PTC Therapeutics (NASDAQ:PTCT) Stock Gets Downgrade from Wall Street Zen

PTC Therapeutics (NASDAQ:PTCT) was downgraded by equities researchers at Wall Street Zen from a “strong-buy” rating to a “buy” rating in a report released on Saturday, Wall Street Zen reports.

A number of other equities analysts also recently issued reports on the company. Weiss Ratings upgraded shares of PTC Therapeutics from a “sell (d)” rating to a “sell (d+)” rating in a research note on Thursday. Royal Bank Of Canada cut their price objective on shares of PTC Therapeutics from $85.00 to $75.00 and set a “sector perform” rating on the stock in a report on Wednesday. Leerink Partners initiated coverage on shares of PTC Therapeutics in a research report on Monday, September 14th. They set an “outperform” rating and a $98.00 price objective for the company. Zacks Research downgraded shares of PTC Therapeutics from a “strong-buy” rating to a “hold” rating in a research report on Thursday, August 6th. Finally, Wells Fargo & Company upped their target price on shares of PTC Therapeutics from $106.00 to $109.00 and gave the company an “overweight” rating in a report on Thursday, August 13th. 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 issued a Sell rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $98.25.

PTC Therapeutics Price Performance

Shares of NASDAQ PTCT opened at $64.70 on Friday. PTC Therapeutics has a 1 year low of $61.23 and a 1 year high of $90.87. The company has a market capitalization of $5.40 billion, a price-to-earnings ratio of -111.55, a price-to-earnings-growth ratio of 1.95 and a beta of 0.49. The business has a 50-day moving average of $68.37 and a two-hundred day moving average of $71.96.

PTC Therapeutics (NASDAQ:PTCT) last issued its earnings results on Thursday, July 30th. The biopharmaceutical company reported $0.92 earnings per share for the quarter, topping the consensus estimate of $0.24 by $0.68. The business had revenue of $360.52 million for the quarter, compared to analyst estimates of $298.63 million. PTC Therapeutics’s revenue was up 101.5% on a year-over-year basis. During the same period last year, the business posted ($0.83) EPS. As a group, equities research analysts expect that PTC Therapeutics will post 1.19 earnings per share for the current year.

Insider Buying and Selling

In other news, Director Michael Schmertzler sold 2,500 shares of the business’s stock in a transaction on Wednesday, October 7th. The shares were sold at an average price of $63.39, for a total transaction of $158,475.00. Following the completion of the sale, the director directly owned 1,294,094 shares of the company’s stock, valued at $82,032,618.66. The trade was a 0.19% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, VP Mark Boulding sold 435 shares of the business’s stock in a transaction that occurred on Tuesday, October 6th. The stock was sold at an average price of $64.16, for a total transaction of $27,909.60. Following the sale, the vice president owned 105,272 shares of the company’s stock, valued at approximately $6,754,251.52. This represents a 0.41% 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. Insiders have sold 74,678 shares of company stock valued at $5,160,898 over the last three months. Insiders own 5.30% of the company’s stock.

Institutional Investors Weigh In On PTC Therapeutics

Large investors have recently modified their holdings of the stock. BlackRock Inc. purchased a new position in PTC Therapeutics in the 2nd quarter valued at about $1,139,089,000. Jupiter Topco LLC acquired a new position in shares of PTC Therapeutics in the second quarter worth about $590,182,000. Janus Henderson Group PLC boosted its holdings in PTC Therapeutics by 48.3% in the first quarter. Janus Henderson Group PLC now owns 7,193,433 shares of the biopharmaceutical company’s stock valued at $489,997,000 after purchasing an additional 2,342,101 shares during the last quarter. William Blair Investment Management LLC purchased a new position in PTC Therapeutics in the second quarter valued at about $140,520,000. Finally, Bank of America Corp DE acquired a new stake in PTC Therapeutics during the 2nd quarter valued at approximately $118,462,000.

About PTC Therapeutics

PTC Therapeutics, Inc is a biopharmaceutical company focused on discovering, developing and commercializing medicines for rare diseases. Its research programs use technologies designed to address genetic and molecular causes of disease, including RNA biology, protein translation and gene therapy.

The company’s commercial portfolio includes Emflaza (deflazacort), a corticosteroid approved in the United States to treat Duchenne muscular dystrophy, and Upstaza (eladocagene exuparvovec), a gene therapy for aromatic L-amino acid decarboxylase deficiency in eligible patients.