PTC Therapeutics (NASDAQ:PTCT) Lowered to Underperform at Raymond James

PTC Therapeutics (NASDAQ:PTCT) was downgraded by equities research analysts at Raymond James from an “outperform” rating to an “underperform” rating in a note issued to investors on Friday, FlyOnTheWall reports.

PTCT has been the topic of a number of other reports. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $49.00 price target on shares of PTC Therapeutics in a research note on Thursday, July 20th. Barclays lowered their target price on PTC Therapeutics from $48.00 to $44.00 and set an “equal weight” rating on the stock in a report on Friday, August 4th. Truist Financial restated a “buy” rating and set a $65.00 target price on shares of PTC Therapeutics in a report on Wednesday, August 16th. Morgan Stanley restated an “equal weight” rating and set a $47.00 target price on shares of PTC Therapeutics in a report on Friday, August 4th. Finally, VNET Group restated a “maintains” rating on shares of PTC Therapeutics in a report on Thursday, May 18th. Two research analysts have rated the stock with a sell rating, seven have given a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $52.14.

PTC Therapeutics Price Performance

PTC Therapeutics stock traded down $12.43 during midday trading on Friday, reaching $24.96. The company had a trading volume of 1,616,206 shares, compared to its average volume of 762,182. The company has a market capitalization of $1.88 billion, a P/E ratio of -2.96 and a beta of 0.37. PTC Therapeutics has a 12-month low of $24.43 and a 12-month high of $59.84. The firm’s fifty day simple moving average is $39.88 and its 200-day simple moving average is $45.05.

PTC Therapeutics (NASDAQ:PTCT) last issued its quarterly earnings results on Thursday, August 3rd. The biopharmaceutical company reported ($2.66) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.58) by ($1.08). The company had revenue of $213.80 million for the quarter, compared to analysts’ expectations of $206.99 million. The company’s quarterly revenue was up 29.2% compared to the same quarter last year. During the same quarter in the previous year, the company earned ($2.13) earnings per share. On average, analysts expect that PTC Therapeutics will post -5.45 EPS for the current fiscal year.

Insider Buying and Selling at PTC Therapeutics

In other news, Director Alethia Young sold 11,666 shares of the company’s stock in a transaction on Wednesday, September 6th. The stock was sold at an average price of $39.86, for a total transaction of $465,006.76. Following the sale, the director now owns 9,067 shares of the company’s stock, valued at $361,410.62. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 5.30% of the stock is owned by corporate insiders.

Institutional Trading of PTC Therapeutics

A number of large investors have recently modified their holdings of PTCT. Ameritas Investment Partners Inc. grew its stake in shares of PTC Therapeutics by 3.6% during the first quarter. Ameritas Investment Partners Inc. now owns 5,642 shares of the biopharmaceutical company’s stock worth $273,000 after purchasing an additional 196 shares in the last quarter. Knights of Columbus Asset Advisors LLC grew its stake in shares of PTC Therapeutics by 0.8% during the first quarter. Knights of Columbus Asset Advisors LLC now owns 28,362 shares of the biopharmaceutical company’s stock worth $1,374,000 after purchasing an additional 218 shares in the last quarter. Dimensional Fund Advisors LP grew its stake in shares of PTC Therapeutics by 1.7% during the first quarter. Dimensional Fund Advisors LP now owns 15,316 shares of the biopharmaceutical company’s stock worth $742,000 after purchasing an additional 255 shares in the last quarter. Ellsworth Advisors LLC grew its stake in shares of PTC Therapeutics by 3.8% during the second quarter. Ellsworth Advisors LLC now owns 7,290 shares of the biopharmaceutical company’s stock worth $296,000 after purchasing an additional 266 shares in the last quarter. Finally, China Universal Asset Management Co. Ltd. grew its stake in shares of PTC Therapeutics by 36.8% during the first quarter. China Universal Asset Management Co. Ltd. now owns 1,000 shares of the biopharmaceutical company’s stock worth $48,000 after purchasing an additional 269 shares in the last quarter.

PTC Therapeutics Company Profile

PTC Therapeutics, Inc, a biopharmaceutical company, focuses on the discovery, development, and commercialization of medicines to patients with rare disorders. Its portfolio pipeline includes commercial products and product candidates in various stages of development, including clinical, pre-clinical and research and discovery stages, focuses on the development of treatments for multiple therapeutic areas, such as rare diseases.