Morgan Stanley Has Lowered Expectations for PTC Therapeutics (NASDAQ:PTCT) Stock Price

PTC Therapeutics (NASDAQ:PTCT) had its price target dropped by Morgan Stanley from $76.00 to $71.00 in a research note issued on Wednesday,Benzinga reports. The brokerage currently has an “overweight” rating on the biopharmaceutical company’s stock. Morgan Stanley’s price target would indicate a potential upside of 45.13% from the company’s current price.

Other equities research analysts have also recently issued reports about the stock. Barclays boosted their price target on shares of PTC Therapeutics from $42.00 to $46.00 and gave the stock an “equal weight” rating in a research report on Tuesday, July 29th. Robert W. Baird set a $70.00 price target on shares of PTC Therapeutics in a research report on Friday, August 8th. Cowen reissued a “hold” rating on shares of PTC Therapeutics in a research report on Friday, August 8th. Wells Fargo & Company boosted their price target on shares of PTC Therapeutics from $78.00 to $79.00 and gave the stock an “overweight” rating in a research report on Friday, August 8th. Finally, JPMorgan Chase & Co. dropped their target price on shares of PTC Therapeutics from $75.00 to $67.00 and set an “overweight” rating on the stock in a report on Wednesday, May 7th. One research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $69.15.

PTC Therapeutics Price Performance

Shares of NASDAQ:PTCT opened at $48.92 on Wednesday. The company’s 50-day moving average price is $48.87 and its two-hundred day moving average price is $49.03. PTC Therapeutics has a one year low of $30.41 and a one year high of $58.38. The stock has a market capitalization of $3.89 billion, a PE ratio of 7.02 and a beta of 0.54.

PTC Therapeutics (NASDAQ:PTCT) last issued its quarterly earnings results on Thursday, August 7th. The biopharmaceutical company reported ($0.83) EPS for the quarter, topping the consensus estimate of ($1.07) by $0.24. PTC Therapeutics had a net margin of 35.65% and a negative return on equity of 106.31%. The firm had revenue of $178.88 million for the quarter, compared to analysts’ expectations of $173.01 million. During the same period in the previous year, the firm posted ($1.29) EPS. The company’s revenue for the quarter was down 4.2% on a year-over-year basis. PTC Therapeutics has set its FY 2025 guidance at EPS. On average, analysts anticipate that PTC Therapeutics will post -4.52 earnings per share for the current fiscal year.

Insider Transactions at PTC Therapeutics

In related news, CEO Matthew B. Klein sold 10,739 shares of the company’s stock in a transaction dated Tuesday, August 5th. The shares were sold at an average price of $51.74, for a total value of $555,635.86. Following the transaction, the chief executive officer owned 337,767 shares in the company, valued at approximately $17,476,064.58. This represents a 3.08% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Pierre Gravier sold 2,516 shares of the stock in a transaction that occurred on Tuesday, July 15th. The stock was sold at an average price of $49.46, for a total transaction of $124,441.36. Following the transaction, the chief financial officer owned 71,920 shares in the company, valued at approximately $3,557,163.20. The trade was a 3.38% decrease in their position. The disclosure for this sale can be found here. 5.50% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On PTC Therapeutics

A number of large investors have recently added to or reduced their stakes in PTCT. Wells Fargo & Company MN grew its position in PTC Therapeutics by 43.1% during the fourth quarter. Wells Fargo & Company MN now owns 38,148 shares of the biopharmaceutical company’s stock worth $1,722,000 after buying an additional 11,499 shares in the last quarter. Invesco Ltd. grew its position in PTC Therapeutics by 107.0% during the fourth quarter. Invesco Ltd. now owns 111,391 shares of the biopharmaceutical company’s stock worth $5,028,000 after buying an additional 57,582 shares in the last quarter. Raymond James Financial Inc. acquired a new stake in PTC Therapeutics during the fourth quarter worth approximately $2,200,000. Sterling Capital Management LLC grew its position in PTC Therapeutics by 424.4% during the fourth quarter. Sterling Capital Management LLC now owns 645 shares of the biopharmaceutical company’s stock worth $29,000 after buying an additional 522 shares in the last quarter. Finally, Canada Pension Plan Investment Board acquired a new stake in PTC Therapeutics during the fourth quarter worth approximately $1,061,000.

About PTC Therapeutics

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.