Robert W. Baird Issues Pessimistic Forecast for PTC Therapeutics (NASDAQ:PTCT) Stock Price

PTC Therapeutics (NASDAQ:PTCT) had its price objective decreased by Robert W. Baird from $70.00 to $66.00 in a report published on Wednesday morning, Marketbeat reports. Robert W. Baird currently has an outperform rating on the biopharmaceutical company’s stock.

PTCT has been the topic of several other research reports. Citigroup raised PTC Therapeutics from a “sell” rating to a “neutral” rating and dropped their target price for the stock from $50.00 to $40.00 in a report on Wednesday. Royal Bank of Canada reiterated an “outperform” rating and issued a $65.00 price objective on shares of PTC Therapeutics in a research note on Tuesday, April 22nd. JPMorgan Chase & Co. decreased 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. Morgan Stanley reiterated an “overweight” rating and issued a $70.00 price target (up from $67.00) on shares of PTC Therapeutics in a research report on Friday, March 7th. Finally, Cantor Fitzgerald reduced their price target on PTC Therapeutics from $113.00 to $112.00 and set an “overweight” rating on the stock in a research report on Wednesday. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating, nine have given a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $61.92.

PTC Therapeutics Stock Performance

NASDAQ PTCT opened at $44.23 on Wednesday. The stock has a market cap of $3.50 billion, a PE ratio of -7.45 and a beta of 0.52. The firm has a 50-day moving average of $48.86 and a 200-day moving average of $46.99. PTC Therapeutics has a 52-week low of $28.72 and a 52-week high of $58.38.

PTC Therapeutics (NASDAQ:PTCT) last issued its quarterly earnings data 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 company had revenue of $1.18 billion for the quarter, compared to analyst estimates of $437.16 million. The company’s revenue was down 9.6% on a year-over-year basis. During the same quarter last year, the business earned ($1.20) earnings per share. As a group, analysts predict that PTC Therapeutics will post -4.52 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CEO Matthew B. Klein sold 2,804 shares of the stock in a transaction on Tuesday, April 22nd. The stock was sold at an average price of $48.74, for a total value of $136,666.96. Following the completion of the transaction, the chief executive officer now directly owns 273,234 shares in the company, valued at approximately $13,317,425.16. This represents a 1.02 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Lee Scott Golden sold 897 shares of the business’s stock in a transaction on Wednesday, April 2nd. The stock was sold at an average price of $46.95, for a total value of $42,114.15. Following the sale, the executive vice president now owns 75,997 shares in the company, valued at $3,568,059.15. This represents a 1.17 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 32,305 shares of company stock valued at $1,682,755. 5.50% of the stock is currently owned by corporate insiders.

Institutional Trading of PTC Therapeutics

A number of hedge funds have recently made changes to their positions in the company. Deutsche Bank AG increased its stake in shares of PTC Therapeutics by 262.1% in the first quarter. Deutsche Bank AG now owns 341,724 shares of the biopharmaceutical company’s stock valued at $17,414,000 after buying an additional 247,346 shares during the period. Westfield Capital Management Co. LP bought a new stake in PTC Therapeutics during the 1st quarter worth approximately $259,000. PNC Financial Services Group Inc. increased its position in PTC Therapeutics by 84.2% in the 1st quarter. PNC Financial Services Group Inc. now owns 700 shares of the biopharmaceutical company’s stock valued at $36,000 after acquiring an additional 320 shares during the period. Natixis Advisors LLC raised its stake in shares of PTC Therapeutics by 26.2% during the first quarter. Natixis Advisors LLC now owns 15,220 shares of the biopharmaceutical company’s stock valued at $776,000 after acquiring an additional 3,160 shares during the last quarter. Finally, Bayforest Capital Ltd acquired a new position in shares of PTC Therapeutics during the first quarter worth $415,000.

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.