PTC Therapeutics (NASDAQ:PTCT) Receives New Coverage from Analysts at Raymond James

Analysts at Raymond James assumed coverage on shares of PTC Therapeutics (NASDAQ:PTCT) in a research report issued on Thursday, StockNewsAPI reports. The firm set a “market perform” rating on the biopharmaceutical company’s stock.

PTCT has been the topic of several other reports. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $64.00 price target on shares of PTC Therapeutics in a research report on Tuesday, September 17th. Royal Bank of Canada upped their price objective on PTC Therapeutics from $32.00 to $34.00 and gave the company a “sector perform” rating in a research note on Friday, October 4th. Morgan Stanley lifted their target price on PTC Therapeutics from $30.00 to $32.00 and gave the stock an “equal weight” rating in a research note on Friday, July 12th. UBS Group began coverage on PTC Therapeutics in a research note on Monday, August 26th. They issued a “buy” rating and a $47.00 price target on the stock. Finally, Bank of America lifted their price objective on shares of 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, five have assigned a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, PTC Therapeutics presently has an average rating of “Hold” and an average target price of $39.08.

PTC Therapeutics Trading Down 4.3 %

Shares of NASDAQ:PTCT traded down $1.71 during trading on Thursday, hitting $38.23. 133,342 shares of the company’s stock traded hands, compared to its average volume of 853,795. The company has a market cap of $2.93 billion, a price-to-earnings ratio of -5.04 and a beta of 0.65. PTC Therapeutics has a 52 week low of $17.53 and a 52 week high of $41.81. The company has a 50-day moving average price of $34.34 and a 200-day moving average price of $33.05.

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

Insider Activity

In related news, CFO Pierre Gravier sold 2,269 shares of the stock in a transaction that occurred on Tuesday, July 16th. The stock was sold at an average price of $34.02, for a total transaction of $77,191.38. Following the sale, the chief financial officer now owns 53,531 shares of the company’s stock, valued at $1,821,124.62. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 5.50% of the stock is owned by company insiders.

Hedge Funds Weigh In On PTC Therapeutics

Several hedge funds and other institutional investors have recently modified their holdings of PTCT. Wellington Management Group LLP increased its stake in shares of PTC Therapeutics by 4.0% in the fourth quarter. Wellington Management Group LLP now owns 9,816,603 shares of the biopharmaceutical company’s stock valued at $270,546,000 after buying an additional 380,415 shares during the period. Vanguard Group Inc. boosted its position in shares of PTC Therapeutics by 6.5% during the 1st quarter. Vanguard Group Inc. now owns 9,369,014 shares of the biopharmaceutical company’s stock valued at $272,545,000 after purchasing an additional 568,171 shares in the last quarter. Armistice Capital LLC lifted its stake in PTC Therapeutics by 2.9% in the second quarter. Armistice Capital LLC now owns 6,962,227 shares of the biopharmaceutical company’s stock valued at $212,905,000 after buying an additional 198,227 shares during the period. Cowen AND Company LLC raised its holdings in shares of PTC Therapeutics by 0.8% during the second quarter. Cowen AND Company LLC now owns 3,756,469 shares of the biopharmaceutical company’s stock valued at $114,873,000 after purchasing an additional 30,843 shares during the period. Finally, Janus Henderson Group PLC raised its position in shares of PTC Therapeutics by 40.5% during the first quarter. Janus Henderson Group PLC now owns 3,669,816 shares of the biopharmaceutical company’s stock worth $106,744,000 after purchasing an additional 1,057,223 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.