PTC Therapeutics (NASDAQ:PTCT) Cut to “Hold” at Wall Street Zen

Wall Street Zen downgraded shares of PTC Therapeutics (NASDAQ:PTCT) from a buy rating to a hold rating in a research report sent to investors on Saturday,Wall Street Zen reports.

A number of other analysts have also recently issued reports on PTCT. Truist Financial initiated coverage on PTC Therapeutics in a report on Friday, October 16th. They set a “hold” rating and a $62.00 target price for the company. Cantor Fitzgerald raised their price target on shares of PTC Therapeutics from $130.00 to $137.00 and gave the company an “overweight” rating in a report on Tuesday, September 22nd. UBS Group initiated coverage on shares of PTC Therapeutics in a research report on Thursday, October 15th. They set a “buy” rating and a $90.00 price target on the stock. Weiss Ratings raised shares of PTC Therapeutics from a “sell (d)” rating to a “sell (d+)” rating in a research report on Thursday, October 8th. Finally, TD Cowen raised their target price on shares of PTC Therapeutics from $90.00 to $95.00 and gave the company a “buy” rating in a research note on Friday. One equities research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, three have issued a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $95.71.

PTC Therapeutics Stock Up 1.5%

NASDAQ:PTCT opened at $60.88 on Friday. The firm’s 50 day moving average is $65.18 and its two-hundred day moving average is $70.71. PTC Therapeutics has a fifty-two week low of $58.80 and a fifty-two week high of $90.87.

PTC Therapeutics (NASDAQ:PTCT) last announced its quarterly earnings data on Thursday, October 29th. The biopharmaceutical company reported ($0.62) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.14 by ($0.76). The firm had revenue of $357.81 million for the quarter, compared to the consensus estimate of $306.43 million. The firm’s revenue for the quarter was up 69.6% on a year-over-year basis. During the same period in the previous year, the company earned $0.20 earnings per share. On average, analysts forecast that PTC Therapeutics will post 1.19 EPS for the current year.

Insider Buying and Selling at PTC Therapeutics

In other news, Director Michael Schmertzler sold 2,500 shares of the business’s stock in a transaction on Wednesday, October 14th. The shares were sold at an average price of $59.61, for a total transaction of $149,025.00. Following the transaction, the director directly owned 1,291,594 shares of the company’s stock, valued at approximately $76,991,918.34. The trade was a 0.19% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, VP Mark Boulding sold 435 shares of the company’s stock in a transaction on Tuesday, October 6th. The shares were sold at an average price of $64.16, for a total transaction of $27,909.60. Following the completion of the transaction, the vice president owned 105,272 shares of the company’s stock, valued at $6,754,251.52. This trade 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 sold 67,078 shares of company stock valued at $4,616,538 over the last 90 days. 5.30% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On PTC Therapeutics

Several hedge funds and other institutional investors have recently added to or reduced their stakes in PTCT. BlackRock Inc. purchased a new position in PTC Therapeutics in the 2nd quarter valued at about $1,139,089,000. Jupiter Topco LLC purchased a new stake in shares of PTC Therapeutics during the second quarter worth about $590,182,000. Janus Henderson Group PLC increased its position in shares of PTC Therapeutics by 48.3% during the first quarter. Janus Henderson Group PLC now owns 7,193,433 shares of the biopharmaceutical company’s stock worth $489,997,000 after acquiring an additional 2,342,101 shares during the last quarter. Wellington Management Group LLP increased its position in shares of PTC Therapeutics by 4.7% during the second quarter. Wellington Management Group LLP now owns 4,128,273 shares of the biopharmaceutical company’s stock worth $336,743,000 after acquiring an additional 185,663 shares during the last quarter. Finally, William Blair Investment Management LLC acquired a new position in shares of PTC Therapeutics in the second quarter worth about $140,520,000.

About PTC Therapeutics

PTC Therapeutics, Inc is a biopharmaceutical company focused on discovering, developing and commercializing medicines for rare diseases. Its research programs include small-molecule treatments, gene therapies and other approaches designed to address conditions with limited or no available treatment options.

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