Analysts Set PTC Therapeutics, Inc. (NASDAQ:PTCT) Price Target at $98.55

PTC Therapeutics, Inc. (NASDAQ:PTCT) has received a consensus rating of “Moderate Buy” from the fourteen brokerages that are covering the firm, Marketbeat reports. Two equities research analysts have rated the stock with a sell rating, two have issued a hold rating, nine have issued a buy rating and one has issued a strong buy rating on the company. The average 12 month target price among brokerages that have issued ratings on the stock in the last year is $98.5455.

Several analysts recently commented on PTCT shares. Citigroup raised PTC Therapeutics from a “neutral” rating to a “buy” rating and boosted their price target for the company from $75.00 to $108.00 in a research note on Tuesday, June 9th. Zacks Research lowered PTC Therapeutics from a “strong-buy” rating to a “hold” rating in a research note on Thursday, August 6th. TD Cowen raised PTC Therapeutics from a “hold” rating to a “buy” rating and lifted their price objective for the company from $75.00 to $90.00 in a report on Friday, May 8th. Morgan Stanley boosted their target price on shares of PTC Therapeutics from $93.00 to $104.00 and gave the company an “overweight” rating in a research note on Friday, July 31st. Finally, Cantor Fitzgerald upped their target price on shares of PTC Therapeutics from $124.00 to $130.00 and gave the stock an “overweight” rating in a report on Thursday, July 16th.

PTC Therapeutics Stock Up 3.4%

Shares of PTCT opened at $73.47 on Friday. The company has a 50-day moving average price of $77.51 and a two-hundred day moving average price of $72.31. The stock has a market cap of $6.13 billion, a price-to-earnings ratio of -126.67, a P/E/G ratio of 2.19 and a beta of 0.56. PTC Therapeutics has a 12 month low of $48.28 and a 12 month high of $90.87.

PTC Therapeutics (NASDAQ:PTCT) last released its quarterly earnings data on Thursday, July 30th. The biopharmaceutical company reported $0.92 earnings per share for the quarter, beating the consensus estimate of $0.24 by $0.68. PTC Therapeutics had a negative return on equity of 362.45% and a negative net margin of 3.80%.The company had revenue of $360.52 million for the quarter, compared to analyst estimates of $298.63 million. During the same period in the prior year, the company posted ($0.83) EPS. The company’s revenue was up 101.5% compared to the same quarter last year. Equities research analysts expect that PTC Therapeutics will post 1.17 EPS for the current fiscal year.

Insider Transactions at PTC Therapeutics

In other news, insider Neil Gregory Almstead sold 24,613 shares of the firm’s stock in a transaction that occurred on Tuesday, July 7th. The shares were sold at an average price of $88.89, for a total transaction of $2,187,849.57. Following the completion of the sale, the insider owned 60,299 shares of the company’s stock, valued at approximately $5,359,978.11. This trade represents a 28.99% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Mary L. Smith sold 15,834 shares of PTC Therapeutics stock in a transaction that occurred on Thursday, July 9th. The shares were sold at an average price of $90.00, for a total transaction of $1,425,060.00. Following the completion of the transaction, the director owned 21,813 shares of the company’s stock, valued at $1,963,170. This trade represents a 42.06% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders sold 205,343 shares of company stock valued at $16,774,704. 5.30% of the stock is owned by company insiders.

Hedge Funds Weigh In On PTC Therapeutics

Several institutional investors have recently bought and sold shares of the business. UMB Bank n.a. bought a new stake in shares of PTC Therapeutics during the fourth quarter worth $26,000. Comerica Bank lifted its position in PTC Therapeutics by 868.5% during the 3rd quarter. Comerica Bank now owns 523 shares of the biopharmaceutical company’s stock worth $32,000 after buying an additional 469 shares in the last quarter. Salomon & Ludwin LLC acquired a new position in PTC Therapeutics during the 4th quarter worth about $41,000. Allworth Financial LP grew its holdings in PTC Therapeutics by 63.8% during the 4th quarter. Allworth Financial LP now owns 634 shares of the biopharmaceutical company’s stock worth $48,000 after acquiring an additional 247 shares during the last quarter. Finally, First Horizon Corp bought a new stake in PTC Therapeutics during the 4th quarter worth about $53,000.

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.