PTC Therapeutics, Inc. (NASDAQ:PTCT) Receives $89.00 Consensus Price Target from Brokerages

Shares of PTC Therapeutics, Inc. (NASDAQ:PTCT) have been assigned a consensus recommendation of “Moderate Buy” from the fourteen research firms that are presently covering the company, Marketbeat.com reports. Two research analysts have rated the stock with a sell recommendation, one has issued a hold recommendation, ten have given a buy recommendation and one has given a strong buy recommendation to the company. The average twelve-month price objective among brokerages that have covered the stock in the last year is $91.3571.

PTCT has been the subject of a number of recent analyst reports. Wells Fargo & Company increased their price target on PTC Therapeutics from $86.00 to $95.00 and gave the company an “overweight” rating in a research report on Friday, May 8th. Barclays reaffirmed an “overweight” rating and set a $120.00 price objective on shares of PTC Therapeutics in a research note on Monday, February 23rd. Wall Street Zen cut shares of PTC Therapeutics from a “buy” rating to a “hold” rating in a report on Saturday, February 21st. Citigroup raised shares of PTC Therapeutics from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $75.00 to $108.00 in a research report on Tuesday. Finally, Morgan Stanley restated an “overweight” rating and set a $94.00 price target on shares of PTC Therapeutics in a report on Friday, May 8th.

Insider Activity

In other news, CEO Matthew B. Klein sold 12,572 shares of the stock in a transaction on Thursday, May 14th. The stock was sold at an average price of $72.95, for a total value of $917,127.40. Following the completion of the sale, the chief executive officer owned 393,998 shares in the company, valued at $28,742,154.10. This represents a 3.09% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, EVP Lee Scott Golden sold 829 shares of the stock in a transaction on Thursday, April 2nd. The shares were sold at an average price of $67.99, for a total value of $56,363.71. Following the completion of the sale, the executive vice president owned 79,115 shares of the company’s stock, valued at $5,379,028.85. The trade was a 1.04% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold 76,871 shares of company stock valued at $5,405,700 in the last 90 days. Company insiders own 5.50% of the company’s stock.

Institutional Trading of PTC Therapeutics

A number of hedge funds have recently modified their holdings of the business. Vanguard Group Inc. lifted its holdings in shares of PTC Therapeutics by 6.2% in the fourth quarter. Vanguard Group Inc. now owns 8,803,203 shares of the biopharmaceutical company’s stock valued at $668,691,000 after purchasing an additional 514,204 shares in the last quarter. Janus Henderson Group PLC lifted its holdings in shares of PTC Therapeutics by 48.3% in the first quarter. Janus Henderson Group PLC now owns 7,193,433 shares of the biopharmaceutical company’s stock valued at $489,997,000 after purchasing an additional 2,342,101 shares in the last quarter. Wellington Management Group LLP lifted its holdings in shares of PTC Therapeutics by 4.8% in the third quarter. Wellington Management Group LLP now owns 4,918,619 shares of the biopharmaceutical company’s stock valued at $301,856,000 after purchasing an additional 224,481 shares in the last quarter. State Street Corp lifted its holdings in shares of PTC Therapeutics by 34.2% in the fourth quarter. State Street Corp now owns 4,206,126 shares of the biopharmaceutical company’s stock valued at $319,497,000 after purchasing an additional 1,071,343 shares in the last quarter. Finally, Toronto Dominion Bank lifted its holdings in shares of PTC Therapeutics by 27.5% in the fourth quarter. Toronto Dominion Bank now owns 4,138,215 shares of the biopharmaceutical company’s stock valued at $314,339,000 after purchasing an additional 891,690 shares in the last quarter.

PTC Therapeutics Stock Performance

NASDAQ PTCT opened at $74.71 on Friday. The stock has a market capitalization of $6.20 billion, a P/E ratio of -32.06, a P/E/G ratio of 5.04 and a beta of 0.56. PTC Therapeutics has a 1 year low of $43.17 and a 1 year high of $87.50. The business’s fifty day moving average is $70.41 and its two-hundred day moving average is $72.15.

PTC Therapeutics (NASDAQ:PTCT) last posted its quarterly earnings results on Thursday, May 7th. The biopharmaceutical company reported ($0.03) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.45) by $0.42. The company had revenue of $272.55 million for the quarter, compared to analysts’ expectations of $217.42 million. PTC Therapeutics had a negative return on equity of 362.45% and a negative net margin of 22.58%.The firm’s revenue was up 43.5% on a year-over-year basis. During the same quarter in the prior year, the company earned $10.04 earnings per share. On average, research analysts forecast that PTC Therapeutics will post 0.53 earnings per share for the current year.

About PTC Therapeutics

PTC Therapeutics, Inc is a biopharmaceutical company focused on the discovery, development and commercialization of small molecule and biologic therapies for the treatment of rare genetic disorders. Since its founding in 1998, PTC has dedicated its efforts to addressing high unmet medical needs by targeting underlying genetic causes of disease. The company’s research platform emphasizes mechanisms such as nonsense suppression and RNA modulation, enabling the development of novel treatments for conditions with limited therapeutic options.

Among PTC’s approved products is Translarna (ataluren), a first-in-class therapy designed to treat nonsense mutation Duchenne muscular dystrophy in select markets.