PTC Therapeutics Inc. (PTCT) Trading 1.9% Higher After Analyst Upgrade
PTC Therapeutics Inc. (NASDAQ:PTCT) shot up 1.9% during trading on Wednesday after Credit Suisse Group AG raised their price target on the stock to $15.00. Credit Suisse Group AG currently has a neutral rating on the stock. PTC Therapeutics traded as high as $13.70 and last traded at $13.53, with a volume of 290,587 shares traded. The stock had previously closed at $13.28.
Other equities research analysts have also issued reports about the stock. Wedbush dropped their price objective on shares of PTC Therapeutics from $12.00 to $10.00 and set a “neutral” rating on the stock in a report on Tuesday, July 26th. Citigroup Inc. raised their price objective on shares of PTC Therapeutics from $8.00 to $9.00 and gave the stock a “neutral” rating in a report on Monday, August 8th. JPMorgan Chase & Co. dropped their price objective on shares of PTC Therapeutics from $18.00 to $17.00 and set a “neutral” rating on the stock in a report on Friday, August 5th. Zacks Investment Research upgraded shares of PTC Therapeutics from a “sell” rating to a “hold” rating in a report on Friday, August 12th. Finally, Cowen and Company restated a “hold” rating on shares of PTC Therapeutics in a report on Sunday, August 7th. Two analysts have rated the stock with a sell rating, nine have issued a hold rating and two have given a buy rating to the stock. PTC Therapeutics presently has a consensus rating of “Hold” and a consensus target price of $33.82.
Several hedge funds and other institutional investors have recently made changes to their positions in PTCT. Numeric Investors LLC bought a new stake in shares of PTC Therapeutics during the second quarter valued at approximately $887,000. Adage Capital Partners GP L.L.C. increased its stake in shares of PTC Therapeutics by 40.0% in the second quarter. Adage Capital Partners GP L.L.C. now owns 350,000 shares of the biopharmaceutical company’s stock valued at $2,457,000 after buying an additional 100,000 shares during the last quarter. Eagle Global Advisors LLC bought a new stake in shares of PTC Therapeutics during the second quarter valued at approximately $203,000. Barclays PLC increased its stake in shares of PTC Therapeutics by 1.6% in the second quarter. Barclays PLC now owns 14,804 shares of the biopharmaceutical company’s stock valued at $103,000 after buying an additional 238 shares during the last quarter. Finally, Parametric Portfolio Associates LLC increased its stake in shares of PTC Therapeutics by 178.9% in the second quarter. Parametric Portfolio Associates LLC now owns 53,184 shares of the biopharmaceutical company’s stock valued at $373,000 after buying an additional 34,112 shares during the last quarter. 83.32% of the stock is owned by institutional investors.
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The company’s market capitalization is $460.46 million. The company has a 50 day moving average of $10.19 and a 200 day moving average of $7.97.
PTC Therapeutics (NASDAQ:PTCT) last released its quarterly earnings data on Thursday, August 4th. The biopharmaceutical company reported ($1.14) earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($1.27) by $0.13. PTC Therapeutics had a negative net margin of 305.62% and a negative return on equity of 80.50%. The firm had revenue of $15.40 million for the quarter, compared to the consensus estimate of $15.24 million. During the same quarter in the prior year, the company posted ($1.14) earnings per share. The business’s revenue was up 150.0% on a year-over-year basis. On average, analysts forecast that PTC Therapeutics Inc. will post ($4.95) 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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