Royal Bank of Canada Trims Target PriceC Therapeutics, Inc. (Target PriceCT) Target Price to $10.00

Royal Bank of Canada Trims Target PriceC Therapeutics, Inc. (Target PriceCT) Target Price to $10.00

PTC Therapeutics, Inc. (NASDAQ:PTCT) had its target price reduced by Royal Bank of Canada from $13.00 to $10.00 in a research note issued to investors on Thursday morning. Royal Bank of Canada currently has a sector perform rating on the biopharmaceutical company’s stock.

A number of other brokerages have also recently issued reports on PTCT. Jefferies Group LLC reissued a hold rating and set a $12.00 price target on shares of PTC Therapeutics in a research report on Tuesday, January 10th. Zacks Investment Research cut shares of PTC Therapeutics from a buy rating to a hold rating in a report on Friday, December 9th. Credit Suisse Group AG reaffirmed a positive rating on shares of PTC Therapeutics in a report on Thursday, February 16th. Finally, Barclays PLC cut shares of PTC Therapeutics from an overweight rating to an equal weight rating and decreased their target price for the stock from $20.00 to $13.00 in a report on Friday, March 3rd. Eight equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. The company presently has an average rating of Hold and a consensus price target of $16.50.

PTC Therapeutics (NASDAQ:PTCT) opened at 8.90 on Thursday. The stock has a 50 day moving average of $12.18 and a 200 day moving average of $11.20. The stock’s market cap is $304.07 million. PTC Therapeutics has a 1-year low of $4.03 and a 1-year high of $16.50.

PTC Therapeutics (NASDAQ:PTCT) last issued its quarterly earnings results on Thursday, March 16th. The biopharmaceutical company reported ($0.78) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($1.07) by $0.29. PTC Therapeutics had a negative net margin of 236.68% and a negative return on equity of 90.33%. The company earned $25.20 million during the quarter, compared to analysts’ expectations of $24.69 million. During the same period last year, the company posted ($1.50) EPS. PTC Therapeutics’s revenue was up 98.4% on a year-over-year basis. Equities analysts anticipate that PTC Therapeutics will post ($3.19) EPS for the current fiscal year.

Hedge funds and other institutional investors have recently modified their holdings of the company. KCG Holdings Inc. purchased a new position in shares of PTC Therapeutics during the third quarter valued at about $671,000. Sectoral Asset Management Inc boosted its position in shares of PTC Therapeutics by 20.2% in the third quarter. Sectoral Asset Management Inc now owns 779,998 shares of the biopharmaceutical company’s stock valued at $10,928,000 after buying an additional 131,022 shares during the period. Columbus Circle Investors purchased a new position in shares of PTC Therapeutics during the third quarter valued at about $557,000. Asymmetry Capital Management L.P. boosted its position in shares of PTC Therapeutics by 85.1% in the third quarter. Asymmetry Capital Management L.P. now owns 567,683 shares of the biopharmaceutical company’s stock valued at $7,953,000 after buying an additional 261,033 shares during the period. Finally, Canada Pension Plan Investment Board purchased a new position in shares of PTC Therapeutics during the third quarter valued at about $140,000. 83.66% of the stock is owned by institutional investors and hedge funds.

PTC Therapeutics Company Profile

PTC Therapeutics, Inc is a biopharmaceutical company focused on the discovery, development and commercialization of orally administered, small molecule therapeutics that focus on post-transcriptional control processes. The Company’s lead product, Translarna (ataluren), is used for the treatment of nonsense mutation Duchenne muscular dystrophy (nmDMD) in ambulatory patients with age of over five years and older.

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