PTC Therapeutics (NASDAQ:PTCT) Upgraded at Truist Financial

PTC Therapeutics (NASDAQ:PTCT) was upgraded by equities research analysts at Truist Financial to a “strong-buy” rating in a research note issued on Wednesday,Zacks.com reports.

Several other research firms have also commented on PTCT. Morgan Stanley increased their price target on shares of PTC Therapeutics from $90.00 to $92.00 and gave the company an “overweight” rating in a research report on Monday, February 23rd. Weiss Ratings restated a “hold (c)” rating on shares of PTC Therapeutics in a research report on Monday, December 29th. Barclays reaffirmed an “overweight” rating and issued a $120.00 target price on shares of PTC Therapeutics in a research note on Monday, February 23rd. Bank of America lowered their target price on PTC Therapeutics from $97.00 to $93.00 and set a “buy” rating on the stock in a report on Friday, February 20th. Finally, Cantor Fitzgerald reissued an “overweight” rating on shares of PTC Therapeutics in a report on Friday, February 20th. One equities research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $82.79.

PTC Therapeutics Stock Up 3.4%

NASDAQ:PTCT opened at $66.75 on Wednesday. PTC Therapeutics has a 52-week low of $35.95 and a 52-week high of $87.50. The stock has a fifty day simple moving average of $70.05 and a 200-day simple moving average of $70.66. The company has a market capitalization of $5.53 billion, a PE ratio of 8.62 and a beta of 0.51.

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

Insider Buying and Selling at PTC Therapeutics

In other PTC Therapeutics news, CEO Matthew B. Klein sold 8,089 shares of the business’s stock in a transaction on Tuesday, December 30th. The stock was sold at an average price of $76.64, for a total value of $619,940.96. Following the completion of the transaction, the chief executive officer directly owned 341,875 shares in the company, valued at approximately $26,201,300. The trade was a 2.31% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Glenn Md Phd Steele, Jr. sold 12,000 shares of the stock in a transaction on Friday, January 2nd. The stock was sold at an average price of $76.35, for a total value of $916,200.00. Following the transaction, the director directly owned 18,500 shares in the company, valued at approximately $1,412,475. This represents a 39.34% decrease in their position. The SEC filing for this sale provides additional information. In the last ninety days, insiders have sold 137,755 shares of company stock valued at $9,945,471. 5.50% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On PTC Therapeutics

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. UMB Bank n.a. purchased a new position in PTC Therapeutics during the fourth quarter worth about $26,000. Smartleaf Asset Management LLC grew its holdings in PTC Therapeutics by 101.3% in the 3rd 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. increased its stake in shares of 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 acquiring an additional 249 shares during the last quarter. Comerica Bank increased its stake in shares of PTC Therapeutics by 868.5% during the 3rd quarter. Comerica Bank now owns 523 shares of the biopharmaceutical company’s stock valued at $32,000 after acquiring an additional 469 shares during the last quarter. Finally, Salomon & Ludwin LLC purchased a new position in shares of PTC Therapeutics during the 4th quarter worth about $41,000.

About PTC Therapeutics

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.