Zacks Investment Research Downgrades PTC Therapeutics (NASDAQ:PTCT) to Hold

PTC Therapeutics (NASDAQ:PTCT) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report released on Tuesday, Zacks.com reports.

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 equities research analysts also recently issued reports on PTCT. ValuEngine upgraded United Overseas Bank from a “sell” rating to a “hold” rating in a research report on Monday, June 17th. Sanford C. Bernstein set a €12.10 ($14.07) price objective on Metro and gave the stock a “sell” rating in a research report on Thursday, April 11th. Cowen reiterated a “buy” rating and issued a $149.00 price objective on shares of Intercept Pharmaceuticals in a research report on Wednesday, May 8th. Citigroup set a $47.00 price objective on Quanta Services and gave the stock a “buy” rating in a research report on Friday, May 3rd. Finally, Bank of America upgraded Copa from a “neutral” rating to a “buy” rating in a research report on Monday, May 13th. Four investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. PTC Therapeutics has a consensus rating of “Buy” and an average price target of $50.56.

NASDAQ:PTCT opened at $42.83 on Tuesday. The stock has a market capitalization of $2.50 billion, a P/E ratio of -23.28 and a beta of 1.76. The stock’s fifty day moving average is $42.48. PTC Therapeutics has a 1 year low of $27.53 and a 1 year high of $48.99. The company has a current ratio of 3.35, a quick ratio of 3.24 and a debt-to-equity ratio of 0.27.

PTC Therapeutics (NASDAQ:PTCT) last posted its earnings results on Thursday, May 2nd. The biopharmaceutical company reported ($1.29) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.74) by ($0.55). The company had revenue of $53.58 million for the quarter, compared to analysts’ expectations of $70.38 million. PTC Therapeutics had a negative return on equity of 32.42% and a negative net margin of 68.99%. The company’s revenue was down 4.4% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.46) EPS. Equities analysts forecast that PTC Therapeutics will post -2.54 earnings per share for the current year.

In related news, VP Mark Elliott Boulding sold 181,667 shares of the stock in a transaction on Monday, July 1st. The stock was sold at an average price of $45.00, for a total value of $8,175,015.00. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CAO Christine Marie Utter sold 988 shares of the stock in a transaction on Friday, June 28th. The shares were sold at an average price of $45.00, for a total value of $44,460.00. Following the completion of the transaction, the chief accounting officer now directly owns 5,173 shares in the company, valued at approximately $232,785. The disclosure for this sale can be found here. Insiders sold 295,091 shares of company stock worth $13,251,718 in the last quarter. 7.00% of the stock is currently owned by company insiders.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in PTCT. Janus Henderson Group PLC bought a new position in PTC Therapeutics in the first quarter valued at $53,392,000. Deutsche Bank AG increased its stake in PTC Therapeutics by 848.3% in the fourth quarter. Deutsche Bank AG now owns 978,900 shares of the biopharmaceutical company’s stock valued at $33,595,000 after acquiring an additional 875,672 shares during the last quarter. Great Point Partners LLC increased its stake in PTC Therapeutics by 70.7% in the fourth quarter. Great Point Partners LLC now owns 1,225,000 shares of the biopharmaceutical company’s stock valued at $42,042,000 after acquiring an additional 507,542 shares during the last quarter. Marshall Wace North America L.P. increased its stake in PTC Therapeutics by 79.5% in the first quarter. Marshall Wace North America L.P. now owns 662,587 shares of the biopharmaceutical company’s stock valued at $24,940,000 after acquiring an additional 293,495 shares during the last quarter. Finally, Handelsbanken Fonder AB bought a new position in PTC Therapeutics in the second quarter valued at $12,150,000.

PTC Therapeutics Company Profile

PTC Therapeutics, Inc, a biopharmaceutical company, focuses on the discovery, development, and commercialization of medicines for the treatment of rare disorders. The company offers Translarna (ataluren) and Emflaza (deflazacort) for the treatment of nonsense mutation Duchenne muscular dystrophy in ambulatory patients.

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