Citigroup downgraded shares of PTC Therapeutics (NASDAQ:PTCT – Free Report) from a buy rating to a neutral rating in a research report report published on Monday, MarketBeat reports. The brokerage currently has $28.00 price target on the biopharmaceutical company’s stock, down from their prior price target of $55.00.
Other analysts have also recently issued reports about the stock. Morgan Stanley restated an equal weight rating and issued a $47.00 price objective on shares of PTC Therapeutics in a research note on Friday, August 4th. Cantor Fitzgerald reissued an overweight rating and issued a $73.00 price target on shares of PTC Therapeutics in a report on Monday, August 7th. Barclays lowered their target price on shares of PTC Therapeutics from $48.00 to $44.00 and set an equal weight rating on the stock in a report on Friday, August 4th. Royal Bank of Canada reissued a sector perform rating and set a $49.00 price objective on shares of PTC Therapeutics in a report on Thursday, July 20th. Finally, Credit Suisse Group restated a neutral rating and set a $50.00 target price on shares of PTC Therapeutics in a research report on Thursday, July 20th. Two analysts have rated the stock with a sell rating, eight have given a hold rating and three have given a buy rating to the company. Based on data from MarketBeat, PTC Therapeutics presently has a consensus rating of Hold and a consensus price target of $41.00.
PTC Therapeutics Trading Down 7.5 %
PTC Therapeutics (NASDAQ:PTCT – Get Free Report) last issued its quarterly earnings data on Thursday, August 3rd. The biopharmaceutical company reported ($2.66) earnings per share for the quarter, missing the consensus estimate of ($1.58) by ($1.08). The company had revenue of $213.80 million for the quarter, compared to analysts’ expectations of $206.99 million. The business’s quarterly revenue was up 29.2% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($2.13) earnings per share. Research analysts expect that PTC Therapeutics will post -5.45 earnings per share for the current fiscal year.
Insider Buying and Selling
In other news, Director Alethia Young sold 11,666 shares of the firm’s stock in a transaction that occurred on Wednesday, September 6th. The shares were sold at an average price of $39.86, for a total transaction of $465,006.76. Following the completion of the transaction, the director now directly owns 9,067 shares of the company’s stock, valued at approximately $361,410.62. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 5.30% of the stock is owned by company insiders.
Hedge Funds Weigh In On PTC Therapeutics
Several hedge funds and other institutional investors have recently made changes to their positions in PTCT. Vanguard Group Inc. lifted its holdings in PTC Therapeutics by 0.4% during the 3rd quarter. Vanguard Group Inc. now owns 7,211,720 shares of the biopharmaceutical company’s stock valued at $362,027,000 after purchasing an additional 28,028 shares during the last quarter. RTW Investments LP lifted its holdings in PTC Therapeutics by 26.3% during the 1st quarter. RTW Investments LP now owns 7,093,298 shares of the biopharmaceutical company’s stock valued at $343,599,000 after purchasing an additional 1,477,911 shares during the last quarter. State Street Corp lifted its holdings in PTC Therapeutics by 13.8% during the 2nd quarter. State Street Corp now owns 3,624,877 shares of the biopharmaceutical company’s stock valued at $145,213,000 after purchasing an additional 440,850 shares during the last quarter. Armistice Capital LLC lifted its holdings in PTC Therapeutics by 17.1% during the 4th quarter. Armistice Capital LLC now owns 3,396,000 shares of the biopharmaceutical company’s stock valued at $129,625,000 after purchasing an additional 496,000 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD lifted its holdings in PTC Therapeutics by 33.7% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 1,717,765 shares of the biopharmaceutical company’s stock valued at $83,210,000 after purchasing an additional 433,376 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. Its portfolio pipeline includes commercial products and product candidates in various stages of development, including clinical, pre-clinical and research and discovery stages, focuses on the development of treatments for multiple therapeutic areas, such as rare diseases.
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