PTC Therapeutics (NASDAQ:PTCT) Upgraded by Citigroup to "Neutral" Rating

PTC Therapeutics (NASDAQ:PTCT - Get Free Report) was upgraded by investment analysts at Citigroup from a "sell" rating to a "neutral" rating in a research note issued to investors on Wednesday, Marketbeat.com reports. The brokerage presently has a $40.00 price objective on the biopharmaceutical company's stock, down from their previous price objective of $50.00. Citigroup's target price points to a potential downside of 13.28% from the stock's current price.

Several other analysts have also issued reports on the company. Scotiabank began coverage on PTC Therapeutics in a research note on Friday, March 7th. They issued a "sector perform" rating and a $55.00 price objective on the stock. JPMorgan Chase & Co. dropped their price objective on PTC Therapeutics from $78.00 to $75.00 and set an "overweight" rating on the stock in a research note on Monday, March 31st. Royal Bank of Canada reiterated an "outperform" rating and set a $65.00 target price on shares of PTC Therapeutics in a research note on Tuesday, April 22nd. Cantor Fitzgerald increased their target price on PTC Therapeutics from $76.00 to $113.00 and gave the stock an "overweight" rating in a research note on Monday, February 3rd. Finally, StockNews.com lowered PTC Therapeutics from a "buy" rating to a "hold" rating in a research note on Monday, February 17th. One research analyst has rated the stock with a sell rating, four have given a hold rating, nine have assigned a buy rating and two have given a strong buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $61.92.

PTC Therapeutics Stock Performance

NASDAQ PTCT traded up $1.89 during trading hours on Wednesday, hitting $46.12. 641,668 shares of the company traded hands, compared to its average volume of 851,522. The business's 50-day moving average is $48.86 and its 200-day moving average is $47.06. PTC Therapeutics has a twelve month low of $28.72 and a twelve month high of $58.38. The stock has a market capitalization of $3.65 billion, a price-to-earnings ratio of -7.77 and a beta of 0.52.

PTC Therapeutics (NASDAQ:PTCT - Get Free Report) last issued its quarterly earnings results on Tuesday, May 6th. The biopharmaceutical company reported $10.04 EPS for the quarter, beating the consensus estimate of $0.85 by $9.19. The company had revenue of $1.18 billion for the quarter, compared to analyst estimates of $437.16 million. The business's revenue for the quarter was down 9.6% on a year-over-year basis. During the same period last year, the company posted ($1.20) earnings per share. Analysts predict 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 firm's stock in a transaction on Wednesday, February 19th. The stock was sold at an average price of $50.10, for a total value of $44,037.90. Following the sale, the chief accounting officer now owns 63,442 shares of the company's stock, valued at approximately $3,178,444.20. This trade represents a 1.37% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, VP Mark Elliott Boulding sold 15,521 shares of the firm's stock in a transaction on Wednesday, March 12th. The shares were sold at an average price of $53.30, for a total value of $827,269.30. Following the sale, the vice president now directly owns 103,901 shares in the company, valued at approximately $5,537,923.30. This trade represents a 13.00% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 32,305 shares of company stock valued at $1,682,755. 5.50% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. Smartleaf Asset Management LLC raised its position in PTC Therapeutics by 78.7% during the 4th quarter. Smartleaf Asset Management LLC now owns 613 shares of the biopharmaceutical company's stock worth $28,000 after purchasing an additional 270 shares during the last quarter. Sterling Capital Management LLC boosted its stake in shares of PTC Therapeutics by 424.4% in 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. PNC Financial Services Group Inc. lifted its stake in 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 purchasing an additional 320 shares during the last quarter. GAMMA Investing LLC grew its holdings in PTC Therapeutics by 86.3% during the first quarter. GAMMA Investing LLC now owns 952 shares of the biopharmaceutical company's stock valued at $49,000 after purchasing an additional 441 shares during the period. Finally, Venturi Wealth Management LLC purchased a new stake in shares of PTC Therapeutics during the fourth quarter worth $68,000.

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.