PTC Therapeutics (NASDAQ:PTCT) Upgraded at Bank of America

PTC Therapeutics (NASDAQ:PTCT - Get Free Report) was upgraded by equities researchers at Bank of America from a "neutral" rating to a "buy" rating in a research report issued on Friday, Marketbeat reports. The firm currently has a $68.00 target price on the biopharmaceutical company's stock, up from their prior target price of $55.00. Bank of America's price objective indicates a potential upside of 45.27% from the stock's current price.

Several other research analysts have also recently commented on PTCT. JPMorgan Chase & Co. decreased their target price on shares of PTC Therapeutics from $75.00 to $67.00 and set an "overweight" rating for the company in a report on Wednesday, May 7th. Barclays dropped their price objective on PTC Therapeutics from $56.00 to $42.00 and set an "equal weight" rating on the stock in a report on Thursday, May 8th. Cantor Fitzgerald dropped their price target on shares of PTC Therapeutics from $113.00 to $112.00 and set an "overweight" rating on the stock in a research report on Wednesday, May 7th. StockNews.com raised PTC Therapeutics from a "hold" rating to a "strong-buy" rating in a report on Thursday, May 8th. Finally, Robert W. Baird decreased their target price on PTC Therapeutics from $70.00 to $66.00 and set an "outperform" rating on the stock in a research report on Wednesday, May 7th. One analyst has rated the stock with a sell rating, four have issued a hold rating, nine have assigned a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat, PTC Therapeutics presently has a consensus rating of "Moderate Buy" and a consensus price target of $61.92.

PTC Therapeutics Price Performance

Shares of NASDAQ PTCT traded up $0.42 during midday trading on Friday, reaching $46.81. 607,326 shares of the company traded hands, compared to its average volume of 855,564. The company has a market cap of $3.71 billion, a price-to-earnings ratio of -7.88 and a beta of 0.52. The stock has a 50-day moving average price of $48.62 and a 200 day moving average price of $47.09. PTC Therapeutics has a 52 week low of $28.72 and a 52 week high of $58.38.

PTC Therapeutics (NASDAQ:PTCT - Get Free Report) last announced its quarterly earnings data on Tuesday, May 6th. The biopharmaceutical company reported $10.04 earnings per share for the quarter, beating the consensus estimate of $0.85 by $9.19. The firm had revenue of $1.18 billion during the quarter, compared to analyst estimates of $437.16 million. During the same quarter last year, the company earned ($1.20) EPS. The company's quarterly revenue was down 9.6% compared to the same quarter last year. As a group, analysts expect that PTC Therapeutics will post -4.52 EPS for the current year.

Insider Buying and Selling at PTC Therapeutics

In other PTC Therapeutics news, CAO Christine Marie Utter sold 879 shares of the business's stock in a transaction dated Wednesday, February 19th. The shares were sold at an average price of $50.10, for a total value of $44,037.90. Following the completion of the transaction, the chief accounting officer now directly owns 63,442 shares of the company's stock, valued at approximately $3,178,444.20. The trade was a 1.37% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Eric Pauwels sold 1,378 shares of the firm's stock in a transaction that occurred on Wednesday, February 19th. The shares were sold at an average price of $50.10, for a total transaction of $69,037.80. Following the completion of the sale, the chief executive officer now directly owns 85,427 shares of the company's stock, valued at approximately $4,279,892.70. This represents a 1.59% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 32,305 shares of company stock worth $1,682,755. 5.50% of the stock is currently owned by insiders.

Hedge Funds Weigh In On PTC Therapeutics

Large investors have recently bought and sold shares of the business. Smartleaf Asset Management LLC raised its position in shares of PTC Therapeutics by 78.7% in the 4th quarter. Smartleaf Asset Management LLC now owns 613 shares of the biopharmaceutical company's stock valued at $28,000 after acquiring an additional 270 shares during the period. Sterling Capital Management LLC boosted its stake in shares of PTC Therapeutics by 424.4% during the 4th quarter. Sterling Capital Management LLC now owns 645 shares of the biopharmaceutical company's stock worth $29,000 after buying an additional 522 shares during the last quarter. Quantbot Technologies LP grew its stake in PTC Therapeutics by 545.5% in the first quarter. Quantbot Technologies LP now owns 652 shares of the biopharmaceutical company's stock valued at $33,000 after purchasing an additional 551 shares in the last quarter. PNC Financial Services Group Inc. grew its stake in shares of PTC Therapeutics by 84.2% in the first quarter. PNC Financial Services Group Inc. now owns 700 shares of the biopharmaceutical company's stock valued at $36,000 after buying an additional 320 shares in the last quarter. Finally, GAMMA Investing LLC increased its stake in shares of PTC Therapeutics by 86.3% during the 1st quarter. GAMMA Investing LLC now owns 952 shares of the biopharmaceutical company's stock worth $49,000 after purchasing an additional 441 shares during the last quarter.

About PTC Therapeutics

PTC Therapeutics, Inc, a biopharmaceutical company, focuses on the discovery, development, and commercialization of medicines to patients with rare disorders in the United States and internationally. The company offers Translarna and Emflaza for the treatment of Duchenne muscular dystrophy; Upstaza to treat aromatic l-amino acid decarboxylas (AADC) deficiency, a central nervous system disorder; Tegsedi and Waylivra for the treatment of rare diseases; and Evrysdi to treat spinal muscular atrophy (SMA) in adults and children.