PTC Therapeutics (NASDAQ:PTCT) Rating Increased to Buy at Bank of America

Bank of America upgraded shares of PTC Therapeutics (NASDAQ:PTCT) from a neutral rating to a buy rating in a report published on Friday morning, MarketBeat Ratings reports. They currently have $68.00 target price on the biopharmaceutical company’s stock, up from their prior target price of $55.00.

A number of other equities research analysts have also issued reports on the company. Citigroup upgraded PTC Therapeutics from a “sell” rating to a “neutral” rating and dropped their price target for the company from $50.00 to $40.00 in a research report on Wednesday. Morgan Stanley restated an “overweight” rating and issued a $70.00 target price (up from $67.00) on shares of PTC Therapeutics in a report on Friday, March 7th. Robert W. Baird reduced their price target on PTC Therapeutics from $70.00 to $66.00 and set an “outperform” rating on the stock in a report on Wednesday. JPMorgan Chase & Co. dropped their price objective on shares of PTC Therapeutics from $75.00 to $67.00 and set an “overweight” rating for the company in a report on Wednesday. Finally, Barclays reduced their target price on shares of PTC Therapeutics from $56.00 to $42.00 and set an “equal weight” rating on the stock in a research note on Thursday. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating, nine have assigned a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $61.92.

PTC Therapeutics Stock Performance

Shares of PTCT stock opened at $44.23 on Friday. PTC Therapeutics has a fifty-two week low of $28.72 and a fifty-two week high of $58.38. The stock’s fifty day moving average is $48.86 and its two-hundred day moving average is $46.99. The firm has a market capitalization of $3.50 billion, a P/E ratio of -7.45 and a beta of 0.52.

PTC Therapeutics (NASDAQ:PTCT) last posted its quarterly earnings results on Tuesday, May 6th. The biopharmaceutical company reported $10.04 earnings per share for the quarter, topping the consensus estimate 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 period in the prior year, the business posted ($1.20) earnings per share. The business’s quarterly revenue was down 9.6% on a year-over-year basis. On average, equities analysts forecast that PTC Therapeutics will post -4.52 earnings per share for the current year.

Insiders Place Their Bets

In other news, 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 sale, the director now owns 8,867 shares of the company’s stock, valued at approximately $478,818. This represents a 36.06 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Matthew B. Klein sold 2,804 shares of PTC Therapeutics stock in a transaction that occurred on Tuesday, April 22nd. The shares were sold at an average price of $48.74, for a total transaction of $136,666.96. Following the completion of the transaction, the chief executive officer now owns 273,234 shares of the company’s stock, valued at $13,317,425.16. This trade represents a 1.02 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 32,305 shares of company stock worth $1,682,755 over the last ninety days. Corporate insiders own 5.50% of the company’s stock.

Hedge Funds Weigh In On PTC Therapeutics

Several institutional investors have recently modified their holdings of the business. Smartleaf Asset Management LLC boosted its holdings in PTC Therapeutics by 78.7% in the fourth quarter. Smartleaf Asset Management LLC now owns 613 shares of the biopharmaceutical company’s stock valued at $28,000 after purchasing an additional 270 shares during the period. Sterling Capital Management LLC boosted its stake in shares of 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 buying an additional 522 shares during the period. PNC Financial Services Group Inc. grew its position in shares of PTC Therapeutics by 84.2% during the first quarter. PNC Financial Services Group Inc. now owns 700 shares of the biopharmaceutical company’s stock worth $36,000 after buying an additional 320 shares in the last quarter. GAMMA Investing LLC increased its stake in shares of PTC Therapeutics by 86.3% during the first quarter. GAMMA Investing LLC now owns 952 shares of the biopharmaceutical company’s stock worth $49,000 after buying an additional 441 shares during the period. Finally, Venturi Wealth Management LLC acquired a new stake in PTC Therapeutics in the fourth quarter valued at approximately $68,000.

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.