Today: Today, The Zacks Investment Research Downgrade PTC Therapeutics Inc. (PTCT) to Hold

Today, The Zacks Investment Research Downgrade PTC Therapeutics Inc. (PTCT) to Hold

PTC Therapeutics Inc. (NASDAQ:PTCT) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a note issued to investors on Saturday.

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. “

A number of other research firms have also commented on PTCT. Bank of America Corp. reissued a “hold” rating and issued a $15.00 target price on shares of PTC Therapeutics in a report on Monday, October 3rd. Wedbush reissued a “neutral” rating and issued a $10.00 target price on shares of PTC Therapeutics in a report on Tuesday, October 11th. Credit Suisse Group AG lifted their target price on PTC Therapeutics to $15.00 and gave the stock a “neutral” rating in a report on Tuesday, October 11th. Jefferies Group reissued a “hold” rating and issued a $7.00 target price on shares of PTC Therapeutics in a report on Thursday, September 22nd. Finally, Citigroup Inc. lifted their target price on PTC Therapeutics from $8.00 to $9.00 and gave the stock a “neutral” rating in a report on Monday, August 8th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and four have assigned a buy rating to the stock. PTC Therapeutics presently has an average rating of “Hold” and an average price target of $31.72.

Shares of PTC Therapeutics (NASDAQ:PTCT) opened at 12.41 on Friday. The stock’s market cap is $423.99 million. The company’s 50-day moving average price is $9.17 and its 200-day moving average price is $8.33. PTC Therapeutics has a one year low of $4.03 and a one year high of $35.40.

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

Institutional investors have recently added to or reduced their stakes in the stock. Highbridge Capital Management LLC increased its position in PTC Therapeutics by 122.6% in the third quarter. Highbridge Capital Management LLC now owns 27,239 shares of the biopharmaceutical company’s stock valued at $382,000 after buying an additional 15,000 shares during the period. D. E. Shaw & Co. Inc. increased its position in PTC Therapeutics by 2,511.8% in the third quarter. D. E. Shaw & Co. Inc. now owns 751,177 shares of the biopharmaceutical company’s stock valued at $10,524,000 after buying an additional 722,416 shares during the period. The Manufacturers Life Insurance Company bought a new position in PTC Therapeutics during the third quarter valued at $514,000. Moore Capital Management LP bought a new position in PTC Therapeutics during the third quarter valued at $1,401,000. Finally, United Services Automobile Association increased its position in PTC Therapeutics by 9.7% in the third quarter. United Services Automobile Association now owns 29,360 shares of the biopharmaceutical company’s stock valued at $411,000 after buying an additional 2,600 shares during the period. 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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