Zacks Research Upgrades PTC Therapeutics (NASDAQ:PTCT) to Strong-Buy

PTC Therapeutics (NASDAQ:PTCT) was upgraded by analysts at Zacks Research from a “hold” rating to a “strong-buy” rating in a note issued to investors on Tuesday,Zacks.com reports.

Several other equities analysts have also commented on the stock. Citigroup upgraded shares of PTC Therapeutics from a “neutral” rating to a “buy” rating and increased their price objective for the company from $75.00 to $108.00 in a research report on Tuesday, June 9th. Morgan Stanley restated an “overweight” rating and issued a $94.00 target price on shares of PTC Therapeutics in a report on Friday, May 8th. Truist Financial upgraded shares of PTC Therapeutics to a “strong-buy” rating in a research report on Wednesday, March 25th. Royal Bank Of Canada increased their price target on shares of PTC Therapeutics from $82.00 to $85.00 and gave the company a “sector perform” rating in a report on Tuesday. Finally, TD Cowen upgraded PTC Therapeutics from a “hold” rating to a “buy” rating and lifted their price target for the stock from $75.00 to $90.00 in a research report on Friday, May 8th. Two analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating, one has given a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $91.57.

PTC Therapeutics Price Performance

NASDAQ PTCT opened at $88.57 on Tuesday. The stock has a market capitalization of $7.35 billion, a PE ratio of -38.01, a P/E/G ratio of 4.10 and a beta of 0.53. The business has a 50 day simple moving average of $74.77 and a two-hundred day simple moving average of $72.61. PTC Therapeutics has a 1-year low of $43.17 and a 1-year high of $89.85.

PTC Therapeutics (NASDAQ:PTCT) last issued its quarterly earnings data on Thursday, May 7th. The biopharmaceutical company reported ($0.03) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.45) by $0.42. The business had revenue of $272.55 million for the quarter, compared to analysts’ expectations of $217.42 million. PTC Therapeutics had a negative return on equity of 362.45% and a negative net margin of 22.58%.The company’s revenue for the quarter was up 43.5% on a year-over-year basis. During the same period in the prior year, the firm earned $10.04 EPS. On average, analysts anticipate that PTC Therapeutics will post 0.78 EPS for the current fiscal year.

Insider Activity at PTC Therapeutics

In related news, VP Mark Elliott Boulding sold 10,462 shares of the company’s stock in a transaction dated Wednesday, June 17th. The shares were sold at an average price of $78.65, for a total transaction of $822,836.30. Following the transaction, the vice president directly owned 105,272 shares in the company, valued at approximately $8,279,642.80. This represents a 9.04% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Neil Gregory Almstead sold 24,613 shares of the stock in a transaction dated Tuesday, July 7th. The stock was sold at an average price of $88.89, for a total transaction of $2,187,849.57. Following the completion of the sale, the insider directly owned 60,299 shares in the company, valued at $5,359,978.11. This trade represents a 28.99% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 183,214 shares of company stock worth $14,902,651 in the last three months. 5.50% of the stock is owned by insiders.

Institutional Investors Weigh In On PTC Therapeutics

A number of institutional investors and hedge funds have recently modified their holdings of the business. UMB Bank n.a. bought a new position in PTC Therapeutics in the 4th quarter valued at $26,000. Comerica Bank boosted its stake in shares of PTC Therapeutics by 868.5% during the third quarter. Comerica Bank now owns 523 shares of the biopharmaceutical company’s stock valued at $32,000 after purchasing an additional 469 shares during the period. Salomon & Ludwin LLC purchased a new stake in PTC Therapeutics in the 4th quarter valued at about $41,000. Allworth Financial LP boosted its position in PTC Therapeutics by 63.8% in the 4th quarter. Allworth Financial LP now owns 634 shares of the biopharmaceutical company’s stock valued at $48,000 after buying an additional 247 shares during the period. Finally, First Horizon Corp bought a new position in PTC Therapeutics in the 4th quarter worth about $53,000.

PTC Therapeutics News Summary

Here are the key news stories impacting PTC Therapeutics this week:

• Positive Sentiment: Zacks Research upgraded PTC Therapeutics (PTCT) from “hold” to “strong-buy,” signaling improved confidence in the company’s earnings outlook and potentially helping support the stock. Zacks.com
• Neutral Sentiment: Analyst sentiment remains constructive overall, with several firms rating PTCT a buy or better and a consensus target price above current levels, which may reinforce investor optimism.
• Neutral Sentiment: PTC Therapeutics recently beat quarterly earnings and revenue estimates, which continues to provide a fundamental tailwind for the shares.
• Negative Sentiment: Vice President Mark Elliott Boulding sold 5,079 shares under a pre-arranged trading plan, adding to recent insider selling and possibly creating some concern about insider confidence. PTC Therapeutics (NASDAQ:PTCT) VP Mark Elliott Boulding Sells 5,079 Shares
• Negative Sentiment: Another insider, Neil Gregory Almstead, sold a combined 46,774 shares over two transactions this week, which may be weighing on sentiment despite the sales being part of a 10b5-1 plan.

About PTC Therapeutics

PTC Therapeutics, Inc is a biopharmaceutical company focused on the discovery, development and commercialization of small molecule and biologic therapies for the treatment of rare genetic disorders. Since its founding in 1998, PTC has dedicated its efforts to addressing high unmet medical needs by targeting underlying genetic causes of disease. The company’s research platform emphasizes mechanisms such as nonsense suppression and RNA modulation, enabling the development of novel treatments for conditions with limited therapeutic options.

Among PTC’s approved products is Translarna (ataluren), a first-in-class therapy designed to treat nonsense mutation Duchenne muscular dystrophy in select markets.