PTC Therapeutics (NASDAQ:PTCT – Free Report) had its price objective lowered by Royal Bank of Canada from $49.00 to $26.00 in a report issued on Monday, MarketBeat.com reports. The brokerage currently has a sector perform rating on the biopharmaceutical company’s stock.
Several other equities research analysts have also recently commented on PTCT. Cantor Fitzgerald reaffirmed an overweight rating and issued a $73.00 target price on shares of PTC Therapeutics in a research report on Monday, August 7th. Citigroup cut shares of PTC Therapeutics from a buy rating to a neutral rating and lowered their price target for the company from $55.00 to $28.00 in a research report on Monday. Raymond James lowered shares of PTC Therapeutics from an outperform rating to an underperform rating in a research note on Friday. Truist Financial restated a buy rating and set a $65.00 price objective on shares of PTC Therapeutics in a research note on Wednesday, August 16th. Finally, JPMorgan Chase & Co. reduced their price objective on shares of PTC Therapeutics from $70.00 to $53.00 in a research note on Monday. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of Hold and an average target price of $41.00.
PTC Therapeutics Stock Down 7.5 %
Shares of PTCT opened at $24.28 on Monday. The stock has a market capitalization of $1.83 billion, a P/E ratio of -2.88 and a beta of 0.37. The firm has a fifty day simple moving average of $39.26 and a two-hundred day simple moving average of $44.80. PTC Therapeutics has a twelve month low of $23.83 and a twelve month high of $59.84.
PTC Therapeutics (NASDAQ:PTCT – Get Free Report) last announced its quarterly earnings results on Thursday, August 3rd. The biopharmaceutical company reported ($2.66) earnings per share for the quarter, missing the consensus estimate of ($1.58) by ($1.08). The business had revenue of $213.80 million for the quarter, compared to analyst estimates of $206.99 million. The firm’s revenue for the quarter was up 29.2% compared to the same quarter last year. During the same period in the prior year, the firm earned ($2.13) earnings per share. Sell-side analysts expect that PTC Therapeutics will post -5.45 EPS for the current fiscal year.
Insider Buying and Selling
In related news, Director Alethia Young sold 11,666 shares of the firm’s stock in a transaction that occurred on Wednesday, September 6th. The shares were sold at an average price of $39.86, for a total value of $465,006.76. Following the transaction, the director now owns 9,067 shares of the company’s stock, valued at $361,410.62. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 5.30% of the stock is currently owned by insiders.
Hedge Funds Weigh In On PTC Therapeutics
Several large investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its holdings in PTC Therapeutics by 0.4% during the third quarter. Vanguard Group Inc. now owns 7,211,720 shares of the biopharmaceutical company’s stock valued at $362,027,000 after purchasing an additional 28,028 shares in the last quarter. RTW Investments LP lifted its holdings in PTC Therapeutics by 26.3% during the first quarter. RTW Investments LP now owns 7,093,298 shares of the biopharmaceutical company’s stock valued at $343,599,000 after purchasing an additional 1,477,911 shares in the last quarter. State Street Corp lifted its holdings in PTC Therapeutics by 13.8% during the second quarter. State Street Corp now owns 3,624,877 shares of the biopharmaceutical company’s stock valued at $145,213,000 after purchasing an additional 440,850 shares in the last quarter. Armistice Capital LLC lifted its holdings in PTC Therapeutics by 17.1% during the fourth quarter. Armistice Capital LLC now owns 3,396,000 shares of the biopharmaceutical company’s stock valued at $129,625,000 after purchasing an additional 496,000 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD lifted its holdings in PTC Therapeutics by 33.7% during the first quarter. Price T Rowe Associates Inc. MD now owns 1,717,765 shares of the biopharmaceutical company’s stock valued at $83,210,000 after purchasing an additional 433,376 shares in the last quarter.
About PTC Therapeutics
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.
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