PTC Therapeutics (NASDAQ:PTCT) Research Coverage Started at Leerink Partners

Leerink Partners assumed coverage on shares of PTC Therapeutics (NASDAQ:PTCT) in a research report sent to investors on Monday, Marketbeat Ratings reports. The brokerage issued an outperform rating and a $98.00 target price on the biopharmaceutical company’s stock.

PTCT has been the subject of several other research reports. Wells Fargo & Company boosted their target price on shares of PTC Therapeutics from $106.00 to $109.00 and gave the company an “overweight” rating in a research note on Thursday, August 13th. Jefferies Financial Group raised shares of PTC Therapeutics from a “hold” rating to a “buy” rating and raised their price target for the stock from $76.00 to $85.00 in a research note on Wednesday, May 27th. Zacks Research downgraded shares of PTC Therapeutics from a “strong-buy” rating to a “hold” rating in a report on Thursday, August 6th. Weiss Ratings raised shares of PTC Therapeutics from a “sell (d)” rating to a “sell (d+)” rating in a research report on Tuesday, September 1st. Finally, Cantor Fitzgerald upped 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 analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, two have assigned a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat.com, PTC Therapeutics presently has a consensus rating of “Moderate Buy” and an average price target of $98.50.

PTC Therapeutics Stock Performance

PTC Therapeutics stock opened at $67.59 on Monday. The stock has a fifty day moving average of $73.09 and a two-hundred day moving average of $72.15. The company has a market capitalization of $5.64 billion, a price-to-earnings ratio of -116.53, a PEG ratio of 2.03 and a beta of 0.55. PTC Therapeutics has a fifty-two week low of $57.74 and a fifty-two week high of $90.87.

PTC Therapeutics (NASDAQ:PTCT) last released its quarterly earnings results 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 during the quarter, compared to analysts’ expectations of $298.63 million. PTC Therapeutics had a negative return on equity of 362.45% and a negative net margin of 3.80%.The business’s revenue for the quarter was up 101.5% compared to the same quarter last year. During the same period in the previous year, the firm posted ($0.83) earnings per share. On average, analysts forecast that PTC Therapeutics will post 1.17 EPS for the current fiscal year.

Insiders Place Their Bets

In other PTC Therapeutics news, insider Neil Almstead sold 24,613 shares of PTC Therapeutics stock in a transaction dated Tuesday, July 7th. The stock was sold at an average price of $88.89, for a total value of $2,187,849.57. Following the completion of the sale, the insider owned 60,299 shares in the company, valued at $5,359,978.11. The trade was a 28.99% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Michael Schmertzler sold 12,500 shares of the company’s stock in a transaction dated Wednesday, August 19th. The shares were sold at an average price of $73.32, for a total transaction of $916,500.00. Following the transaction, the director directly owned 1,374,094 shares of the company’s stock, valued at approximately $100,748,572.08. This represents a 0.90% decrease in their position. 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. Over the last three months, insiders have sold 176,418 shares of company stock valued at $14,458,769. 5.30% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On PTC Therapeutics

Hedge funds have recently modified their holdings of the stock. Tidal Investments LLC acquired a new position in PTC Therapeutics during the second quarter worth approximately $211,000. Integrated Wealth Concepts LLC acquired a new position in shares of PTC Therapeutics in the 2nd quarter valued at $193,000. Baird Financial Group Inc. acquired a new position in shares of PTC Therapeutics in the 2nd quarter valued at $219,000. Empirical Finance LLC purchased a new stake in shares of PTC Therapeutics during the 2nd quarter valued at $753,000. Finally, Nykredit A S purchased a new stake in shares of PTC Therapeutics during the 2nd quarter valued at $263,000.

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.