Zacks Investment Research Downgrades PTC Therapeutics (PTCT) to Hold
PTC Therapeutics (NASDAQ:PTCT) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report released on Saturday.
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. Cowen reissued a “hold” rating on shares of PTC Therapeutics in a research note on Wednesday, October 25th. Citigroup reissued a “buy” rating and set a $28.00 price objective on shares of PTC Therapeutics in a research note on Wednesday, September 27th. Bank of America lowered PTC Therapeutics from a “neutral” rating to an “underperform” rating in a research note on Thursday, October 26th. ValuEngine raised PTC Therapeutics from a “strong sell” rating to a “sell” rating in a research note on Tuesday. Finally, JPMorgan Chase & Co. raised their price objective on PTC Therapeutics to $15.00 and gave the stock a “neutral” rating in a research note on Friday, November 24th. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating and two have given a buy rating to the company. The company currently has a consensus rating of “Hold” and an average price target of $19.14.
In other news, CEO Stuart Walter Peltz sold 2,230 shares of the 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 sale, the chief executive officer now owns 26,646 shares in the company, valued at $480,427.38. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders sold 2,719 shares of company stock valued at $48,848 in the last 90 days. Corporate insiders own 8.10% of the company’s stock.
Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Macquarie Group Ltd. purchased a new stake in shares of PTC Therapeutics in the third quarter valued at $102,000. Quantbot Technologies LP purchased a new stake in shares of PTC Therapeutics in the third quarter valued at $150,000. Public Employees Retirement System of Ohio purchased a new stake in shares of PTC Therapeutics in the second quarter valued at $142,000. Prudential Financial Inc. purchased a new stake in shares of PTC Therapeutics in the second quarter valued at $201,000. Finally, Los Angeles Capital Management & Equity Research Inc. purchased a new stake in shares of PTC Therapeutics in the third quarter valued at $229,000. Institutional investors own 86.12% of the company’s stock.
TRADEMARK VIOLATION WARNING: “Zacks Investment Research Downgrades PTC Therapeutics (PTCT) to Hold” was originally reported by American Banking News and is the sole property of of American Banking News. If you are viewing this piece on another domain, it was copied illegally and republished in violation of US and international trademark & copyright laws. The correct version of this piece can be read at https://www.americanbankingnews.com/2018/01/13/zacks-investment-research-downgrades-ptc-therapeutics-ptct-to-hold.html.
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.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for PTC Therapeutics Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for PTC Therapeutics and related companies with MarketBeat.com's FREE daily email newsletter.