Citigroup Issues Positive Forecast for PTC Therapeutics (NASDAQ:PTCT) Stock Price

PTC Therapeutics (NASDAQ:PTCT) had its target price raised by research analysts at Citigroup from $108.00 to $109.00 in a research report issued to clients and investors on Monday, Benzinga reports. The brokerage presently has a “buy” rating on the biopharmaceutical company’s stock. Citigroup‘s price target would indicate a potential upside of 78.03% from the company’s previous close.

Other equities analysts have also recently issued reports about the stock. Weiss Ratings upgraded shares of PTC Therapeutics from a “sell (d)” rating to a “sell (d+)” rating in a research report on Thursday, October 8th. UBS Group started coverage on shares of PTC Therapeutics in a report on Thursday, October 15th. They set a “buy” rating and a $90.00 price target on the stock. Raymond James Financial set a $106.00 price target on shares of PTC Therapeutics in a report on Tuesday, October 20th. Zacks Research cut shares of PTC Therapeutics from a “strong-buy” rating to a “hold” rating in a research note on Thursday, August 6th. Finally, Royal Bank Of Canada increased their price objective on PTC Therapeutics from $75.00 to $77.00 and gave the company a “sector perform” rating in a report on Friday. One equities research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, three have given a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, PTC Therapeutics presently has a consensus rating of “Moderate Buy” and an average target price of $95.71.

PTC Therapeutics Stock Performance

Shares of NASDAQ:PTCT traded up $1.25 during midday trading on Monday, hitting $61.23. 537,404 shares of the stock were exchanged, compared to its average volume of 1,348,276. The stock has a market capitalization of $5.11 billion, a price-to-earnings ratio of -43.65, a P/E/G ratio of 1.81 and a beta of 0.52. The business’s 50-day moving average price is $65.36 and its 200 day moving average price is $70.78. PTC Therapeutics has a 12 month low of $58.80 and a 12 month high of $90.87.

PTC Therapeutics (NASDAQ:PTCT) last released its quarterly earnings data on Thursday, October 29th. The biopharmaceutical company reported ($0.62) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.14 by ($0.76). The firm had revenue of $357.81 million during the quarter, compared to the consensus estimate of $306.43 million. During the same period in the prior year, the company earned $0.20 earnings per share. PTC Therapeutics’s revenue for the quarter was up 69.6% compared to the same quarter last year. As a group, sell-side analysts expect that PTC Therapeutics will post 1.19 EPS for the current year.

Insiders Place Their Bets

In other PTC Therapeutics news, CEO Matthew B. Klein sold 10,292 shares of PTC Therapeutics stock in a transaction that occurred on Tuesday, August 4th. The stock was sold at an average price of $68.57, for a total value of $705,722.44. Following the completion of the sale, the chief executive officer directly owned 383,868 shares in the company, valued at approximately $26,321,828.76. The trade was a 2.61% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 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, VP Mark Boulding sold 2,813 shares of the business’s stock in a transaction that occurred on Monday, August 17th. The shares were sold at an average price of $72.57, for a total value of $204,139.41. Following the completion of the transaction, the vice president directly owned 105,272 shares in the company, valued at approximately $7,639,589.04. This trade represents a 2.60% decrease in their ownership of the stock. 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. In the last quarter, insiders sold 77,370 shares of company stock valued at $5,322,261. Insiders own 5.30% of the company’s stock.

Institutional Trading of PTC Therapeutics

Large investors have recently made changes to their positions in the company. Allworth Financial LP acquired a new position in PTC Therapeutics during the second quarter worth $67,000. Harbor Investment Advisory LLC purchased a new stake in shares of PTC Therapeutics in the second quarter worth approximately $81,000. EverSource Wealth Advisors LLC raised its stake in shares of PTC Therapeutics by 16.9% in the first quarter. EverSource Wealth Advisors LLC now owns 1,045 shares of the biopharmaceutical company’s stock worth $71,000 after purchasing an additional 151 shares during the last quarter. Quantbot Technologies LP purchased a new stake in shares of PTC Therapeutics in the second quarter worth approximately $112,000. Finally, GAMMA Investing LLC lifted its holdings in shares of PTC Therapeutics by 58.1% in the second quarter. GAMMA Investing LLC now owns 1,453 shares of the biopharmaceutical company’s stock valued at $119,000 after purchasing an additional 534 shares in the last quarter.

About PTC Therapeutics

PTC Therapeutics, Inc is a biopharmaceutical company focused on discovering, developing and commercializing medicines for rare diseases. Its research programs include small-molecule treatments, gene therapies and other approaches designed to address conditions with limited or no available treatment options.

The company’s commercial portfolio has included Emflaza (deflazacort), a corticosteroid approved in the United States to treat Duchenne muscular dystrophy, and Upstaza (eladocagene exuparvovec), a gene therapy authorized in the European Union for aromatic L-amino acid decarboxylase deficiency.