PTC Therapeutics (NASDAQ:PTCT) Price Target Raised to $86.00

PTC Therapeutics (NASDAQ:PTCT) had its price target lifted by Truist Financial from $80.00 to $86.00 in a report published on Tuesday,Benzinga reports. Truist Financial currently has a buy rating on the biopharmaceutical company’s stock.

PTCT has been the subject of several other reports. Cantor Fitzgerald boosted their price objective on shares of PTC Therapeutics from $112.00 to $120.00 and gave the company an “overweight” rating in a report on Tuesday. Barclays raised their target price on PTC Therapeutics from $42.00 to $46.00 and gave the stock an “equal weight” rating in a research report on Tuesday. Royal Bank Of Canada upped their price target on shares of PTC Therapeutics from $57.00 to $58.00 and gave the company an “outperform” rating in a research report on Wednesday, May 7th. Citigroup boosted their target price on shares of PTC Therapeutics from $40.00 to $50.00 and gave the company a “neutral” rating in a research report on Monday. Finally, UBS Group increased their price target on shares of PTC Therapeutics from $71.00 to $80.00 and gave the stock a “buy” rating in a research report on Tuesday. One equities research analyst has rated the stock with a sell rating, four have given a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $69.38.

PTC Therapeutics Trading Up 2.3%

PTCT stock opened at $52.11 on Tuesday. The stock’s 50 day simple moving average is $49.08 and its 200 day simple moving average is $48.63. PTC Therapeutics has a 12-month low of $29.01 and a 12-month high of $58.38. The stock has a market capitalization of $4.13 billion, a PE ratio of 8.00 and a beta of 0.50.

PTC Therapeutics (NASDAQ:PTCT) last released its quarterly earnings data on Tuesday, May 6th. The biopharmaceutical company reported $10.04 EPS for the quarter, beating the consensus estimate of $0.85 by $9.19. PTC Therapeutics had a negative return on equity of 78.56% and a net margin of 33.56%. The company had revenue of $1.18 billion for the quarter, compared to analysts’ expectations of $437.16 million. During the same period last year, the firm posted ($1.20) earnings per share. PTC Therapeutics’s revenue was down 9.6% compared to the same quarter last year. On average, research analysts predict that PTC Therapeutics will post -4.52 earnings per share for the current year.

Insider Transactions at PTC Therapeutics

In other news, VP Mark Elliott Boulding sold 883 shares of the company’s stock in a transaction dated Friday, May 16th. The stock was sold at an average price of $46.02, for a total value of $40,635.66. Following the completion of the transaction, the vice president owned 103,901 shares of the company’s stock, valued at $4,781,524.02. This represents a 0.84% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CFO Pierre Gravier sold 2,516 shares of PTC Therapeutics stock in a transaction that occurred on Tuesday, July 15th. The shares were sold at an average price of $49.46, for a total value of $124,441.36. Following the sale, the chief financial officer directly owned 71,920 shares in the company, valued at $3,557,163.20. This trade represents a 3.38% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 5,328 shares of company stock worth $254,158. Insiders own 5.50% of the company’s stock.

Hedge Funds Weigh In On PTC Therapeutics

Hedge funds and other institutional investors have recently modified their holdings of the stock. Sterling Capital Management LLC increased its holdings in shares of PTC Therapeutics by 424.4% in the fourth quarter. Sterling Capital Management LLC now owns 645 shares of the biopharmaceutical company’s stock worth $29,000 after purchasing an additional 522 shares during the last quarter. Quantbot Technologies LP raised its stake in PTC Therapeutics by 545.5% during the first quarter. Quantbot Technologies LP now owns 652 shares of the biopharmaceutical company’s stock valued at $33,000 after purchasing an additional 551 shares in the last quarter. PNC Financial Services Group Inc. grew its stake in shares of PTC Therapeutics by 84.2% in the 1st quarter. PNC Financial Services Group Inc. now owns 700 shares of the biopharmaceutical company’s stock worth $36,000 after buying an additional 320 shares in the last quarter. GAMMA Investing LLC grew its stake in shares of PTC Therapeutics by 86.3% in the 1st quarter. GAMMA Investing LLC now owns 952 shares of the biopharmaceutical company’s stock worth $49,000 after buying an additional 441 shares in the last quarter. Finally, BI Asset Management Fondsmaeglerselskab A S bought a new stake in shares of PTC Therapeutics in the 1st quarter worth about $61,000.

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.