PTC Therapeutics, Inc. (NASDAQ:PTCT) Receives Average Recommendation of “Reduce” from Brokerages

PTC Therapeutics, Inc. (NASDAQ:PTCT) has earned a consensus recommendation of “Reduce” from the thirteen brokerages that are presently covering the stock, MarketBeat.com reports. Four research analysts have rated the stock with a sell recommendation, six have given a hold recommendation and three have given a buy recommendation to the company. The average 1 year target price among brokerages that have covered the stock in the last year is $33.67.

PTCT has been the topic of several recent analyst reports. Jefferies Financial Group lifted their target price on PTC Therapeutics from $33.00 to $35.00 and gave the stock a “buy” rating in a report on Wednesday, March 20th. TD Cowen decreased their price objective on PTC Therapeutics from $32.00 to $30.00 and set a “market perform” rating for the company in a research report on Friday, March 1st. Cantor Fitzgerald restated an “overweight” rating and set a $45.00 target price on shares of PTC Therapeutics in a report on Friday, April 12th. Morgan Stanley upgraded shares of PTC Therapeutics from an “underweight” rating to an “equal weight” rating and upped their price target for the company from $28.00 to $30.00 in a report on Monday. Finally, Royal Bank of Canada raised their price objective on shares of PTC Therapeutics from $22.00 to $28.00 and gave the stock a “sector perform” rating in a report on Friday, March 1st.

Insider Transactions at PTC Therapeutics

In other news, CEO Matthew B. Klein sold 3,361 shares of PTC Therapeutics stock in a transaction dated Friday, April 19th. The shares were sold at an average price of $24.89, for a total value of $83,655.29. Following the completion of the transaction, the chief executive officer now owns 225,807 shares of the company’s stock, valued at approximately $5,620,336.23. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders have sold a total of 4,674 shares of company stock worth $118,363 in the last 90 days. Corporate insiders own 5.30% of the company’s stock.

Institutional Investors Weigh In On PTC Therapeutics

Several institutional investors and hedge funds have recently bought and sold shares of PTCT. Rathbones Group PLC acquired a new stake in shares of PTC Therapeutics during the 3rd quarter worth approximately $532,000. Charles Schwab Investment Management Inc. lifted its position in shares of PTC Therapeutics by 4.1% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 596,763 shares of the biopharmaceutical company’s stock worth $13,373,000 after buying an additional 23,288 shares during the last quarter. Walleye Capital LLC boosted its stake in PTC Therapeutics by 958.6% in the third quarter. Walleye Capital LLC now owns 72,030 shares of the biopharmaceutical company’s stock valued at $1,614,000 after buying an additional 65,226 shares in the last quarter. Jacobs Levy Equity Management Inc. grew its position in PTC Therapeutics by 10.2% in the third quarter. Jacobs Levy Equity Management Inc. now owns 1,122,698 shares of the biopharmaceutical company’s stock valued at $25,160,000 after acquiring an additional 104,024 shares during the last quarter. Finally, Vanguard Group Inc. raised its stake in PTC Therapeutics by 5.2% during the third quarter. Vanguard Group Inc. now owns 7,945,489 shares of the biopharmaceutical company’s stock worth $178,058,000 after acquiring an additional 393,012 shares in the last quarter.

PTC Therapeutics Stock Up 12.5 %

Shares of PTCT stock opened at $32.14 on Tuesday. The stock has a 50-day moving average of $28.28 and a 200-day moving average of $25.92. PTC Therapeutics has a one year low of $17.53 and a one year high of $59.84.

PTC Therapeutics (NASDAQ:PTCT) last posted its earnings results on Thursday, April 25th. The biopharmaceutical company reported ($1.20) earnings per share for the quarter, topping the consensus estimate of ($1.21) by $0.01. The firm had revenue of $210.12 million during the quarter, compared to analyst estimates of $160.27 million. As a group, research analysts expect that PTC Therapeutics will post -5.87 EPS for the current year.

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.