PTC Therapeutics (NASDAQ:PTCT) Given New $26.00 Price Target at Barclays

PTC Therapeutics (NASDAQ:PTCT) had its price objective reduced by Barclays from $44.00 to $26.00 in a research note published on Monday morning, MarketBeat reports. They currently have an equal weight rating on the biopharmaceutical company’s stock.

Several other brokerages have also recently issued reports on PTCT. Morgan Stanley reissued an equal weight rating and set a $47.00 target price on shares of PTC Therapeutics in a report on Friday, August 4th. Citigroup cut shares of PTC Therapeutics from a buy rating to a neutral rating and reduced their target price for the stock from $55.00 to $28.00 in a report on Monday. Raymond James cut shares of PTC Therapeutics from an outperform rating to an underperform rating in a report on Friday. StockNews.com initiated coverage on shares of PTC Therapeutics in a report on Thursday, August 17th. They set a hold rating for the company. Finally, Cantor Fitzgerald reaffirmed an overweight rating and issued a $73.00 price objective on shares of PTC Therapeutics in a report on Monday, August 7th. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of Hold and a consensus target price of $41.00.

PTC Therapeutics Trading Down 7.5 %

NASDAQ:PTCT opened at $24.28 on Monday. PTC Therapeutics has a 12 month low of $23.83 and a 12 month high of $59.84. The firm has a fifty day simple moving average of $39.26 and a 200-day simple moving average of $44.80. The company has a market capitalization of $1.83 billion, a P/E ratio of -2.88 and a beta of 0.37.

PTC Therapeutics (NASDAQ:PTCT) last posted its quarterly earnings data on Thursday, August 3rd. The biopharmaceutical company reported ($2.66) EPS for the quarter, missing the consensus estimate of ($1.58) by ($1.08). The firm had revenue of $213.80 million for the quarter, compared to analyst estimates of $206.99 million. During the same period in the prior year, the firm earned ($2.13) EPS. The company’s revenue for the quarter was up 29.2% on a year-over-year basis. Equities analysts forecast that PTC Therapeutics will post -5.45 EPS for the current year.

Insider Activity

In other news, Director Alethia Young sold 11,666 shares of PTC Therapeutics stock in a transaction dated Wednesday, September 6th. The shares were sold at an average price of $39.86, for a total value of $465,006.76. Following the sale, the director now owns 9,067 shares in the company, valued at $361,410.62. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Company insiders own 5.30% of the company’s stock.

Hedge Funds Weigh In On PTC Therapeutics

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Virginia Retirement Systems ET AL acquired a new position in PTC Therapeutics during the second quarter worth about $517,000. Wells Fargo & Company MN boosted its holdings in PTC Therapeutics by 58.7% in the 2nd quarter. Wells Fargo & Company MN now owns 63,342 shares of the biopharmaceutical company’s stock valued at $2,576,000 after purchasing an additional 23,436 shares during the last quarter. Public Employees Retirement System of Ohio boosted its holdings in PTC Therapeutics by 34.0% in the 2nd quarter. Public Employees Retirement System of Ohio now owns 23,146 shares of the biopharmaceutical company’s stock valued at $941,000 after purchasing an additional 5,873 shares during the last quarter. Blueshift Asset Management LLC acquired a new position in PTC Therapeutics in the 2nd quarter valued at about $225,000. Finally, Lazard Asset Management LLC boosted its holdings in PTC Therapeutics by 228.6% in the 2nd quarter. Lazard Asset Management LLC now owns 4,337 shares of the biopharmaceutical company’s stock valued at $175,000 after purchasing an additional 3,017 shares during the last quarter.

PTC Therapeutics Company Profile

PTC Therapeutics, Inc, a biopharmaceutical company, focuses on the discovery, development, and commercialization of medicines to patients with rare disorders. Its portfolio pipeline includes commercial products and product candidates in various stages of development, including clinical, pre-clinical and research and discovery stages, focuses on the development of treatments for multiple therapeutic areas, such as rare diseases.