PTC Therapeutics (NASDAQ:PTCT) Upgraded to “Strong-Buy” at Zacks Research

PTC Therapeutics (NASDAQ:PTCT) was upgraded by equities research analysts at Zacks Research from a “hold” rating to a “strong-buy” rating in a research note issued to investors on Tuesday,Zacks.com reports.

PTCT has been the topic of a number of other research reports. Citigroup raised PTC Therapeutics from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $75.00 to $108.00 in a research note on Tuesday, June 9th. TD Cowen raised shares of PTC Therapeutics from a “hold” rating to a “buy” rating and upped their price objective for the company from $75.00 to $90.00 in a research note on Friday, May 8th. Wells Fargo & Company raised their target price on shares of PTC Therapeutics from $86.00 to $95.00 and gave the stock an “overweight” rating in a report on Friday, May 8th. Jefferies Financial Group raised shares of PTC Therapeutics from a “hold” rating to a “buy” rating and lifted their target price for the stock from $76.00 to $85.00 in a research report on Wednesday, May 27th. Finally, Royal Bank Of Canada boosted their price target on shares of PTC Therapeutics from $82.00 to $85.00 and gave the company a “sector perform” rating in a report on Tuesday. Two research analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating, one has assigned a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat, PTC Therapeutics currently has a consensus rating of “Moderate Buy” and an average target price of $91.57.

PTC Therapeutics Price Performance

NASDAQ PTCT opened at $88.57 on Tuesday. The company has a market capitalization of $7.35 billion, a P/E ratio of -38.01, a PEG ratio of 4.10 and a beta of 0.53. PTC Therapeutics has a 12 month low of $43.17 and a 12 month high of $89.85. The company’s 50 day simple moving average is $74.77 and its 200 day simple moving average is $72.61.

PTC Therapeutics (NASDAQ:PTCT) last announced its quarterly earnings data on Thursday, May 7th. The biopharmaceutical company reported ($0.03) EPS for the quarter, beating analysts’ consensus estimates of ($0.45) by $0.42. The company had revenue of $272.55 million during the quarter, compared to the consensus estimate of $217.42 million. PTC Therapeutics had a negative return on equity of 362.45% and a negative net margin of 22.58%.The company’s quarterly revenue was up 43.5% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $10.04 EPS. On average, analysts anticipate that PTC Therapeutics will post 0.78 earnings per share for the current year.

Insiders Place Their Bets

In related news, CAO Christine Marie Utter sold 19,686 shares of the stock in a transaction dated Wednesday, June 17th. The stock was sold at an average price of $75.56, for a total value of $1,487,474.16. Following the completion of the sale, the chief accounting officer directly owned 70,199 shares of the company’s stock, valued at approximately $5,304,236.44. This represents a 21.90% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, VP Mark Elliott Boulding sold 5,079 shares of PTC Therapeutics stock in a transaction dated Monday, July 6th. The shares were sold at an average price of $85.08, for a total value of $432,121.32. Following the transaction, the vice president directly owned 105,272 shares in the company, valued at approximately $8,956,541.76. This trade represents a 4.60% 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. Insiders sold a total of 183,214 shares of company stock valued at $14,902,651 in the last 90 days. Insiders own 5.50% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Janus Henderson Group PLC lifted its position in PTC Therapeutics by 48.3% in the 1st quarter. Janus Henderson Group PLC now owns 7,193,433 shares of the biopharmaceutical company’s stock worth $489,997,000 after buying an additional 2,342,101 shares in the last quarter. State Street Corp increased its stake in shares of PTC Therapeutics by 34.2% in the fourth quarter. State Street Corp now owns 4,206,126 shares of the biopharmaceutical company’s stock worth $319,497,000 after acquiring an additional 1,071,343 shares during the last quarter. Toronto Dominion Bank increased its stake in shares of PTC Therapeutics by 27.5% in the fourth quarter. Toronto Dominion Bank now owns 4,138,215 shares of the biopharmaceutical company’s stock worth $314,339,000 after acquiring an additional 891,690 shares during the last quarter. BNP Paribas Financial Markets raised its holdings in shares of PTC Therapeutics by 4,013.1% during the fourth quarter. BNP Paribas Financial Markets now owns 828,662 shares of the biopharmaceutical company’s stock worth $62,945,000 after acquiring an additional 808,515 shares in the last quarter. Finally, SG Americas Securities LLC raised its holdings in shares of PTC Therapeutics by 587.5% during the fourth quarter. SG Americas Securities LLC now owns 894,461 shares of the biopharmaceutical company’s stock worth $67,943,000 after acquiring an additional 764,364 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.