PTC Therapeutics (NASDAQ:PTCT) Cut to “Buy” at Wall Street Zen

by · The Markets Daily

Wall Street Zen cut shares of PTC Therapeutics (NASDAQ:PTCT – Free Report) from a strong-buy rating to a buy rating in a report published on Saturday morning,Wall Street Zen reports.

Other analysts also recently issued research reports about the company. Morgan Stanley lifted their price target on PTC Therapeutics from $93.00 to $104.00 and gave the company an “overweight” rating in a research note on Friday, July 31st. Zacks Research cut PTC Therapeutics from a “strong-buy” rating to a “hold” rating in a research report on Thursday, August 6th. Cantor Fitzgerald upped their price objective on PTC Therapeutics from $130.00 to $137.00 and gave the stock an “overweight” rating in a research report on Tuesday, September 22nd. Barclays increased their price objective on PTC Therapeutics from $120.00 to $122.00 and gave the stock an “overweight” rating in a report on Friday, August 14th. Finally, Royal Bank Of Canada dropped their target price on PTC Therapeutics from $85.00 to $75.00 and set a “sector perform” rating on the stock in a research report on Wednesday, October 7th. One equities research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, two have assigned a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat, PTC Therapeutics presently has a consensus rating of “Moderate Buy” and an average price target of $98.25.

View Our Latest Analysis on PTCT

PTC Therapeutics Stock Down 2.8%

Shares of NASDAQ:PTCT opened at $62.92 on Friday. PTC Therapeutics has a 12 month low of $61.23 and a 12 month high of $90.87. The company’s fifty day simple moving average is $68.26 and its 200 day simple moving average is $71.95. The firm has a market cap of $5.25 billion, a price-to-earnings ratio of -108.48, a PEG ratio of 1.95 and a beta of 0.49.

PTC Therapeutics (NASDAQ:PTCT – Get Free Report) last posted its quarterly earnings data on Thursday, July 30th. The biopharmaceutical company reported $0.92 EPS for the quarter, beating the consensus estimate of $0.24 by $0.68. The company had revenue of $360.52 million during the quarter, compared to the consensus estimate of $298.63 million. The company’s revenue was up 101.5% compared to the same quarter last year. During the same period in the prior year, the firm posted ($0.83) earnings per share. Research analysts expect that PTC Therapeutics will post 1.19 earnings per share for the current fiscal year.

Insider Activity

In related news, Director Michael Schmertzler sold 12,500 shares of the firm’s stock in a transaction on Wednesday, August 26th. The shares were sold at an average price of $72.94, for a total value of $911,750.00. Following the completion of the transaction, the director directly owned 1,349,094 shares of the company’s stock, valued at approximately $98,402,916.36. This trade represents a 0.92% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Glenn Steele, Jr. sold 12,000 shares of the business’s stock in a transaction on Wednesday, September 30th. The stock was sold at an average price of $65.16, for a total transaction of $781,920.00. Following the transaction, the director owned 22,500 shares in the company, valued at approximately $1,466,100. The trade was a 34.78% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 74,678 shares of company stock valued at $5,160,898 over the last three months. Corporate insiders own 5.30% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the company. EverSource Wealth Advisors LLC grew its stake in PTC Therapeutics by 16.9% in the 1st quarter. EverSource Wealth Advisors LLC now owns 1,045 shares of the biopharmaceutical company’s stock valued at $71,000 after buying an additional 151 shares during the last quarter. Envestnet Portfolio Solutions Inc. raised its holdings in PTC Therapeutics by 1.8% in the 2nd quarter. Envestnet Portfolio Solutions Inc. now owns 13,730 shares of the biopharmaceutical company’s stock valued at $1,120,000 after acquiring an additional 237 shares during the period. PNC Financial Services Group Inc. lifted its position in PTC Therapeutics by 8.5% during the first quarter. PNC Financial Services Group Inc. now owns 3,128 shares of the biopharmaceutical company’s stock worth $213,000 after acquiring an additional 244 shares during the last quarter. Evolve Private Wealth LLC lifted its position in PTC Therapeutics by 5.2% during the first quarter. Evolve Private Wealth LLC now owns 6,122 shares of the biopharmaceutical company’s stock worth $417,000 after acquiring an additional 305 shares during the last quarter. Finally, New York State Teachers Retirement System lifted its position in PTC Therapeutics by 0.7% during the first quarter. New York State Teachers Retirement System now owns 44,953 shares of the biopharmaceutical company’s stock worth $3,063,000 after acquiring an additional 316 shares during the last quarter.

About PTC Therapeutics

(Get Free Report)

PTC Therapeutics, Inc is a biopharmaceutical company focused on discovering, developing and commercializing medicines for rare diseases. Its research programs use technologies designed to address genetic and molecular causes of disease, including RNA biology, protein translation and gene therapy.

The company’s commercial portfolio includes Emflaza (deflazacort), a corticosteroid approved in the United States to treat Duchenne muscular dystrophy, and Upstaza (eladocagene exuparvovec), a gene therapy for aromatic L-amino acid decarboxylase deficiency in eligible patients.

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