Bank of America Upgrades PTC Therapeutics (NASDAQ:PTCT) to Buy

Bank of America upgraded shares of PTC Therapeutics (NASDAQ:PTCT) from a neutral rating to a buy rating in a research report released on Friday morning, Marketbeat Ratings reports. The firm currently has $68.00 price objective on the biopharmaceutical company’s stock, up from their previous price objective of $55.00.

PTCT has been the topic of a number of other research reports. Citigroup upgraded PTC Therapeutics from a “sell” rating to a “neutral” rating and cut their target price for the stock from $50.00 to $40.00 in a research report on Wednesday. Morgan Stanley reiterated an “overweight” rating and issued a $70.00 price objective (up previously from $67.00) on shares of PTC Therapeutics in a research note on Friday, March 7th. JPMorgan Chase & Co. lowered their target price on shares of PTC Therapeutics from $75.00 to $67.00 and set an “overweight” rating on the stock in a research report on Wednesday. Cantor Fitzgerald reduced their price target on shares of PTC Therapeutics from $113.00 to $112.00 and set an “overweight” rating for the company in a research report on Wednesday. Finally, Barclays lowered their price objective on shares of PTC Therapeutics from $56.00 to $42.00 and set an “equal weight” rating on the stock in a research report on Thursday. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating, nine have assigned a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $61.92.

PTC Therapeutics Stock Up 4.0 %

PTCT stock opened at $44.23 on Friday. The stock has a market cap of $3.50 billion, a price-to-earnings 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. The business has a 50 day moving average price of $48.86 and a 200 day moving average price of $46.99.

PTC Therapeutics (NASDAQ:PTCT) last issued its earnings results on Tuesday, May 6th. The biopharmaceutical company reported $10.04 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.85 by $9.19. The company had revenue of $1.18 billion during the quarter, compared to analyst estimates of $437.16 million. During the same quarter in the previous year, the company posted ($1.20) EPS. The company’s quarterly revenue was down 9.6% on a year-over-year basis. As a group, sell-side analysts anticipate that PTC Therapeutics will post -4.52 EPS for the current year.

Insider Buying and Selling at PTC Therapeutics

In related news, CEO Matthew B. Klein sold 2,804 shares of the business’s stock in a transaction dated Tuesday, April 22nd. The shares were sold at an average price of $48.74, for a total transaction of $136,666.96. Following the sale, the chief executive officer now owns 273,234 shares of the company’s stock, valued at approximately $13,317,425.16. The trade was a 1.02 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Stephanie Okey sold 5,000 shares of the stock in a transaction dated Thursday, March 13th. The shares were sold at an average price of $54.00, for a total transaction of $270,000.00. Following the completion of the transaction, the director now directly owns 8,867 shares of the company’s stock, valued at approximately $478,818. This trade represents a 36.06 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 32,305 shares of company stock valued at $1,682,755. 5.50% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in PTC Therapeutics by 0.3% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 65,681 shares of the biopharmaceutical company’s stock valued at $2,967,000 after purchasing an additional 205 shares during the last quarter. Arizona State Retirement System raised its position in shares of PTC Therapeutics by 1.1% in the fourth quarter. Arizona State Retirement System now owns 20,095 shares of the biopharmaceutical company’s stock valued at $907,000 after buying an additional 219 shares during the last quarter. Choreo LLC lifted its stake in shares of PTC Therapeutics by 2.0% during the fourth quarter. Choreo LLC now owns 11,961 shares of the biopharmaceutical company’s stock valued at $541,000 after buying an additional 240 shares during the period. Summit Investment Advisors Inc. boosted its position in PTC Therapeutics by 3.3% during the fourth quarter. Summit Investment Advisors Inc. now owns 7,968 shares of the biopharmaceutical company’s stock worth $360,000 after acquiring an additional 253 shares during the last quarter. Finally, Smartleaf Asset Management LLC grew its stake in PTC Therapeutics by 78.7% in the 4th quarter. Smartleaf Asset Management LLC now owns 613 shares of the biopharmaceutical company’s stock worth $28,000 after acquiring an additional 270 shares during the period.

About PTC Therapeutics

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.