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

Key Points

• Wall Street Zen downgraded PTC Therapeutics from “strong buy” to “buy,” while the broader analyst consensus remains “Moderate Buy” with an average price target of $98.25.
• PTC Therapeutics reported quarterly EPS of $0.92 versus the $0.24 consensus estimate, while revenue of $360.52 million increased 101.5% year over year.
• The stock opened at $64.70, near its 52-week low of $61.23, and insiders sold approximately $5.16 million worth of shares over the past 90 days; major institutional investors, including BlackRock, also established or increased positions.

PTC Therapeutics (NASDAQ:PTCT - Get Free Report) was downgraded by research analysts at Wall Street Zen from a "strong-buy" rating to a "buy" rating in a research note issued to investors on Saturday, Wall Street Zen reports.

PTCT has been the subject of several other research reports. Barclays lifted their price objective on PTC Therapeutics from $120.00 to $122.00 and gave the company an "overweight" rating in a research note on Friday, August 14th. Morgan Stanley upped their target price on PTC Therapeutics from $93.00 to $104.00 and gave the stock an "overweight" rating in a research note on Friday, July 31st. Weiss Ratings raised PTC Therapeutics from a "sell (d)" rating to a "sell (d+)" rating in a report on Thursday. Cantor Fitzgerald lifted their price target on PTC Therapeutics from $130.00 to $137.00 and gave the company an "overweight" rating in a research report on Tuesday, September 22nd. Finally, Royal Bank Of Canada dropped their price target on PTC Therapeutics from $85.00 to $75.00 and set a "sector perform" rating for the company in a research report on Wednesday. One investment analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, two have given a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $98.25.

PTC Therapeutics Price Performance

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 stock has a market capitalization of $5.40 billion, a PE ratio of -111.55, a P/E/G ratio of 1.93 and a beta of 0.49. The company's 50 day simple moving average is $68.37 and its two-hundred day simple moving average is $71.92.

PTC Therapeutics (NASDAQ:PTCT - Get Free Report) last announced its quarterly earnings results on Thursday, July 30th. The biopharmaceutical company reported $0.92 EPS for the quarter, beating the consensus estimate of $0.24 by $0.68. The firm had revenue of $360.52 million during the quarter, compared to the consensus estimate of $298.63 million. The firm's revenue for the quarter was up 101.5% on a year-over-year basis. During the same period in the previous year, the business earned ($0.83) earnings per share. On average, research analysts anticipate that PTC Therapeutics will post 1.17 EPS for the current year.

Insider Activity at PTC Therapeutics

In related news, VP Mark Boulding sold 2,813 shares of the company's stock in a transaction on Monday, August 17th. The shares were sold at an average price of $72.57, for a total value of $204,139.41. Following the completion of the transaction, the vice president directly owned 105,272 shares in the company, valued at approximately $7,639,589.04. The trade was a 2.60% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Michael Schmertzler sold 12,500 shares of the stock in a transaction on Wednesday, August 26th. The shares were sold at an average price of $72.94, for a total value of $911,750.00. Following the completion of the transaction, the director directly owned 1,349,094 shares in the company, valued at approximately $98,402,916.36. This represents a 0.92% 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 have sold a total of 74,678 shares of company stock valued at $5,160,898 over the last ninety days. 5.30% of the stock is currently owned by insiders.

Hedge Funds Weigh In On PTC Therapeutics

Large investors have recently modified their holdings of the company. BlackRock Inc. bought a new stake in PTC Therapeutics in the 2nd quarter worth approximately $1,139,089,000. Jupiter Topco LLC purchased a new position in shares of PTC Therapeutics during the second quarter worth approximately $590,182,000. Janus Henderson Group PLC raised its stake 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 in the last quarter. Wellington Management Group LLP lifted its holdings in shares of PTC Therapeutics by 4.7% in the 2nd 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 bought a new stake in shares of PTC Therapeutics in the 2nd quarter worth approximately $140,520,000.

PTC Therapeutics Company Profile

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.

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