Brokerages Set PTC Therapeutics, Inc. (NASDAQ:PTCT) Price Target at $98.55

PTC Therapeutics, Inc. (NASDAQ:PTCT) has earned an average recommendation of “Moderate Buy” from the fourteen analysts that are covering the stock, MarketBeat Ratings reports. Two equities research analysts have rated the stock with a sell recommendation, two have assigned a hold recommendation, nine have issued a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12-month price objective among analysts that have covered the stock in the last year is $98.5455.

Several research analysts have issued reports on PTCT shares. Jefferies Financial Group upgraded PTC Therapeutics from a “hold” rating to a “buy” rating and increased their price objective for the stock from $76.00 to $85.00 in a research note on Wednesday, May 27th. Cantor Fitzgerald boosted their target price on shares of PTC Therapeutics from $124.00 to $130.00 and gave the company an “overweight” rating in a research note on Thursday, July 16th. Barclays boosted their target price on shares of PTC Therapeutics from $120.00 to $122.00 and gave the company an “overweight” rating in a research note on Friday, August 14th. Morgan Stanley upped their target price on shares of PTC Therapeutics from $93.00 to $104.00 and gave the stock an “overweight” rating in a report on Friday, July 31st. Finally, TD Cowen upgraded shares of PTC Therapeutics from a “hold” rating to a “buy” rating and increased their target price for the stock from $75.00 to $90.00 in a research report on Friday, May 8th.

Insider Activity

In other news, insider Neil Gregory Almstead sold 2,464 shares of the business’s stock in a transaction that occurred on Thursday, July 9th. The stock was sold at an average price of $90.25, for a total value of $222,376.00. Following the transaction, the insider directly owned 60,299 shares of the company’s stock, valued at $5,441,984.75. The trade was a 3.93% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, VP Mark Elliott Boulding sold 2,813 shares of the business’s stock in a transaction that occurred on Monday, August 17th. The stock was sold at an average price of $72.57, for a total value of $204,139.41. Following the completion of the transaction, the vice president directly owned 105,272 shares in the company, valued at $7,639,589.04. The trade was a 2.60% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders sold 205,343 shares of company stock valued at $16,774,704. Corporate insiders own 5.30% of the company’s stock.

Hedge Funds Weigh In On PTC Therapeutics

Several institutional investors have recently bought and sold shares of PTCT. Empowered Funds LLC acquired a new position in PTC Therapeutics in the first quarter worth $1,999,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its holdings in shares of PTC Therapeutics by 11.5% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 178,755 shares of the biopharmaceutical company’s stock worth $9,109,000 after purchasing an additional 18,504 shares during the last quarter. Quantbot Technologies LP grew its holdings in shares of PTC Therapeutics by 280.1% during the second quarter. Quantbot Technologies LP now owns 2,478 shares of the biopharmaceutical company’s stock worth $121,000 after purchasing an additional 1,826 shares during the last quarter. Arrowstreet Capital Limited Partnership acquired a new stake in shares of PTC Therapeutics in the second quarter valued at $1,661,000. Finally, EverSource Wealth Advisors LLC increased its stake in shares of PTC Therapeutics by 247.4% in the second quarter. EverSource Wealth Advisors LLC now owns 1,143 shares of the biopharmaceutical company’s stock valued at $56,000 after buying an additional 814 shares in the last quarter.

PTC Therapeutics Stock Performance

Shares of PTCT opened at $69.82 on Friday. PTC Therapeutics has a 1 year low of $48.28 and a 1 year high of $90.87. The stock has a 50 day simple moving average of $77.62 and a 200-day simple moving average of $72.34. The stock has a market cap of $5.83 billion, a PE ratio of -120.38, a PEG ratio of 2.15 and a beta of 0.56.

PTC Therapeutics (NASDAQ:PTCT) last posted its earnings results on Thursday, July 30th. The biopharmaceutical company reported $0.92 EPS for the quarter, topping the consensus estimate of $0.24 by $0.68. The business had revenue of $360.52 million during the quarter, compared to the consensus estimate of $298.63 million. PTC Therapeutics had a negative return on equity of 362.45% and a negative net margin of 3.80%.PTC Therapeutics’s revenue was up 101.5% on a year-over-year basis. During the same quarter last year, the company earned ($0.83) EPS. On average, sell-side analysts forecast that PTC Therapeutics will post 1.17 EPS for the current fiscal year.

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.