Zacks Investment Research Upgrades PTC Therapeutics (PTCT) to Buy
Zacks Investment Research upgraded shares of PTC Therapeutics (NASDAQ:PTCT) from a hold rating to a buy rating in a research report released on Saturday morning. They currently have $31.00 price target on the biopharmaceutical company’s stock.
According to Zacks, “PTC Therapeutics, Inc. is a biopharmaceutical company. It is focused on the discovery and development of orally administered, small-molecule drugs for genetic disorders, oncology and infectious disease. PTC Therapeutics, Inc. is based in South Plainfield, United States. “
PTCT has been the subject of several other reports. ValuEngine raised shares of PTC Therapeutics from a strong sell rating to a sell rating in a research note on Tuesday, January 9th. Royal Bank of Canada started coverage on shares of PTC Therapeutics in a research note on Monday, January 29th. They set a sector perform rating for the company. JPMorgan Chase & Co. boosted their price objective on shares of PTC Therapeutics to $15.00 and gave the company a neutral rating in a research note on Friday, November 24th. Barclays reissued a hold rating on shares of PTC Therapeutics in a research note on Tuesday, January 23rd. Finally, William Blair reissued a hold rating on shares of PTC Therapeutics in a research note on Wednesday. Two research analysts have rated the stock with a sell rating, six have issued a hold rating and three have issued a buy rating to the company. The stock has an average rating of Hold and an average price target of $23.57.
PTC Therapeutics (NASDAQ:PTCT) last announced its quarterly earnings data on Tuesday, March 6th. The biopharmaceutical company reported $0.03 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.14) by $0.17. PTC Therapeutics had a negative net margin of 40.64% and a negative return on equity of 50.75%. The company had revenue of $78.00 million during the quarter, compared to analysts’ expectations of $78.59 million. During the same period in the previous year, the company earned ($0.78) EPS. The business’s quarterly revenue was up 209.5% compared to the same quarter last year. sell-side analysts forecast that PTC Therapeutics will post -1.4 earnings per share for the current fiscal year.
In related news, CEO Stuart Walter Peltz sold 2,230 shares of the company’s stock in a transaction on Friday, January 5th. The shares were sold at an average price of $18.03, for a total transaction of $40,206.90. Following the completion of the sale, the chief executive officer now directly owns 26,646 shares of the company’s stock, valued at approximately $480,427.38. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Over the last ninety days, insiders have sold 2,719 shares of company stock valued at $48,848. 8.10% of the stock is owned by corporate insiders.
Institutional investors have recently made changes to their positions in the stock. Swiss National Bank boosted its position in PTC Therapeutics by 15.9% during the 3rd quarter. Swiss National Bank now owns 65,565 shares of the biopharmaceutical company’s stock worth $1,312,000 after purchasing an additional 9,000 shares during the period. Parametric Portfolio Associates LLC boosted its position in PTC Therapeutics by 31.2% during the 2nd quarter. Parametric Portfolio Associates LLC now owns 52,779 shares of the biopharmaceutical company’s stock worth $967,000 after purchasing an additional 12,563 shares during the period. Bank of New York Mellon Corp boosted its position in PTC Therapeutics by 5.8% during the 3rd quarter. Bank of New York Mellon Corp now owns 171,477 shares of the biopharmaceutical company’s stock worth $3,431,000 after purchasing an additional 9,469 shares during the period. Prudential Financial Inc. boosted its position in PTC Therapeutics by 365.1% during the 3rd quarter. Prudential Financial Inc. now owns 51,227 shares of the biopharmaceutical company’s stock worth $1,025,000 after purchasing an additional 40,212 shares during the period. Finally, Point72 Asset Management L.P. boosted its position in PTC Therapeutics by 1,587.8% during the 3rd quarter. Point72 Asset Management L.P. now owns 400,000 shares of the biopharmaceutical company’s stock worth $8,004,000 after purchasing an additional 376,300 shares during the period. 91.87% of the stock is owned by hedge funds and other institutional investors.
About PTC Therapeutics
PTC Therapeutics, Inc is a biopharmaceutical company. The Company is focused on the discovery, development and commercialization of medicines using its expertise in ribonucleic acid (RNA) biology. Its product pipeline includes Ataluren (Translarna), PTC596 and RG7916. Its product candidate, ataluren, is an orally administered small-molecule compound for the treatment of patients with genetic disorders due to a nonsense mutation.
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