PTC Therapeutics (PTCT) Upgraded to Buy at Bank of America

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Bank of America upgraded shares of PTC Therapeutics (NASDAQ:PTCT) from a neutral rating to a buy rating in a research report report published on Monday morning, BenzingaRatingsTable reports. They currently have $49.00 target price on the biopharmaceutical company’s stock, up from their prior target price of $43.00.

Several other equities research analysts have also weighed in on the company. Credit Suisse Group set a $51.00 price target on PTC Therapeutics and gave the company a buy rating in a research report on Tuesday, January 29th. Cantor Fitzgerald restated a buy rating and set a $61.00 price target on shares of PTC Therapeutics in a research report on Thursday, February 28th. Zacks Investment Research upgraded PTC Therapeutics from a hold rating to a strong-buy rating and set a $44.00 price target on the stock in a research report on Wednesday, May 1st. ValuEngine lowered PTC Therapeutics from a buy rating to a hold rating in a research report on Tuesday, January 29th. Finally, Citigroup set a $59.00 price target on PTC Therapeutics and gave the company a buy rating in a research report on Friday, May 3rd. One research analyst has rated the stock with a sell rating, three have given a hold rating, seven have given a buy rating and one has issued a strong buy rating to the stock. The company has a consensus rating of Buy and an average target price of $49.89.

PTCT opened at $40.39 on Monday. The company has a debt-to-equity ratio of 0.27, a quick ratio of 3.24 and a current ratio of 3.35. PTC Therapeutics has a 52-week low of $27.53 and a 52-week high of $52.95. The company has a market cap of $2.34 billion, a PE ratio of -21.95 and a beta of 2.01.

PTC Therapeutics (NASDAQ:PTCT) last released its quarterly earnings results on Thursday, February 28th. The biopharmaceutical company reported ($0.46) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.43) by ($0.03). PTC Therapeutics had a negative net margin of 68.99% and a negative return on equity of 32.42%. The firm had revenue of $86.34 million for the quarter, compared to the consensus estimate of $85.41 million. As a group, equities analysts anticipate that PTC Therapeutics will post -2.55 EPS for the current year.

In other PTC Therapeutics news, insider Christine Marie Utter sold 28,709 shares of the business’s stock in a transaction on Tuesday, March 5th. The stock was sold at an average price of $34.97, for a total value of $1,003,953.73. Following the sale, the insider now directly owns 5,937 shares of the company’s stock, valued at $207,616.89. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 7.00% of the company’s stock.

A number of institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. boosted its holdings in PTC Therapeutics by 39.4% in the third quarter. Vanguard Group Inc. now owns 4,458,295 shares of the biopharmaceutical company’s stock worth $209,539,000 after acquiring an additional 1,261,166 shares in the last quarter. BlackRock Inc. boosted its holdings in PTC Therapeutics by 10.8% in the first quarter. BlackRock Inc. now owns 4,107,898 shares of the biopharmaceutical company’s stock worth $154,621,000 after acquiring an additional 400,657 shares in the last quarter. Orbimed Advisors LLC boosted its holdings in PTC Therapeutics by 19.2% in the fourth quarter. Orbimed Advisors LLC now owns 1,519,700 shares of the biopharmaceutical company’s stock worth $52,156,000 after acquiring an additional 244,700 shares in the last quarter. Janus Henderson Group PLC bought a new stake in PTC Therapeutics in the first quarter worth $53,392,000. Finally, Great Point Partners LLC boosted its holdings 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 worth $42,042,000 after acquiring an additional 507,542 shares in the last quarter. 87.86% of the stock is currently owned by institutional investors and hedge funds.

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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Analyst Recommendations for PTC Therapeutics (NASDAQ:PTCT)

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