PTC Therapeutics (NASDAQ:PTCT) PT Raised to $70.00

PTC Therapeutics (NASDAQ:PTCTGet Rating) had its price target lifted by investment analysts at Citigroup from $67.00 to $70.00 in a research note issued to investors on Thursday, The Fly reports. Citigroup’s target price indicates a potential upside of 19.92% from the company’s current price.

A number of other analysts have also commented on the company. Cantor Fitzgerald reduced their target price on PTC Therapeutics from $68.00 to $66.00 and set an “overweight” rating for the company in a report on Wednesday, February 22nd. The Goldman Sachs Group lifted their target price on PTC Therapeutics from $35.00 to $37.00 in a report on Wednesday. Morgan Stanley lifted their target price on PTC Therapeutics from $40.00 to $50.00 and gave the stock an “equal weight” rating in a report on Friday, February 3rd. Truist Financial boosted their price objective on PTC Therapeutics from $60.00 to $65.00 in a research note on Tuesday, April 18th. Finally, StockNews.com began coverage on PTC Therapeutics in a research report on Thursday. They set a “hold” rating for the company. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $54.07.

PTC Therapeutics Stock Performance

NASDAQ:PTCT opened at $58.37 on Thursday. PTC Therapeutics has a 52-week low of $25.01 and a 52-week high of $59.44. The firm has a market cap of $4.33 billion, a price-to-earnings ratio of -7.40 and a beta of 0.43. The business’s fifty day moving average is $51.20 and its 200 day moving average is $45.20.

PTC Therapeutics (NASDAQ:PTCTGet Rating) last posted its quarterly earnings data on Thursday, April 27th. The biopharmaceutical company reported ($1.88) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.64) by ($0.24). The firm had revenue of $220.38 million during the quarter, compared to analysts’ expectations of $200.48 million. During the same period in the prior year, the firm earned ($1.78) EPS. The company’s quarterly revenue was up 48.2% on a year-over-year basis. Equities analysts predict that PTC Therapeutics will post -4.76 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, Director Allan Steven Jacobson sold 23,000 shares of the firm’s stock in a transaction on Thursday, May 11th. The shares were sold at an average price of $55.08, for a total value of $1,266,840.00. Following the transaction, the director now owns 12,348 shares of the company’s stock, valued at approximately $680,127.84. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In related news, VP Mark Elliott Boulding sold 61,923 shares of PTC Therapeutics stock in a transaction dated Monday, April 17th. The shares were sold at an average price of $51.42, for a total value of $3,184,080.66. Following the sale, the vice president now directly owns 75,378 shares in the company, valued at approximately $3,875,936.76. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Allan Steven Jacobson sold 23,000 shares of the business’s stock in a transaction dated Thursday, May 11th. The stock was sold at an average price of $55.08, for a total transaction of $1,266,840.00. Following the sale, the director now owns 12,348 shares in the company, valued at $680,127.84. The disclosure for this sale can be found here. Insiders have sold a total of 158,595 shares of company stock valued at $7,968,916 over the last quarter. Company insiders own 6.00% of the company’s stock.

Institutional Trading of PTC Therapeutics

A number of hedge funds and other institutional investors have recently made changes to their positions in PTCT. RTW Investments LP raised its holdings in shares of PTC Therapeutics by 26.3% in the 1st quarter. RTW Investments LP now owns 7,093,298 shares of the biopharmaceutical company’s stock worth $343,599,000 after purchasing an additional 1,477,911 shares in the last quarter. Norges Bank purchased a new position in shares of PTC Therapeutics in the fourth quarter worth approximately $24,587,000. Armistice Capital LLC increased its position in shares of PTC Therapeutics by 17.1% in the fourth quarter. Armistice Capital LLC now owns 3,396,000 shares of the biopharmaceutical company’s stock worth $129,625,000 after acquiring an additional 496,000 shares in the last quarter. State Street Corp increased its position in shares of PTC Therapeutics by 13.8% in the second quarter. State Street Corp now owns 3,624,877 shares of the biopharmaceutical company’s stock worth $145,213,000 after acquiring an additional 440,850 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD increased its position in shares of PTC Therapeutics by 33.7% in the first quarter. Price T Rowe Associates Inc. MD now owns 1,717,765 shares of the biopharmaceutical company’s stock worth $83,210,000 after acquiring an additional 433,376 shares in the last quarter.

PTC Therapeutics Company Profile

(Get Rating)

PTC Therapeutics, Inc is a biopharmaceutical company. It engages in discovery, development, and commercialization of clinically differentiated medicines that provide benefits to patients with rare disorders. The company was founded by Allan Steven Jacobson and Stuart Walter Peltz on March 31, 1998 and is headquartered in South Plainfield, NJ.

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