PTC Therapeutics (NASDAQ:PTCT) Price Target Lowered to $50.00 at Credit Suisse Group

PTC Therapeutics (NASDAQ:PTCT – Get Rating) had its price target decreased by Credit Suisse Group from $55.00 to $50.00 in a report issued on Wednesday, The Fly reports.

Several other research analysts have also commented on PTCT. The Goldman Sachs Group raised their price target on shares of PTC Therapeutics from $35.00 to $37.00 in a report on Wednesday, May 17th. Cantor Fitzgerald cut their price target on shares of PTC Therapeutics from $68.00 to $66.00 and set an overweight rating on the stock in a report on Wednesday, February 22nd. Truist Financial raised their price target on shares of PTC Therapeutics from $60.00 to $65.00 in a report on Tuesday, April 18th. Raymond James dropped their price objective on shares of PTC Therapeutics from $60.00 to $55.00 and set an outperform rating on the stock in a research note on Thursday, February 23rd. Finally, SVB Leerink reiterated a market perform rating and set a $48.00 price objective on shares of PTC Therapeutics in a research note on Friday, March 17th. One analyst has rated the stock with a sell rating, six have given a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of Hold and a consensus price target of $52.93.

PTC Therapeutics Stock Performance

PTCT opened at $46.95 on Wednesday. The company’s 50 day simple moving average is $51.69 and its 200 day simple moving average is $45.65. PTC Therapeutics has a 1 year low of $25.01 and a 1 year high of $59.84. The stock has a market capitalization of $3.48 billion, a PE ratio of -5.95 and a beta of 0.43.

PTC Therapeutics (NASDAQ:PTCT – Get Rating) last released its earnings results on Thursday, April 27th. The biopharmaceutical company reported ($1.88) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.64) by ($0.24). The company had revenue of $220.38 million for the quarter, compared to analyst estimates of $200.48 million. During the same quarter in the previous year, the company earned ($1.78) earnings per share. The business’s revenue was up 48.2% on a year-over-year basis. As a group, sell-side analysts expect that PTC Therapeutics will post -4.74 earnings per share for the current fiscal year.

Insider Buying and Selling

In other PTC Therapeutics news, Director Allan Steven Jacobson sold 23,000 shares of PTC Therapeutics 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 completion of the transaction, the director now owns 12,348 shares of the company’s stock, valued at $680,127.84. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In other PTC Therapeutics news, Director Allan Steven Jacobson sold 23,000 shares of PTC Therapeutics 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 completion of the transaction, the director now owns 12,348 shares of the company’s stock, valued at $680,127.84. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Matthew B. Klein sold 1,211 shares of PTC Therapeutics stock in a transaction on Tuesday, April 18th. The stock was sold at an average price of $52.04, for a total transaction of $63,020.44. Following the completion of the transaction, the chief executive officer now directly owns 102,645 shares of the company’s stock, valued at approximately $5,341,645.80. The disclosure for this sale can be found here. Over the last quarter, insiders sold 158,595 shares of company stock worth $7,968,916. Insiders own 5.30% of the company’s stock.

Hedge Funds Weigh In On PTC Therapeutics

A number of hedge funds have recently added to or reduced their stakes in PTCT. Raymond James & Associates boosted its holdings in PTC Therapeutics by 17.5% in the first quarter. Raymond James & Associates now owns 8,341 shares of the biopharmaceutical company’s stock worth $311,000 after purchasing an additional 1,243 shares during the period. US Bancorp DE boosted its holdings in shares of PTC Therapeutics by 9.9% during the first quarter. US Bancorp DE now owns 9,257 shares of the biopharmaceutical company’s stock valued at $345,000 after acquiring an additional 832 shares during the period. MetLife Investment Management LLC boosted its holdings in shares of PTC Therapeutics by 53.8% during the first quarter. MetLife Investment Management LLC now owns 38,439 shares of the biopharmaceutical company’s stock valued at $1,434,000 after acquiring an additional 13,448 shares during the period. Sei Investments Co. boosted its holdings in shares of PTC Therapeutics by 2.1% during the first quarter. Sei Investments Co. now owns 44,938 shares of the biopharmaceutical company’s stock valued at $1,677,000 after acquiring an additional 931 shares during the period. Finally, Vanguard Group Inc. boosted its holdings in shares of PTC Therapeutics by 0.6% during the first quarter. Vanguard Group Inc. now owns 6,933,076 shares of the biopharmaceutical company’s stock valued at $258,673,000 after acquiring an additional 44,167 shares during the period.

PTC Therapeutics Company Profile

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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.