quarter, beating the consensus estimate of $0.24 by $0.68. PTC Therapeutics had a negative return on equity of 362.45% and a negative net margin of 3.80%.The business had revenue of $360.52 million during the quarter, compared to analysts’ expectations of $298.63 million. During the same period last year, the firm earned ($0.83) EPS. The company’s quarterly revenue was up 101.5% compared to the same quarter last year. Equities analysts forecast 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 the company’s 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 sale, the chief executive officer owned 383,868 shares of the company’s stock, valued at approximately $26,321,828.76. This represents a 2.61% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through 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, insider Neil Almstead sold 24,613 shares of the firm’s stock in a transaction on Tuesday, July 7th. The shares were sold at an average price of $88.89, for a total value of $2,187,849.57. Following the completion of the transaction, the insider owned 60,299 shares of the company’s stock, valued at approximately $5,359,978.11. This represents a 28.99% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders sold 186,418 shares of company stock valued at $15,129,969. Company insiders own 5.30% of the company’s stock.

Institutional Investors Weigh In On PTC Therapeutics

Several institutional investors and hedge funds have recently made changes to their positions in PTCT. Allworth Financial LP grew its stake in PTC Therapeutics by 63.8% in the 4th quarter. Allworth Financial LP now owns 634 shares of the biopharmaceutical company’s stock valued at $48,000 after acquiring an additional 247 shares during the last quarter. Harbor Investment Advisory LLC acquired a new position in PTC Therapeutics during the second quarter worth about $81,000. EverSource Wealth Advisors LLC raised its position in PTC Therapeutics by 16.9% during the first quarter. EverSource Wealth Advisors LLC now owns 1,045 shares of the biopharmaceutical company’s stock worth $71,000 after acquiring an additional 151 shares during the last quarter. IFP Advisors Inc raised its position in PTC Therapeutics by 64.3% during the fourth quarter. IFP Advisors Inc now owns 1,257 shares of the biopharmaceutical company’s stock worth $95,000 after acquiring an additional 492 shares during the last quarter. Finally, Quantbot Technologies LP purchased a new stake in shares of PTC Therapeutics in the second quarter valued at about $112,000.

About PTC Therapeutics

PTC Therapeutics, Inc is a biopharmaceutical company focused on discovering, developing and commercializing medicines for rare diseases. The company uses technologies involving RNA biology, gene therapy and small-molecule drug discovery to address conditions with limited treatment options, including rare neurological and metabolic disorders.

PTC’s commercial portfolio has included Translarna (ataluren), an investigational treatment in some markets for Duchenne muscular dystrophy associated with a nonsense mutation, and Emflaza (deflazacort), a corticosteroid approved in the United States for Duchenne muscular dystrophy.