PTC Therapeutics (NASDAQ:PTCT) Rating Increased to Neutral at Citigroup

PTC Therapeutics (NASDAQ:PTCT - Get Free Report) was upgraded by equities research analysts at Citigroup from a "sell" rating to a "neutral" rating in a report issued on Wednesday, MarketBeat.com reports. The brokerage currently has a $40.00 price objective on the biopharmaceutical company's stock, down from their prior price objective of $50.00. Citigroup's price objective points to a potential downside of 9.56% from the stock's previous close.

Several other equities research analysts have also recently issued reports on PTCT. Scotiabank initiated coverage on PTC Therapeutics in a report on Friday, March 7th. They issued a "sector perform" rating and a $55.00 target price on the stock. Morgan Stanley reaffirmed an "overweight" rating and set a $70.00 price objective (up from $67.00) on shares of PTC Therapeutics in a report on Friday, March 7th. Royal Bank of Canada reissued an "outperform" rating and issued a $65.00 target price on shares of PTC Therapeutics in a report on Tuesday, April 22nd. StockNews.com downgraded shares of PTC Therapeutics from a "buy" rating to a "hold" rating in a research note on Monday, February 17th. Finally, Bank of America upgraded shares of PTC Therapeutics from an "underperform" rating to a "neutral" rating and boosted their price objective for the company from $41.00 to $55.00 in a research report on Tuesday, March 11th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating, nine have given a buy rating and two have assigned a strong buy rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $61.92.

PTC Therapeutics Price Performance

Shares of NASDAQ:PTCT traded up $1.72 during trading on Wednesday, hitting $44.23. 1,538,280 shares of the company's stock were exchanged, compared to its average volume of 852,265. The business's 50-day simple moving average is $48.86 and its 200 day simple moving average is $47.02. PTC Therapeutics has a 52-week low of $28.72 and a 52-week high of $58.38. The company has a market cap of $3.50 billion, a price-to-earnings ratio of -7.45 and a beta of 0.52.

PTC Therapeutics (NASDAQ:PTCT - Get Free Report) last released its earnings results on Tuesday, May 6th. The biopharmaceutical company reported $10.04 EPS for the quarter, topping the consensus estimate of $0.85 by $9.19. The company had revenue of $1.18 billion during the quarter, compared to analysts' expectations of $437.16 million. During the same period last year, the firm posted ($1.20) EPS. PTC Therapeutics's quarterly revenue was down 9.6% compared to the same quarter last year. On average, sell-side analysts anticipate that PTC Therapeutics will post -4.52 EPS for the current fiscal year.

Insider Buying and Selling

In related news, VP Mark Elliott Boulding sold 15,521 shares of the stock in a transaction that occurred on Wednesday, March 12th. The shares were sold at an average price of $53.30, for a total transaction of $827,269.30. Following the completion of the sale, the vice president now owns 103,901 shares of the company's stock, valued at approximately $5,537,923.30. This represents a 13.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Stephanie Okey sold 5,000 shares of the firm's stock in a transaction dated Thursday, March 13th. The shares were sold at an average price of $54.00, for a total value of $270,000.00. Following the sale, the director now owns 8,867 shares in the company, valued at approximately $478,818. The trade was a 36.06 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 32,305 shares of company stock valued at $1,682,755. Corporate insiders own 5.50% of the company's stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Toronto Dominion Bank bought a new stake in PTC Therapeutics in the fourth quarter valued at $148,363,000. Driehaus Capital Management LLC acquired a new stake in shares of PTC Therapeutics in the fourth quarter valued at approximately $46,993,000. Point72 Asset Management L.P. boosted its position in shares of PTC Therapeutics by 150.6% during the fourth quarter. Point72 Asset Management L.P. now owns 1,443,362 shares of the biopharmaceutical company's stock worth $65,153,000 after buying an additional 867,502 shares during the period. Janus Henderson Group PLC lifted its holdings in PTC Therapeutics by 24.4% in the fourth quarter. Janus Henderson Group PLC now owns 2,325,915 shares of the biopharmaceutical company's stock worth $105,015,000 after purchasing an additional 455,698 shares during the period. Finally, Pictet Asset Management Holding SA raised its position in shares of PTC Therapeutics by 107.4% during the 4th quarter. Pictet Asset Management Holding SA now owns 736,388 shares of the biopharmaceutical company's stock worth $33,241,000 after buying an additional 381,319 shares in the last quarter.

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.