Credit Suisse Downgrades PTC Therapeutics to Neutral with Price Target $6.00

Brokerage firm Credit Suisse Downgrades its rating on PTC Therapeutics(NASDAQ:PTCT). In a research note issued to the investors, the brokerage major Lowers the price-target to $6.00 per share. The shares have been rated Neutral. Previously, the analysts had a Outperform rating on the shares. The rating by Credit Suisse was issued on Jul 26, 2016.

PTC Therapeutics (PTCT) made into the market gainers list on Fridays trading session with the shares advancing 3.47% or 0.2 points. Due to strong positive momentum, the stock ended at $5.97, which is also near the day’s high of $6.14. The stock began the session at $5.71 and the volume stood at 15,57,894 shares. The 52-week high of the shares is $53.89 and the 52 week low is $5.27. The company has a current market capitalization of $205 M and it has 3,42,65,019 shares in outstanding.

PTC Therapeutics(PTCT) last announced its earnings results on May 5, 2016 for Fiscal Year 2016 and Q1.Company reported revenue of $18.89M. Analysts had an estimated revenue of $13.74M. Earnings per share were $-1.18. Analysts had estimated an EPS of $-1.26.

Several Insider Transactions has been reported to the SEC. On Mar 7, 2016, Mark Rothera (Chief Commercial Officer) purchased 2,000 shares at $6.23 per share price.Also, On Jul 6, 2015, David P Southwell (director) sold 23,604 shares at $47.86 per share price.On Jun 19, 2015, Allan Steven Jacobson (director) sold 5,000 shares at $50.13 per share price, according to the Form-4 filing with the securities and exchange commission.

PTC Therapeutics Inc. is a biopharmaceutical company focused on the discovery development and commercialization of orally administered small molecule therapeutics that target post-transcriptional control processes. The Company’s internally discovered pipeline addresses multiple therapeutic areas including rare disorders oncology and infectious diseases. The Company’s lead product Translarna (ataluren) is used for the treatment of genetic disorders due to a nonsense mutation in ambulatory patients aged five years and older. Ataluren is in clinical development for the treatment of Duchenne muscular dystrophy caused by a nonsense mutation (nmDMD) and cystic fibrosis caused by a nonsense mutation (nmCF).

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