Citigroup Upgrades PTC Therapeutics (NASDAQ:PTCT) to Neutral

PTC Therapeutics (NASDAQ:PTCT) was upgraded by Citigroup from a “sell” rating to a “neutral” rating in a research report issued on Wednesday, MarketBeat Ratings reports. The firm currently has a $40.00 target price on the biopharmaceutical company’s stock, down from their previous target price of $50.00. Citigroup’s target price suggests a potential downside of 5.98% from the stock’s previous close.

Several other research firms have also recently weighed in on PTCT. Cantor Fitzgerald lifted their target price on PTC Therapeutics from $76.00 to $113.00 and gave the company an “overweight” rating in a research note on Monday, February 3rd. Royal Bank of Canada reaffirmed an “outperform” rating and set a $65.00 price objective on shares of PTC Therapeutics in a research report on Tuesday, April 22nd. JPMorgan Chase & Co. cut their target price on shares of PTC Therapeutics from $78.00 to $75.00 and set an “overweight” rating for the company in a research report on Monday, March 31st. Scotiabank initiated coverage on shares of PTC Therapeutics in a report on Friday, March 7th. They set a “sector perform” rating and a $55.00 price target on the stock. Finally, Bank of America upgraded PTC Therapeutics from an “underperform” rating to a “neutral” rating and increased their price objective for the stock from $41.00 to $55.00 in a report on Tuesday, March 11th. One analyst has rated the stock with a sell rating, five have assigned a hold rating, eight have assigned a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat, PTC Therapeutics currently has a consensus rating of “Moderate Buy” and a consensus price target of $60.92.

PTC Therapeutics Stock Performance

Shares of NASDAQ:PTCT opened at $42.54 on Wednesday. The firm has a 50 day simple moving average of $49.01 and a 200 day simple moving average of $46.96. PTC Therapeutics has a 52 week low of $28.72 and a 52 week high of $58.38. The company has a market cap of $3.37 billion, a PE ratio of -7.16 and a beta of 0.52.

PTC Therapeutics (NASDAQ:PTCT) last released its earnings results on Tuesday, May 6th. The biopharmaceutical company reported $10.04 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.85 by $9.19. The business had revenue of $1.18 billion during the quarter, compared to analysts’ expectations of $437.16 million. During the same quarter in the previous year, the company earned ($1.20) EPS. PTC Therapeutics’s revenue for the quarter was down 9.6% on a year-over-year basis. On average, equities analysts predict that PTC Therapeutics will post -4.52 earnings per share for the current year.

Insiders Place Their Bets

In other news, CAO Christine Marie Utter sold 879 shares of the firm’s stock in a transaction dated Wednesday, February 19th. The stock was sold at an average price of $50.10, for a total value of $44,037.90. Following the sale, the chief accounting officer now directly owns 63,442 shares of the company’s stock, valued at approximately $3,178,444.20. This trade represents a 1.37 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Matthew B. Klein sold 2,804 shares of the business’s stock in a transaction dated Tuesday, April 22nd. The stock was sold at an average price of $48.74, for a total value of $136,666.96. Following the transaction, the chief executive officer now directly owns 273,234 shares of the company’s stock, valued at $13,317,425.16. This represents a 1.02 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 32,305 shares of company stock valued at $1,682,755 over the last 90 days. 5.50% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On PTC Therapeutics

Hedge funds and other institutional investors have recently modified their holdings of the stock. Smartleaf Asset Management LLC raised its position in shares of PTC Therapeutics by 78.7% during the fourth quarter. Smartleaf Asset Management LLC now owns 613 shares of the biopharmaceutical company’s stock valued at $28,000 after buying an additional 270 shares during the last quarter. Sterling Capital Management LLC raised its holdings in PTC Therapeutics by 424.4% in the 4th quarter. Sterling Capital Management LLC now owns 645 shares of the biopharmaceutical company’s stock valued at $29,000 after acquiring an additional 522 shares in the last quarter. GAMMA Investing LLC lifted its position in shares of PTC Therapeutics by 86.3% in the 1st quarter. GAMMA Investing LLC now owns 952 shares of the biopharmaceutical company’s stock worth $49,000 after acquiring an additional 441 shares during the period. Venturi Wealth Management LLC acquired a new stake in shares of PTC Therapeutics during the 4th quarter worth approximately $68,000. Finally, GF Fund Management CO. LTD. bought a new stake in shares of PTC Therapeutics during the fourth quarter valued at approximately $73,000.

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.