Zacks Investment Research upgraded shares of PTC Therapeutics (NASDAQ:PTCT) from a hold rating to a buy rating in a research report sent to investors on Saturday morning. They currently have $31.00 target price 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. “
Several other brokerages have also issued reports on PTCT. Citigroup boosted their target price on PTC Therapeutics from $24.00 to $35.00 and gave the company a buy rating in a research note on Wednesday, February 21st. JPMorgan Chase & Co. upgraded PTC Therapeutics from an underweight rating to a neutral rating and set a $15.00 target price on the stock in a research note on Thursday, November 16th. Barclays restated an equal weight rating and issued a $24.00 target price (up from $18.00) on shares of PTC Therapeutics in a research note on Wednesday, March 7th. ValuEngine lowered PTC Therapeutics from a sell rating to a strong sell rating in a research note on Friday, December 29th. Finally, William Blair restated a hold rating on shares of PTC Therapeutics in a research note on Wednesday, March 7th. Two equities 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 company has a consensus rating of Hold and an average target price of $23.57.
PTC Therapeutics (NASDAQ:PTCT) last issued its earnings results 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. The firm had revenue of $78.00 million for the quarter, compared to analyst estimates of $78.59 million. PTC Therapeutics had a negative return on equity of 50.75% and a negative net margin of 40.64%. The business’s revenue was up 209.5% on a year-over-year basis. During the same period in the previous year, the company posted ($0.78) earnings per share. equities research analysts predict that PTC Therapeutics will post -1.4 EPS for the current year.
In other news, CEO Stuart Walter Peltz sold 2,230 shares of PTC Therapeutics stock in a transaction on Friday, January 5th. The stock was sold at an average price of $18.03, for a total value of $40,206.90. Following the completion of the transaction, the chief executive officer now directly owns 26,646 shares in the company, valued at $480,427.38. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Over the last quarter, insiders sold 2,719 shares of company stock valued at $48,848. 8.10% of the stock is owned by company insiders.
Hedge funds and other institutional investors have recently made changes to their positions in the company. Macquarie Group Ltd. purchased a new position in PTC Therapeutics during the third quarter worth about $102,000. Public Employees Retirement System of Ohio purchased a new position in PTC Therapeutics during the second quarter worth about $142,000. Quantbot Technologies LP purchased a new position in PTC Therapeutics during the third quarter worth about $150,000. MANA Advisors LLC purchased a new position in PTC Therapeutics during the fourth quarter worth about $221,000. Finally, Teacher Retirement System of Texas purchased a new position in PTC Therapeutics during the fourth quarter worth about $228,000. Institutional investors own 91.87% of the company’s stock.
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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