PTC Therapeutics (NASDAQ:PTCT) Upgraded to “Market Perform” by Raymond James

Raymond James upgraded shares of PTC Therapeutics (NASDAQ:PTCT) from an underperform rating to a market perform rating in a research report sent to investors on Monday, MarketBeat Ratings reports.

A number of other equities research analysts also recently commented on the company. Royal Bank of Canada boosted their target price on PTC Therapeutics from $22.00 to $28.00 and gave the stock a sector perform rating in a research report on Friday, March 1st. Cantor Fitzgerald reaffirmed an overweight rating and set a $45.00 price objective on shares of PTC Therapeutics in a report on Friday, April 12th. TD Cowen reduced their price target on shares of PTC Therapeutics from $32.00 to $30.00 and set a market perform rating on the stock in a research report on Friday, March 1st. Morgan Stanley raised 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 research note on Monday, April 29th. Finally, Jefferies Financial Group upped their price target on shares of PTC Therapeutics from $33.00 to $35.00 and gave the company a buy rating in a research note on Wednesday, March 20th. Three equities research analysts have rated the stock with a sell rating, eight have given a hold rating and four have issued a buy rating to the company. According to MarketBeat, PTC Therapeutics has a consensus rating of Hold and an average target price of $35.67.

PTC Therapeutics Price Performance

Shares of PTCT opened at $38.64 on Monday. The firm has a market cap of $2.96 billion, a P/E ratio of -5.03 and a beta of 0.63. PTC Therapeutics has a 1 year low of $17.53 and a 1 year high of $59.75. The company has a 50 day simple moving average of $29.63 and a two-hundred day simple moving average of $27.33.

PTC Therapeutics (NASDAQ:PTCT) last issued its earnings results on Thursday, April 25th. The biopharmaceutical company reported ($1.20) earnings per share for the quarter, topping analysts’ consensus estimates of ($1.21) by $0.01. The company had revenue of $210.12 million for the quarter, compared to the consensus estimate of $160.27 million. On average, sell-side analysts anticipate that PTC Therapeutics will post -5.36 earnings per share for the current year.

Insider Activity

In other news, CEO Matthew B. Klein sold 3,361 shares of the stock in a transaction on Friday, April 19th. The shares were sold at an average price of $24.89, for a total value of $83,655.29. Following the sale, the chief executive officer now owns 225,807 shares of the company’s stock, valued at $5,620,336.23. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Over the last quarter, insiders have sold 4,849 shares of company stock valued at $124,107. 5.50% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On PTC Therapeutics

Several hedge funds and other institutional investors have recently made changes to their positions in PTCT. Armistice Capital LLC raised its stake in shares of PTC Therapeutics by 90.0% in the third quarter. Armistice Capital LLC now owns 6,150,000 shares of the biopharmaceutical company’s stock valued at $137,822,000 after acquiring an additional 2,914,000 shares during the period. Wellington Management Group LLP grew its holdings in shares of PTC Therapeutics by 39.0% in the third quarter. Wellington Management Group LLP now owns 9,436,188 shares of the biopharmaceutical company’s stock worth $211,465,000 after purchasing an additional 2,649,824 shares during the last quarter. Janus Henderson Group PLC grew its holdings in shares of PTC Therapeutics by 40.5% in the first quarter. Janus Henderson Group PLC now owns 3,669,816 shares of the biopharmaceutical company’s stock worth $106,744,000 after purchasing an additional 1,057,223 shares during the last quarter. Vanguard Group Inc. grew its holdings in shares of PTC Therapeutics by 10.8% in the fourth quarter. Vanguard Group Inc. now owns 8,800,843 shares of the biopharmaceutical company’s stock worth $242,551,000 after purchasing an additional 855,354 shares during the last quarter. Finally, Norges Bank bought a new position in shares of PTC Therapeutics in the fourth quarter worth about $15,058,000.

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.