PTC Therapeutics (NASDAQ:PTCT) Raised to “Strong-Buy” at Truist Financial

PTC Therapeutics (NASDAQ:PTCT) was upgraded by Truist Financial to a “strong-buy” rating in a research report issued to clients and investors on Wednesday,Zacks.com reports.

Other equities research analysts have also recently issued research reports about the company. Bank of America decreased their target price on PTC Therapeutics from $97.00 to $93.00 and set a “buy” rating for the company in a research note on Friday, February 20th. Cantor Fitzgerald restated an “overweight” rating on shares of PTC Therapeutics in a report on Friday, February 20th. Royal Bank Of Canada reduced their price objective on shares of PTC Therapeutics from $87.00 to $82.00 and set a “sector perform” rating for the company in a research report on Friday, February 20th. Weiss Ratings reiterated a “hold (c)” rating on shares of PTC Therapeutics in a research report on Monday, December 29th. Finally, Wall Street Zen lowered shares of PTC Therapeutics from a “buy” rating to a “hold” rating in a research note on Saturday, February 21st. One analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, PTC Therapeutics currently has an average rating of “Moderate Buy” and a consensus target price of $82.79.

PTC Therapeutics Trading Up 0.4%

Shares of PTCT opened at $67.00 on Wednesday. The firm’s fifty day simple moving average is $69.88 and its two-hundred day simple moving average is $70.64. PTC Therapeutics has a 12 month low of $35.95 and a 12 month high of $87.50. The stock has a market capitalization of $5.55 billion, a P/E ratio of 8.66 and a beta of 0.51.

PTC Therapeutics (NASDAQ:PTCT) last posted its quarterly earnings data on Thursday, February 19th. The biopharmaceutical company reported ($1.67) earnings per share for the quarter, missing the consensus estimate of ($0.21) by ($1.46). The business had revenue of $164.68 million during the quarter, compared to the consensus estimate of $281.45 million. PTC Therapeutics had a negative return on equity of 362.45% and a net margin of 39.44%.The business’s revenue was down 22.7% on a year-over-year basis. During the same period last year, the business posted ($0.85) earnings per share. As a group, research analysts predict that PTC Therapeutics will post -4.52 EPS for the current fiscal year.

Insider Activity

In related news, VP Mark Elliott Boulding sold 3,019 shares of PTC Therapeutics stock in a transaction on Thursday, February 19th. The shares were sold at an average price of $69.48, for a total value of $209,760.12. Following the completion of the sale, the vice president owned 105,212 shares of the company’s stock, valued at approximately $7,310,129.76. This trade represents a 2.79% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Neil Gregory Almstead sold 3,989 shares of PTC Therapeutics stock in a transaction on Thursday, March 5th. The shares were sold at an average price of $63.38, for a total transaction of $252,822.82. Following the completion of the sale, the insider directly owned 2,737 shares of the company’s stock, valued at approximately $173,471.06. The trade was a 59.31% decrease in their position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 137,755 shares of company stock valued at $9,945,471. Corporate insiders own 5.50% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the business. UMB Bank n.a. bought a new stake in shares of PTC Therapeutics during the fourth quarter worth about $26,000. Smartleaf Asset Management LLC boosted its stake in PTC Therapeutics by 101.3% during the 3rd quarter. Smartleaf Asset Management LLC now owns 469 shares of the biopharmaceutical company’s stock valued at $28,000 after purchasing an additional 236 shares during the last quarter. Optiver Holding B.V. boosted its stake in PTC Therapeutics by 96.5% during the 3rd quarter. Optiver Holding B.V. now owns 507 shares of the biopharmaceutical company’s stock valued at $31,000 after purchasing an additional 249 shares during the last quarter. Comerica Bank increased its holdings in PTC Therapeutics by 868.5% during the 3rd quarter. Comerica Bank now owns 523 shares of the biopharmaceutical company’s stock worth $32,000 after purchasing an additional 469 shares in the last quarter. Finally, Salomon & Ludwin LLC bought a new stake in PTC Therapeutics during the 4th quarter worth approximately $41,000.

PTC Therapeutics Company Profile

PTC Therapeutics, Inc is a biopharmaceutical company focused on the discovery, development and commercialization of small molecule and biologic therapies for the treatment of rare genetic disorders. Since its founding in 1998, PTC has dedicated its efforts to addressing high unmet medical needs by targeting underlying genetic causes of disease. The company’s research platform emphasizes mechanisms such as nonsense suppression and RNA modulation, enabling the development of novel treatments for conditions with limited therapeutic options.

Among PTC’s approved products is Translarna (ataluren), a first-in-class therapy designed to treat nonsense mutation Duchenne muscular dystrophy in select markets.