PTC Therapeutics (NASDAQ:PTCT) Shares Gap Up on Earnings Beat

PTC Therapeutics, Inc. (NASDAQ:PTCT) shares gapped up prior to trading on Friday following a better than expected earnings announcement. The stock had previously closed at $25.49, but opened at $27.00. PTC Therapeutics shares last traded at $27.60, with a volume of 86,284 shares changing hands.

The biopharmaceutical company reported ($1.20) EPS for the quarter, topping analysts’ consensus estimates of ($1.21) by $0.01. The company had revenue of $210.12 million for the quarter, compared to the consensus estimate of $160.27 million.

Analysts Set New Price Targets

PTCT has been the subject of a number of research analyst reports. TD Cowen cut their target price on PTC Therapeutics from $32.00 to $30.00 and set a “market perform” rating for the company in a research report on Friday, March 1st. Jefferies Financial Group upped their price objective on PTC Therapeutics from $33.00 to $35.00 and gave the company a “buy” rating in a report on Wednesday, March 20th. Royal Bank of Canada lifted their target price on PTC Therapeutics from $22.00 to $28.00 and gave the stock a “sector perform” rating in a report on Friday, March 1st. Finally, Cantor Fitzgerald reiterated an “overweight” rating and issued a $45.00 price target on shares of PTC Therapeutics in a research report on Friday, April 12th. Five analysts have rated the stock with a sell rating, six have assigned a hold rating and three have issued a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $33.53.

Insiders Place Their Bets

In related news, CEO Matthew B. Klein sold 3,361 shares of the firm’s stock in a transaction that occurred on Friday, April 19th. The shares were sold at an average price of $24.89, for a total value of $83,655.29. Following the completion of the transaction, the chief executive officer now owns 225,807 shares of the company’s stock, valued at approximately $5,620,336.23. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders sold a total of 6,404 shares of company stock worth $165,506 over the last ninety days. 5.30% of the stock is currently owned by company insiders.

Institutional Trading of PTC Therapeutics

A number of hedge funds have recently modified their holdings of the business. Hexagon Capital Partners LLC grew its holdings in shares of PTC Therapeutics by 132.0% during the fourth quarter. Hexagon Capital Partners LLC now owns 979 shares of the biopharmaceutical company’s stock valued at $27,000 after buying an additional 557 shares in the last quarter. China Universal Asset Management Co. Ltd. lifted its stake in PTC Therapeutics by 99.7% in the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 1,941 shares of the biopharmaceutical company’s stock worth $43,000 after acquiring an additional 969 shares in the last quarter. Allspring Global Investments Holdings LLC acquired a new stake in PTC Therapeutics during the 1st quarter worth about $46,000. Nisa Investment Advisors LLC grew its stake in PTC Therapeutics by 317.0% during the 3rd quarter. Nisa Investment Advisors LLC now owns 2,656 shares of the biopharmaceutical company’s stock valued at $60,000 after acquiring an additional 2,019 shares in the last quarter. Finally, Headlands Technologies LLC increased its holdings in shares of PTC Therapeutics by 248.0% in the 4th quarter. Headlands Technologies LLC now owns 4,684 shares of the biopharmaceutical company’s stock valued at $129,000 after purchasing an additional 3,338 shares during the period.

PTC Therapeutics Stock Up 12.1 %

The firm has a market capitalization of $2.19 billion, a PE ratio of -3.42 and a beta of 0.67. The business’s 50-day moving average price is $28.15 and its 200-day moving average price is $25.79.

PTC Therapeutics Company Profile

PTC Therapeutics, Inc, a biopharmaceutical company, focuses on the discovery, development, and commercialization of medicines to patients with rare disorders in the United States and internationally. The company offers Translarna and Emflaza for the treatment of Duchenne muscular dystrophy; Upstaza to treat aromatic l-amino acid decarboxylas (AADC) deficiency, a central nervous system disorder; Tegsedi and Waylivra for the treatment of rare diseases; and Evrysdi to treat spinal muscular atrophy (SMA) in adults and children.