PTC Therapeutics Inc. (PTCT) Trading Up 6.6% After Analyst Upgrade
PTC Therapeutics Inc. (NASDAQ:PTCT)’s share price was up 6.6% during mid-day trading on Monday after Credit Suisse Group AG upgraded the stock from a neutral rating to an outperform rating. Credit Suisse Group AG now has a $25.00 price target on the stock, up from their previous price target of $15.00. PTC Therapeutics traded as high as $12.79 and last traded at $12.05, with a volume of 6,845,785 shares traded. The stock had previously closed at $11.30.
A number of other brokerages have also recently issued reports on PTCT. Wedbush dropped their price target on shares of PTC Therapeutics from $12.00 to $10.00 and set a “neutral” rating on the stock in a research note on Tuesday, July 26th. JPMorgan Chase & Co. restated a “hold” rating and set a $15.00 target price on shares of PTC Therapeutics in a research note on Thursday, November 3rd. Zacks Investment Research upgraded shares of PTC Therapeutics from a “sell” rating to a “buy” rating and set a $6.25 target price on the stock in a research note on Tuesday, November 8th. Royal Bank Of Canada lowered their target price on shares of PTC Therapeutics to $13.00 and set a “sector perform” rating on the stock in a research note on Friday, November 11th. Finally, Cowen and Company restated a “hold” rating on shares of PTC Therapeutics in a research note on Sunday, August 7th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and five have given a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus target price of $31.12.
A number of large investors have recently added to or reduced their stakes in the company. Highbridge Capital Management LLC raised its stake in PTC Therapeutics by 122.6% in the third quarter. Highbridge Capital Management LLC now owns 27,239 shares of the biopharmaceutical company’s stock valued at $382,000 after buying an additional 15,000 shares in the last quarter. D. E. Shaw & Co. Inc. raised its stake in PTC Therapeutics by 2,511.8% in the third quarter. D. E. Shaw & Co. Inc. now owns 751,177 shares of the biopharmaceutical company’s stock valued at $10,524,000 after buying an additional 722,416 shares in the last quarter. The Manufacturers Life Insurance Company purchased a new stake in PTC Therapeutics during the third quarter valued at about $514,000. Moore Capital Management LP purchased a new stake in PTC Therapeutics during the third quarter valued at about $1,401,000. Finally, United Services Automobile Association raised its stake in PTC Therapeutics by 9.7% in the third quarter. United Services Automobile Association now owns 29,360 shares of the biopharmaceutical company’s stock valued at $411,000 after buying an additional 2,600 shares in the last quarter. 83.47% of the stock is owned by institutional investors.
The stock’s market capitalization is $412.37 million. The stock has a 50 day moving average of $9.40 and a 200-day moving average of $8.09.
PTC Therapeutics (NASDAQ:PTCT) last issued its quarterly earnings data on Wednesday, November 2nd. The biopharmaceutical company reported ($1.03) EPS for the quarter, topping the Zacks’ consensus estimate of ($1.22) by $0.19. The company had revenue of $23 million for the quarter, compared to analysts’ expectations of $19.76 million. PTC Therapeutics had a negative return on equity of 90.33% and a negative net margin of 236.68%. The firm’s quarterly revenue was up 135.1% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($1.27) earnings per share. On average, equities research analysts predict that PTC Therapeutics Inc. will post ($4.42) earnings per share for the current fiscal year.
About PTC Therapeutics
PTC Therapeutics, Inc is a biopharmaceutical company focused on the discovery, development and commercialization of orally administered, small molecule therapeutics that focus on post-transcriptional control processes. The Company’s lead product, Translarna (ataluren), is used for the treatment of nonsense mutation Duchenne muscular dystrophy (nmDMD) in ambulatory patients with age of over five years and older.
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