Today, PTC Therapeutics Inc. (PTCT) Stock Rating Upgrade by The Zacks Investment Research

Today, PTC Therapeutics Inc. (PTCT) Stock Rating Upgrade by The Zacks Investment Research
PTC Therapeutics Inc. (NASDAQ:PTCT) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Friday. The brokerage currently has a $14.00 price target on the biopharmaceutical company’s stock. Zacks Investment Research’s price objective indicates a potential upside of 13.73% from the stock’s previous close.

According to Zacks, “PTC Therapeutics, Inc. is a biopharmaceutical company. It is focused on the discovery and development of orally administered, small-molecule drugs for genetic disorders, oncology and infectious disease. PTC Therapeutics, Inc. is based in South Plainfield, United States. “

PTCT has been the topic of a number of other research reports. Citigroup Inc. raised shares of PTC Therapeutics from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $7.00 to $15.00 in a report on Friday, November 11th. Jefferies Group reissued a “hold” rating and set a $7.00 price objective on shares of PTC Therapeutics in a report on Thursday, September 22nd. Wedbush reissued a “neutral” rating and set a $10.00 price objective on shares of PTC Therapeutics in a report on Tuesday, October 11th. Cowen and Company reissued a “market perform” rating on shares of PTC Therapeutics in a report on Friday, November 4th. Finally, Bank of America Corp. reissued a “hold” rating and set a $15.00 price objective on shares of PTC Therapeutics in a report on Monday, October 3rd. One analyst has rated the stock with a sell rating, seven have issued a hold rating and five have assigned a buy rating to the stock. PTC Therapeutics presently has a consensus rating of “Hold” and an average price target of $31.72.

Shares of PTC Therapeutics (NASDAQ:PTCT) traded down 1.22% during mid-day trading on Friday, reaching $12.16. 165,489 shares of the company were exchanged. PTC Therapeutics has a 12 month low of $4.03 and a 12 month high of $35.40. The stock has a 50 day moving average price of $9.33 and a 200-day moving average price of $8.30. The stock’s market capitalization is $415.45 million.

PTC Therapeutics (NASDAQ:PTCT) last released its quarterly earnings data on Wednesday, November 2nd. The biopharmaceutical company reported ($1.03) earnings per share for the quarter, topping analysts’ consensus estimates of ($1.22) by $0.19. PTC Therapeutics had a negative net margin of 236.68% and a negative return on equity of 90.33%. The company had revenue of $23 million for the quarter, compared to analysts’ expectations of $19.76 million. During the same quarter last year, the company earned ($1.27) earnings per share. The firm’s revenue for the quarter was up 135.1% on a year-over-year basis. Analysts predict that PTC Therapeutics will post ($4.42) earnings per share for the current year.

A number of institutional investors have recently bought and sold shares of the stock. Jennison Associates LLC raised its position in PTC Therapeutics by 67.5% in the second quarter. Jennison Associates LLC now owns 446,000 shares of the biopharmaceutical company’s stock worth $3,131,000 after buying an additional 179,720 shares during the period. Emerald Acquisition Ltd. purchased a new position in PTC Therapeutics during the second quarter worth $209,000. Swiss National Bank raised its position in PTC Therapeutics by 6.1% in the second quarter. Swiss National Bank now owns 50,065 shares of the biopharmaceutical company’s stock worth $351,000 after buying an additional 2,900 shares during the period. Frontier Capital Management Co. LLC raised its position in PTC Therapeutics by 48.2% in the second quarter. Frontier Capital Management Co. LLC now owns 1,433,975 shares of the biopharmaceutical company’s stock worth $10,067,000 after buying an additional 466,608 shares during the period. Finally, Commerzbank Aktiengesellschaft FI purchased a new position in PTC Therapeutics during the second quarter worth $158,000. Hedge funds and other institutional investors own 84.70% of the company’s stock.

About PTC Therapeutics

PTC Therapeutics, Inc is a biopharmaceutical company focused on the discovery, development and commercialization of orally administered, small molecule therapeutics that focus on post-transcriptional control processes. The Company’s lead product, Translarna (ataluren), is used for the treatment of nonsense mutation Duchenne muscular dystrophy (nmDMD) in ambulatory patients with age of over five years and older.

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