StockNews.com Downgrades PTC Therapeutics (NASDAQ:PTCT) to Hold

PTC Therapeutics (NASDAQ:PTCT) was downgraded by equities research analysts at StockNews.com from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Wednesday.

PTCT has been the topic of several other reports. JPMorgan Chase & Co. raised their price target on shares of PTC Therapeutics from $51.00 to $62.00 and gave the stock an “overweight” rating in a research note on Tuesday, November 19th. Robert W. Baird boosted their target price on PTC Therapeutics from $52.00 to $70.00 and gave the stock an “outperform” rating in a report on Tuesday, December 3rd. Baird R W upgraded PTC Therapeutics to a “strong-buy” rating in a research report on Wednesday, September 4th. Wells Fargo & Company lifted their price objective on PTC Therapeutics from $56.00 to $68.00 and gave the stock an “overweight” rating in a research report on Tuesday, November 26th. Finally, Royal Bank of Canada upgraded PTC Therapeutics from a “sector perform” rating to an “outperform” rating and upped their target price for the company from $39.00 to $63.00 in a report on Tuesday, December 3rd. Three investment analysts have rated the stock with a sell rating, four have issued a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, PTC Therapeutics has a consensus rating of “Hold” and an average target price of $54.08.

PTC Therapeutics Stock Down 0.5 %

Shares of PTC Therapeutics stock opened at $45.25 on Wednesday. The firm has a market cap of $3.49 billion, a PE ratio of -7.62 and a beta of 0.63. PTC Therapeutics has a twelve month low of $23.58 and a twelve month high of $54.16. The business has a 50-day moving average price of $43.36 and a 200 day moving average price of $37.46.

Insiders Place Their Bets

In related news, Director Jerome B. Zeldis sold 24,000 shares of the firm’s stock in a transaction dated Monday, December 2nd. The shares were sold at an average price of $51.50, for a total value of $1,236,000.00. Following the completion of the sale, the director now owns 14,500 shares in the company, valued at $746,750. This trade represents a 62.34 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, VP Mark Elliott Boulding sold 85,600 shares of the business’s stock in a transaction dated Monday, December 2nd. The stock was sold at an average price of $52.26, for a total transaction of $4,473,456.00. Following the sale, the vice president now directly owns 92,389 shares in the company, valued at approximately $4,828,249.14. This represents a 48.09 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 196,950 shares of company stock worth $10,251,735. Company insiders own 5.50% of the company’s stock.

Institutional Investors Weigh In On PTC Therapeutics

A number of hedge funds and other institutional investors have recently modified their holdings of PTCT. Charles Schwab Investment Management Inc. increased its stake in PTC Therapeutics by 7.3% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 706,730 shares of the biopharmaceutical company’s stock valued at $26,220,000 after purchasing an additional 47,902 shares in the last quarter. Two Sigma Advisers LP increased its position in shares of PTC Therapeutics by 10.3% in the third quarter. Two Sigma Advisers LP now owns 429,842 shares of the biopharmaceutical company’s stock valued at $15,947,000 after buying an additional 40,300 shares in the last quarter. Intech Investment Management LLC purchased a new position in shares of PTC Therapeutics in the third quarter valued at $698,000. Bank of New York Mellon Corp raised its stake in shares of PTC Therapeutics by 17.1% during the 2nd quarter. Bank of New York Mellon Corp now owns 279,049 shares of the biopharmaceutical company’s stock worth $8,533,000 after buying an additional 40,840 shares during the last quarter. Finally, Quest Partners LLC boosted its position in shares of PTC Therapeutics by 433.9% in the 3rd quarter. Quest Partners LLC now owns 22,359 shares of the biopharmaceutical company’s stock worth $830,000 after buying an additional 18,171 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 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.