PTC Therapeutics (NASDAQ:PTCT) Downgraded to Hold Rating by Wall Street Zen

PTC Therapeutics (NASDAQ:PTCT) was downgraded by stock analysts at Wall Street Zen from a “buy” rating to a “hold” rating in a report released on Saturday.

Several other brokerages have also recently weighed in on PTCT. Bank of America dropped their target price on PTC Therapeutics from $82.00 to $76.00 and set a “buy” rating for the company in a report on Wednesday, August 20th. Wells Fargo & Company increased their price objective on PTC Therapeutics from $73.00 to $93.00 and gave the company an “overweight” rating in a research note on Wednesday, November 5th. Jefferies Financial Group lifted their target price on shares of PTC Therapeutics from $63.00 to $77.00 and gave the stock a “buy” rating in a research note on Tuesday, October 28th. Morgan Stanley dropped their price target on shares of PTC Therapeutics from $76.00 to $71.00 and set an “overweight” rating for the company in a research report on Wednesday, August 20th. Finally, Robert W. Baird set a $70.00 price objective on shares of PTC Therapeutics in a research report on Friday, August 8th. Nine equities research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, PTC Therapeutics has a consensus rating of “Hold” and a consensus target price of $76.00.

PTC Therapeutics Stock Performance

Shares of PTC Therapeutics stock opened at $77.25 on Friday. The stock has a market capitalization of $6.20 billion, a P/E ratio of 9.02, a P/E/G ratio of 0.28 and a beta of 0.47. PTC Therapeutics has a 52-week low of $35.95 and a 52-week high of $87.50. The stock’s 50-day simple moving average is $71.22 and its 200 day simple moving average is $58.02.

PTC Therapeutics (NASDAQ:PTCT) last issued its earnings results on Tuesday, November 4th. The biopharmaceutical company reported $0.20 earnings per share for the quarter, topping analysts’ consensus estimates of ($1.19) by $1.39. PTC Therapeutics had a net margin of 42.25% and a negative return on equity of 194.11%. The firm had revenue of $211.01 million during the quarter, compared to analyst estimates of $177.42 million. During the same quarter last year, the business earned ($1.39) earnings per share. The company’s quarterly revenue was up 7.2% on a year-over-year basis. Equities research analysts forecast that PTC Therapeutics will post -4.52 EPS for the current fiscal year.

Insider Activity

In related news, insider Neil Gregory Almstead sold 71,928 shares of the business’s stock in a transaction dated Tuesday, November 25th. The shares were sold at an average price of $83.44, for a total transaction of $6,001,672.32. Following the transaction, the insider owned 100,625 shares in the company, valued at $8,396,150. The trade was a 41.68% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Matthew B. Klein sold 3,428 shares of the firm’s stock in a transaction dated Tuesday, December 2nd. The stock was sold at an average price of $79.07, for a total transaction of $271,051.96. Following the completion of the sale, the chief executive officer owned 349,964 shares of the company’s stock, valued at $27,671,653.48. This trade represents a 0.97% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last three months, insiders have sold 409,134 shares of company stock worth $28,703,188. 5.50% of the stock is owned by company insiders.

Institutional Investors Weigh In On PTC Therapeutics

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Smartleaf Asset Management LLC lifted its position in PTC Therapeutics by 101.3% during the third quarter. Smartleaf Asset Management LLC now owns 469 shares of the biopharmaceutical company’s stock valued at $28,000 after buying an additional 236 shares during the period. Optiver Holding B.V. grew its holdings in PTC Therapeutics by 96.5% in the third quarter. Optiver Holding B.V. now owns 507 shares of the biopharmaceutical company’s stock worth $31,000 after purchasing an additional 249 shares during the period. Comerica Bank grew its holdings in PTC Therapeutics by 868.5% in the third quarter. Comerica Bank now owns 523 shares of the biopharmaceutical company’s stock worth $32,000 after purchasing an additional 469 shares during the period. Quantbot Technologies LP lifted its holdings in shares of PTC Therapeutics by 545.5% during 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 during the last quarter. Finally, PNC Financial Services Group Inc. lifted its holdings in shares of PTC Therapeutics by 84.2% during 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.

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.