PTC Therapeutics (NASDAQ:PTCT) Raised to “Strong-Buy” at Baird R W

Baird R W upgraded shares of PTC Therapeutics (NASDAQ:PTCT) to a strong-buy rating in a report published on Wednesday morning, Zacks.com reports.

A number of other equities analysts also recently issued reports on the company. Jefferies Financial Group increased their price target on PTC Therapeutics from $35.00 to $46.00 and gave the stock a buy rating in a research report on Monday, May 20th. Citigroup lifted their price objective on shares of PTC Therapeutics from $18.00 to $26.00 and gave the company a sell rating in a report on Tuesday, May 21st. Raymond James raised shares of PTC Therapeutics from an underperform rating to a market perform rating in a research note on Monday, May 20th. UBS Group began coverage on PTC Therapeutics in a research report on Monday, August 26th. They set a buy rating and a $47.00 target price on the stock. Finally, Bank of America boosted their price target on PTC Therapeutics from $25.00 to $32.00 and gave the stock an underperform rating in a research report on Friday, June 21st. Three analysts have rated the stock with a sell rating, seven have assigned a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of Hold and a consensus price target of $37.13.

PTC Therapeutics Price Performance

Shares of PTCT opened at $31.54 on Wednesday. The firm has a market capitalization of $2.43 billion, a price-to-earnings ratio of -4.11 and a beta of 0.64. PTC Therapeutics has a 1-year low of $17.53 and a 1-year high of $41.93. The company has a 50-day moving average of $32.93 and a 200 day moving average of $31.98.

PTC Therapeutics (NASDAQ:PTCT) last posted its quarterly earnings results on Thursday, August 8th. The biopharmaceutical company reported ($1.16) earnings per share for the quarter, missing the consensus estimate of ($1.00) by ($0.16). The firm had revenue of $186.70 million for the quarter, compared to analysts’ expectations of $192.12 million. On average, equities analysts anticipate that PTC Therapeutics will post -5.09 earnings per share for the current fiscal year.

Insider Buying and Selling

In other PTC Therapeutics news, CFO Pierre Gravier sold 2,269 shares of the company’s stock in a transaction that occurred on Tuesday, July 16th. The shares were sold at an average price of $34.02, for a total transaction of $77,191.38. Following the transaction, the chief financial officer now owns 53,531 shares in the company, valued at approximately $1,821,124.62. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 5.50% of the stock is owned by company insiders.

Hedge Funds Weigh In On PTC Therapeutics

Hedge funds have recently made changes to their positions in the company. Allspring Global Investments Holdings LLC acquired a new position in shares of PTC Therapeutics in the first quarter valued at about $46,000. Quest Partners LLC purchased a new stake in PTC Therapeutics in the second quarter valued at approximately $128,000. Quarry LP increased its holdings in PTC Therapeutics by 100.0% in the 2nd quarter. Quarry LP now owns 5,000 shares of the biopharmaceutical company’s stock worth $153,000 after buying an additional 2,500 shares during the period. Lazard Asset Management LLC raised its position in PTC Therapeutics by 268.9% during the 1st quarter. Lazard Asset Management LLC now owns 6,504 shares of the biopharmaceutical company’s stock worth $188,000 after buying an additional 4,741 shares during the last quarter. Finally, Headlands Technologies LLC lifted its stake in PTC Therapeutics by 83.2% during the 2nd quarter. Headlands Technologies LLC now owns 6,611 shares of the biopharmaceutical company’s stock valued at $202,000 after acquiring an additional 3,002 shares during the period.

About PTC Therapeutics

PTC Therapeutics, Inc, a biopharmaceutical company, focuses on the discovery, development, and commercialization of medicines to patients with rare disorders in the United States and internationally. The company offers Translarna and Emflaza for the treatment of Duchenne muscular dystrophy; Upstaza to treat aromatic l-amino acid decarboxylas (AADC) deficiency, a central nervous system disorder; Tegsedi and Waylivra for the treatment of rare diseases; and Evrysdi to treat spinal muscular atrophy (SMA) in adults and children.