PTC Therapeutics (NASDAQ:PTCT) Rating Increased to Strong-Buy at Baird R W

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

PTCT has been the subject of several other reports. Citigroup upped their price objective on shares of PTC Therapeutics from $18.00 to $26.00 and gave the stock a sell rating in a report on Tuesday, May 21st. JPMorgan Chase & Co. reiterated an overweight rating and issued a $53.00 price objective on shares of PTC Therapeutics in a research note on Thursday, June 20th. Barclays boosted their price objective on PTC Therapeutics from $25.00 to $31.00 and gave the stock an equal weight rating in a research report on Friday, August 9th. Cantor Fitzgerald reaffirmed an overweight rating and issued a $64.00 price target on shares of PTC Therapeutics in a research report on Wednesday, August 21st. Finally, Robert W. Baird started coverage on PTC Therapeutics in a report on Wednesday. They set an outperform rating and a $44.00 price target for the company. Three investment analysts have rated the stock with a sell rating, seven have given a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, PTC Therapeutics presently has a consensus rating of Hold and a consensus price target of $37.13.

PTC Therapeutics Stock Down 5.9 %

Shares of NASDAQ PTCT traded down $1.99 during mid-day trading on Wednesday, hitting $31.60. 819,993 shares of the company traded hands, compared to its average volume of 872,468. PTC Therapeutics has a 1 year low of $17.53 and a 1 year high of $41.93. The stock has a market capitalization of $2.43 billion, a price-to-earnings ratio of -4.12 and a beta of 0.64. The business has a 50 day moving average of $32.99 and a two-hundred day moving average of $31.98.

PTC Therapeutics (NASDAQ:PTCT - Get Free Report) last issued its earnings results on Thursday, August 8th. The biopharmaceutical company reported ($1.16) earnings per share for the quarter, missing analysts' consensus estimates of ($1.00) by ($0.16). The firm had revenue of $186.70 million during the quarter, compared to the consensus estimate of $192.12 million. As a group, research analysts anticipate that PTC Therapeutics will post -5.09 EPS for the current year.

Insider Buying and Selling

In other news, CFO Pierre Gravier sold 2,269 shares of the business's stock in a transaction on Tuesday, July 16th. The shares were sold at an average price of $34.02, for a total value of $77,191.38. Following the sale, 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 filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 5.50% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the business. Allspring Global Investments Holdings LLC acquired a new position in PTC Therapeutics during the 1st quarter worth about $46,000. Quest Partners LLC acquired a new position in shares of PTC Therapeutics during the second quarter worth approximately $128,000. Quarry LP grew its stake in shares of PTC Therapeutics by 100.0% during the second quarter. Quarry LP now owns 5,000 shares of the biopharmaceutical company's stock valued at $153,000 after purchasing an additional 2,500 shares during the last quarter. Lazard Asset Management LLC grew its stake in shares of PTC Therapeutics by 268.9% during the first quarter. Lazard Asset Management LLC now owns 6,504 shares of the biopharmaceutical company's stock valued at $188,000 after purchasing an additional 4,741 shares during the last quarter. Finally, Headlands Technologies LLC increased its holdings in shares of PTC Therapeutics by 83.2% in the second quarter. Headlands Technologies LLC now owns 6,611 shares of the biopharmaceutical company's stock valued at $202,000 after purchasing an additional 3,002 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.