Truist Financial Upgrades PTC Therapeutics (NASDAQ:PTCT) to Strong-Buy

PTC Therapeutics (NASDAQ:PTCT) was upgraded by stock analysts at Truist Financial to a “strong-buy” rating in a note issued to investors on Wednesday,Zacks.com reports.

A number of other equities research analysts also recently issued reports on the company. Bank of America lowered their price target on PTC Therapeutics from $97.00 to $93.00 and set a “buy” rating for the company in a research report on Friday, February 20th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of PTC Therapeutics in a research note on Monday, December 29th. Cantor Fitzgerald reiterated an “overweight” rating on shares of PTC Therapeutics in a report on Friday, February 20th. Morgan Stanley increased their target price on shares of PTC Therapeutics from $90.00 to $92.00 and gave the stock an “overweight” rating in a research report on Monday, February 23rd. Finally, Royal Bank Of Canada cut their price target on shares of PTC Therapeutics from $87.00 to $82.00 and set a “sector perform” rating on the stock in a report on Friday, February 20th. One analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $82.79.

PTC Therapeutics Stock Up 3.4%

Shares of PTCT opened at $66.75 on Wednesday. PTC Therapeutics has a fifty-two week low of $35.95 and a fifty-two week high of $87.50. The company’s fifty day moving average is $70.05 and its two-hundred day moving average is $70.66. The firm has a market cap of $5.53 billion, a PE ratio of 8.62 and a beta of 0.51.

PTC Therapeutics (NASDAQ:PTCT) last released its quarterly earnings data on Thursday, February 19th. The biopharmaceutical company reported ($1.67) EPS for the quarter, missing analysts’ consensus estimates of ($0.21) by ($1.46). The firm had revenue of $164.68 million for the quarter, compared to analyst estimates of $281.45 million. PTC Therapeutics had a negative return on equity of 362.45% and a net margin of 39.44%.The company’s quarterly revenue was down 22.7% on a year-over-year basis. During the same quarter in the previous year, the company earned ($0.85) earnings per share. As a group, equities research analysts anticipate that PTC Therapeutics will post -4.52 earnings per share for the current year.

Insider Buying and Selling

In other news, Director Glenn Md Phd Steele, Jr. sold 12,000 shares of the company’s stock in a transaction dated Friday, January 2nd. The stock was sold at an average price of $76.35, for a total value of $916,200.00. Following the completion of the sale, the director owned 18,500 shares of the company’s stock, valued at $1,412,475. This represents a 39.34% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Lee Scott Golden sold 10,000 shares of the stock in a transaction dated Thursday, March 5th. The shares were sold at an average price of $63.38, for a total value of $633,800.00. Following the completion of the sale, the executive vice president owned 79,944 shares of the company’s stock, valued at approximately $5,066,850.72. This trade represents a 11.12% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 137,755 shares of company stock valued at $9,945,471 over the last ninety days. Insiders own 5.50% of the company’s stock.

Hedge Funds Weigh In On PTC Therapeutics

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. boosted its holdings in PTC Therapeutics by 6.2% in the 4th quarter. Vanguard Group Inc. now owns 8,803,203 shares of the biopharmaceutical company’s stock worth $668,691,000 after acquiring an additional 514,204 shares during the period. Wellington Management Group LLP grew its holdings in PTC Therapeutics by 4.8% during the 3rd quarter. Wellington Management Group LLP now owns 4,918,619 shares of the biopharmaceutical company’s stock valued at $301,856,000 after purchasing an additional 224,481 shares in the last quarter. Janus Henderson Group PLC increased its stake in PTC Therapeutics by 28.6% during the 4th quarter. Janus Henderson Group PLC now owns 4,851,332 shares of the biopharmaceutical company’s stock worth $368,587,000 after buying an additional 1,077,776 shares during the period. State Street Corp increased its stake in PTC Therapeutics by 34.2% during the 4th quarter. State Street Corp now owns 4,206,126 shares of the biopharmaceutical company’s stock worth $319,497,000 after buying an additional 1,071,343 shares during the period. Finally, Toronto Dominion Bank lifted its holdings in PTC Therapeutics by 27.5% in the 4th quarter. Toronto Dominion Bank now owns 4,138,215 shares of the biopharmaceutical company’s stock worth $314,339,000 after buying an additional 891,690 shares in the last quarter.

About PTC Therapeutics

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.