PTC Therapeutics (NASDAQ:PTCT) Stock Rating Raised to “Strong-Buy” at UBS Group

PTC Therapeutics (NASDAQ:PTCT) was upgraded by investment analysts at UBS Group to a “strong-buy” rating in a research report issued on Wednesday, Zacks reports.

Several other brokerages have also commented on PTCT. Truist Financial assumed coverage on PTC Therapeutics in a research note on Friday. They issued a “hold” rating and a $62.00 price target on the stock. Leerink Partners began coverage on shares of PTC Therapeutics in a research report on Monday, September 14th. They set an “outperform” rating and a $98.00 target price for the company. Zacks Research lowered shares of PTC Therapeutics from a “strong-buy” rating to a “hold” rating in a research note on Thursday, August 6th. Wall Street Zen cut PTC Therapeutics from a “strong-buy” rating to a “buy” rating in a research note on Saturday, October 10th. Finally, Barclays increased their price objective on shares of PTC Therapeutics from $120.00 to $122.00 and gave the stock an “overweight” rating in a research report on Friday, August 14th. One investment analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, three have given a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $95.07.

PTC Therapeutics Price Performance

PTCT traded down $1.75 during midday trading on Wednesday, hitting $59.24. 788,962 shares of the company’s stock traded hands, compared to its average volume of 1,319,208. The company has a market cap of $4.94 billion, a PE ratio of -102.14, a price-to-earnings-growth ratio of 1.84 and a beta of 0.49. The stock’s fifty day simple moving average is $67.41 and its 200-day simple moving average is $71.73. PTC Therapeutics has a one year low of $58.80 and a one year high of $90.87.

PTC Therapeutics (NASDAQ:PTCT) last posted its earnings results on Thursday, July 30th. The biopharmaceutical company reported $0.92 EPS for the quarter, topping the consensus estimate of $0.24 by $0.68. The business had revenue of $360.52 million for the quarter, compared to analyst estimates of $298.63 million. During the same period in the previous year, the company earned ($0.83) earnings per share. The company’s quarterly revenue was up 101.5% compared to the same quarter last year. On average, research analysts expect that PTC Therapeutics will post 1.19 EPS for the current year.

Insiders Place Their Bets

In related news, VP Mark Boulding sold 435 shares of the business’s stock in a transaction on Tuesday, October 6th. The stock was sold at an average price of $64.16, for a total transaction of $27,909.60. Following the sale, the vice president owned 105,272 shares in the company, valued at $6,754,251.52. The trade was a 0.41% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Glenn Md Phd Steele, Jr. sold 12,000 shares of the company’s stock in a transaction that occurred on Wednesday, September 30th. The shares were sold at an average price of $65.16, for a total value of $781,920.00. Following the completion of the transaction, the director directly owned 22,500 shares of the company’s stock, valued at $1,466,100. This represents a 34.78% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 77,370 shares of company stock worth $5,322,261 over the last three months. Insiders own 5.30% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in PTCT. EverSource Wealth Advisors LLC raised its stake in PTC Therapeutics by 16.9% during the 1st quarter. EverSource Wealth Advisors LLC now owns 1,045 shares of the biopharmaceutical company’s stock worth $71,000 after buying an additional 151 shares during the period. Envestnet Portfolio Solutions Inc. grew its position in PTC Therapeutics by 1.8% during the second quarter. Envestnet Portfolio Solutions Inc. now owns 13,730 shares of the biopharmaceutical company’s stock valued at $1,120,000 after buying an additional 237 shares during the period. PNC Financial Services Group Inc. grew its holdings in PTC Therapeutics by 8.5% during the first quarter. PNC Financial Services Group Inc. now owns 3,128 shares of the biopharmaceutical company’s stock valued at $213,000 after purchasing an additional 244 shares during the period. Evolve Private Wealth LLC increased its stake in shares of PTC Therapeutics by 5.2% in the first quarter. Evolve Private Wealth LLC now owns 6,122 shares of the biopharmaceutical company’s stock worth $417,000 after purchasing an additional 305 shares in the last quarter. Finally, New York State Teachers Retirement System raised its holdings in PTC Therapeutics by 0.7% during the 1st quarter. New York State Teachers Retirement System now owns 44,953 shares of the biopharmaceutical company’s stock valued at $3,063,000 after acquiring an additional 316 shares during the period.

PTC Therapeutics Company Profile

PTC Therapeutics, Inc is a biopharmaceutical company focused on discovering, developing and commercializing medicines for rare diseases. Its research programs use technologies designed to address genetic and molecular causes of disease, including RNA biology, protein translation and gene therapy.

The company’s commercial portfolio includes Emflaza (deflazacort), a corticosteroid approved in the United States to treat Duchenne muscular dystrophy, and Upstaza (eladocagene exuparvovec), a gene therapy for aromatic L-amino acid decarboxylase deficiency in eligible patients.