PTC Therapeutics (NASDAQ:PTCT) Upgraded to “Neutral” at Citigroup

Citigroup upgraded shares of PTC Therapeutics (NASDAQ:PTCT) from a sell rating to a neutral rating in a research report released on Wednesday morning, Marketbeat.com reports. The firm currently has $40.00 target price on the biopharmaceutical company’s stock, down from their previous target price of $50.00.

Several other equities research analysts have also commented on PTCT. Scotiabank assumed coverage on PTC Therapeutics in a research note on Friday, March 7th. They set a “sector perform” rating and a $55.00 price objective for the company. StockNews.com downgraded PTC Therapeutics from a “buy” rating to a “hold” rating in a research note on Monday, February 17th. Cantor Fitzgerald lifted their target price on shares of PTC Therapeutics from $76.00 to $113.00 and gave the stock an “overweight” rating in a research note on Monday, February 3rd. Royal Bank of Canada reiterated an “outperform” rating and issued a $65.00 target price on shares of PTC Therapeutics in a research report on Tuesday, April 22nd. Finally, Morgan Stanley restated an “overweight” rating and set a $70.00 price target (up from $67.00) on shares of PTC Therapeutics in a research report on Friday, March 7th. One research analyst has rated the stock with a sell rating, four have given a hold rating, nine have given a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat.com, PTC Therapeutics has an average rating of “Moderate Buy” and an average target price of $61.92.

PTC Therapeutics Stock Performance

Shares of PTCT opened at $44.23 on Wednesday. The business’s 50-day moving average is $48.86 and its two-hundred day moving average is $46.99. The company has a market capitalization of $3.50 billion, a P/E ratio of -7.45 and a beta of 0.52. PTC Therapeutics has a fifty-two week low of $28.72 and a fifty-two week high of $58.38.

PTC Therapeutics (NASDAQ:PTCT) last posted its earnings results on Tuesday, May 6th. The biopharmaceutical company reported $10.04 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.85 by $9.19. The firm had revenue of $1.18 billion for the quarter, compared to analysts’ expectations of $437.16 million. The company’s revenue was down 9.6% compared to the same quarter last year. During the same period in the previous year, the company earned ($1.20) earnings per share. Analysts forecast that PTC Therapeutics will post -4.52 EPS for the current year.

Insider Activity

In related news, Director Stephanie Okey sold 5,000 shares of the company’s stock in a transaction that occurred on Thursday, March 13th. The stock was sold at an average price of $54.00, for a total value of $270,000.00. Following the transaction, the director now directly owns 8,867 shares in the company, valued at approximately $478,818. This represents a 36.06 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Lee Scott Golden sold 795 shares of the firm’s stock in a transaction on Wednesday, February 19th. The stock was sold at an average price of $50.10, for a total value of $39,829.50. Following the sale, the executive vice president now directly owns 77,856 shares of the company’s stock, valued at approximately $3,900,585.60. This trade represents a 1.01 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 32,305 shares of company stock valued at $1,682,755 in the last 90 days. Company insiders own 5.50% of the company’s stock.

Institutional Trading of PTC Therapeutics

Several institutional investors and hedge funds have recently bought and sold shares of PTCT. Diversified Trust Co lifted its stake in PTC Therapeutics by 10.4% during the fourth quarter. Diversified Trust Co now owns 16,818 shares of the biopharmaceutical company’s stock worth $759,000 after purchasing an additional 1,578 shares in the last quarter. Janney Montgomery Scott LLC boosted its holdings in PTC Therapeutics by 8.3% during the 4th quarter. Janney Montgomery Scott LLC now owns 5,965 shares of the biopharmaceutical company’s stock valued at $269,000 after acquiring an additional 455 shares during the period. KBC Group NV boosted its holdings in PTC Therapeutics by 36.4% during the 4th quarter. KBC Group NV now owns 3,045 shares of the biopharmaceutical company’s stock valued at $137,000 after acquiring an additional 813 shares during the period. R Squared Ltd acquired a new position in PTC Therapeutics in the 4th quarter valued at about $79,000. Finally, China Universal Asset Management Co. Ltd. increased its stake in PTC Therapeutics by 10.5% during the fourth quarter. China Universal Asset Management Co. Ltd. now owns 16,353 shares of the biopharmaceutical company’s stock worth $738,000 after purchasing an additional 1,558 shares during the period.

PTC Therapeutics Company Profile

PTC Therapeutics, Inc, a biopharmaceutical company, focuses on the discovery, development, and commercialization of medicines to patients with rare disorders in the United States and internationally. The company offers Translarna and Emflaza for the treatment of Duchenne muscular dystrophy; Upstaza to treat aromatic l-amino acid decarboxylas (AADC) deficiency, a central nervous system disorder; Tegsedi and Waylivra for the treatment of rare diseases; and Evrysdi to treat spinal muscular atrophy (SMA) in adults and children.