PTC Therapeutics (NASDAQ:PTCT) Price Target Cut to $93.00 by Analysts at Wells Fargo & Company

PTC Therapeutics (NASDAQ:PTCT) had its price target decreased by Wells Fargo & Company from $95.00 to $93.00 in a research note released on Monday,Benzinga reports. Wells Fargo & Company currently has an overweight rating on the biopharmaceutical company’s stock.

A number of other brokerages have also commented on PTCT. Jefferies Financial Group upgraded PTC Therapeutics from a “hold” rating to a “buy” rating and lifted their price target for the stock from $76.00 to $85.00 in a report on Wednesday, May 27th. Cantor Fitzgerald upped their price objective on PTC Therapeutics from $124.00 to $130.00 and gave the company an “overweight” rating in a research note on Thursday, July 16th. Weiss Ratings lowered PTC Therapeutics from a “hold (c-)” rating to a “sell (d)” rating in a research report on Monday, May 11th. Morgan Stanley reiterated an “overweight” rating and set a $94.00 target price on shares of PTC Therapeutics in a research note on Friday, May 8th. Finally, Raymond James Financial began coverage on shares of PTC Therapeutics in a report on Friday, April 10th. They issued an “outperform” rating and a $108.00 price target on the stock. Two investment analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating, one has issued a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat, PTC Therapeutics has a consensus rating of “Moderate Buy” and an average target price of $92.29.

PTC Therapeutics Stock Performance

Shares of PTCT stock opened at $78.01 on Monday. The company has a market capitalization of $6.47 billion, a price-to-earnings ratio of -33.48, a PEG ratio of 4.72 and a beta of 0.53. PTC Therapeutics has a 52-week low of $43.17 and a 52-week high of $90.87. The company has a 50-day simple moving average of $76.80 and a two-hundred day simple moving average of $72.78.

PTC Therapeutics (NASDAQ:PTCT) last posted its earnings results on Thursday, May 7th. The biopharmaceutical company reported ($0.03) EPS for the quarter, topping the consensus estimate of ($0.45) by $0.42. PTC Therapeutics had a negative net margin of 22.58% and a negative return on equity of 362.45%. The firm had revenue of $272.55 million for the quarter, compared to analysts’ expectations of $217.42 million. During the same quarter last year, the firm earned $10.04 EPS. The company’s quarterly revenue was up 43.5% compared to the same quarter last year. On average, sell-side analysts forecast that PTC Therapeutics will post 0.6 EPS for the current fiscal year.

Insider Buying and Selling at PTC Therapeutics

In other news, Director Mary L. Smith sold 15,834 shares of the stock in a transaction on Thursday, July 9th. The stock was sold at an average price of $90.00, for a total transaction of $1,425,060.00. Following the completion of the transaction, the director owned 21,813 shares in the company, valued at approximately $1,963,170. This represents a 42.06% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CAO Christine Marie Utter sold 19,686 shares of PTC Therapeutics stock in a transaction dated Wednesday, June 17th. The stock was sold at an average price of $75.56, for a total value of $1,487,474.16. Following the completion of the sale, the chief accounting officer directly owned 70,199 shares of the company’s stock, valued at approximately $5,304,236.44. This trade represents a 21.90% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 198,662 shares of company stock valued at $16,347,994 in the last quarter. Insiders own 5.50% of the company’s stock.

Institutional Investors Weigh In On PTC Therapeutics

Several institutional investors have recently added to or reduced their stakes in the business. Handelsbanken Fonder AB increased its stake in shares of PTC Therapeutics by 15.1% in the second quarter. Handelsbanken Fonder AB now owns 29,000 shares of the biopharmaceutical company’s stock worth $2,366,000 after purchasing an additional 3,800 shares in the last quarter. GAMMA Investing LLC lifted its stake in shares of PTC Therapeutics by 58.1% during the 2nd quarter. GAMMA Investing LLC now owns 1,453 shares of the biopharmaceutical company’s stock valued at $119,000 after buying an additional 534 shares in the last quarter. Avior Wealth Management LLC purchased a new stake in shares of PTC Therapeutics during the 2nd quarter valued at approximately $308,000. Harbor Investment Advisory LLC purchased a new stake in shares of PTC Therapeutics during the 2nd quarter valued at approximately $81,000. Finally, Defilade Capital Management L.P. bought a new position in PTC Therapeutics in the 1st quarter worth approximately $25,628,000.

About PTC Therapeutics

PTC Therapeutics, Inc is a biopharmaceutical company focused on the discovery, development and commercialization of small molecule and biologic therapies for the treatment of rare genetic disorders. Since its founding in 1998, PTC has dedicated its efforts to addressing high unmet medical needs by targeting underlying genetic causes of disease. The company’s research platform emphasizes mechanisms such as nonsense suppression and RNA modulation, enabling the development of novel treatments for conditions with limited therapeutic options.

Among PTC’s approved products is Translarna (ataluren), a first-in-class therapy designed to treat nonsense mutation Duchenne muscular dystrophy in select markets.