PTC Therapeutics (NASDAQ:PTCT) Rating Lowered to "Buy" at StockNews.com

StockNews.com cut shares of PTC Therapeutics (NASDAQ:PTCT - Free Report) from a strong-buy rating to a buy rating in a research report report published on Friday.

Other equities analysts have also recently issued reports about the stock. Cantor Fitzgerald reduced their price objective on shares of PTC Therapeutics from $113.00 to $112.00 and set an "overweight" rating for the company in a research report on Wednesday, May 7th. Robert W. Baird lowered their price target on shares of PTC Therapeutics from $70.00 to $66.00 and set an "outperform" rating on the stock in a research report on Wednesday, May 7th. JPMorgan Chase & Co. cut their price target on PTC Therapeutics from $75.00 to $67.00 and set an "overweight" rating for the company in a report on Wednesday, May 7th. Scotiabank initiated coverage on shares of PTC Therapeutics in a research report on Friday, March 7th. They set a "sector perform" rating and a $55.00 price target on the stock. Finally, Bank of America raised shares of PTC Therapeutics from a "neutral" rating to a "buy" rating and lifted their target price for the stock from $55.00 to $68.00 in a research note on Friday, May 9th. One analyst has rated the stock with a sell rating, four have assigned a hold rating, ten have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, PTC Therapeutics currently has a consensus rating of "Moderate Buy" and a consensus price target of $61.92.

PTC Therapeutics Stock Performance

PTCT stock traded up $0.95 during midday trading on Friday, reaching $46.96. The stock had a trading volume of 798,144 shares, compared to its average volume of 870,518. The firm has a fifty day simple moving average of $48.22 and a two-hundred day simple moving average of $47.24. The stock has a market cap of $3.72 billion, a PE ratio of -7.91 and a beta of 0.52. 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 posted its earnings results on Tuesday, May 6th. The biopharmaceutical company reported $10.04 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.85 by $9.19. The business had revenue of $1.18 billion for the quarter, compared to analyst estimates of $437.16 million. During the same quarter in the prior year, the firm earned ($1.20) earnings per share. The company's revenue for the quarter was down 9.6% on a year-over-year basis. On average, sell-side analysts predict that PTC Therapeutics will post -4.52 EPS for the current fiscal year.

Insiders Place Their Bets

In other PTC Therapeutics news, CEO Matthew B. Klein sold 2,804 shares of the business's stock in a transaction that occurred on Tuesday, April 22nd. The shares were sold at an average price of $48.74, for a total transaction of $136,666.96. Following the completion of the transaction, the chief executive officer now owns 273,234 shares in the company, valued at $13,317,425.16. The trade was a 1.02% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CAO Christine Marie Utter sold 879 shares of the 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 owns 63,442 shares in the company, valued at approximately $3,178,444.20. The trade was a 1.37% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 32,305 shares of company stock worth $1,682,755 over the last 90 days. Corporate insiders own 5.50% of the company's stock.

Institutional Trading of PTC Therapeutics

Several institutional investors and hedge funds have recently made changes to their positions in the company. Janney Montgomery Scott LLC grew its position in PTC Therapeutics by 8.3% during the 4th quarter. Janney Montgomery Scott LLC now owns 5,965 shares of the biopharmaceutical company's stock worth $269,000 after purchasing an additional 455 shares during the last quarter. KBC Group NV raised its stake in PTC Therapeutics by 36.4% during the 4th quarter. KBC Group NV now owns 3,045 shares of the biopharmaceutical company's stock valued at $137,000 after acquiring an additional 813 shares during the last quarter. R Squared Ltd purchased a new stake in PTC Therapeutics during the 4th quarter valued at approximately $79,000. China Universal Asset Management Co. Ltd. raised its stake in PTC Therapeutics by 10.5% during the 4th quarter. China Universal Asset Management Co. Ltd. now owns 16,353 shares of the biopharmaceutical company's stock valued at $738,000 after acquiring an additional 1,558 shares during the last quarter. Finally, Nadler Financial Group Inc. purchased a new stake in PTC Therapeutics during the 4th quarter valued at approximately $223,000.

PTC Therapeutics Company Profile

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.