Truist Financial Initiates Coverage on PTC Therapeutics (NASDAQ:PTCT)

Equities research analysts at Truist Financial started coverage on shares of PTC Therapeutics (NASDAQ:PTCT) in a report issued on Friday, Briefing.com reports. The firm set a “hold” rating and a $62.00 price target on the biopharmaceutical company’s stock. Truist Financial’s price target indicates a potential upside of 1.66% from the stock’s current price.

Several other analysts have also weighed in on the stock. Wells Fargo & Company boosted their target price on shares of PTC Therapeutics from $106.00 to $109.00 and gave the company an “overweight” rating in a research note on Thursday, August 13th. Leerink Partners initiated coverage on shares of PTC Therapeutics in a report on Monday, September 14th. They set an “outperform” rating and a $98.00 target price on the stock. Cantor Fitzgerald raised their price target on shares of PTC Therapeutics from $130.00 to $137.00 and gave the stock an “overweight” rating in a research report on Tuesday, September 22nd. Zacks Research downgraded shares of PTC Therapeutics from a “strong-buy” rating to a “hold” rating in a research report on Thursday, August 6th. Finally, Weiss Ratings raised shares of PTC Therapeutics from a “sell (d)” rating to a “sell (d+)” rating in a report on Thursday, October 8th. Eleven investment analysts have rated the stock with a Buy rating, three have assigned a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat.com, PTC Therapeutics has an average rating of “Moderate Buy” and a consensus target price of $95.07.

PTC Therapeutics Stock Up 2.2%

NASDAQ:PTCT opened at $60.99 on Friday. The company has a market cap of $5.09 billion, a PE ratio of -105.16, a P/E/G ratio of 1.80 and a beta of 0.49. The business’s 50 day moving average is $67.69 and its two-hundred day moving average is $71.82. PTC Therapeutics has a 52 week low of $58.80 and a 52 week high of $90.87.

PTC Therapeutics (NASDAQ:PTCT) last issued its quarterly earnings results on Thursday, July 30th. The biopharmaceutical company reported $0.92 earnings per share for the quarter, beating analysts’ consensus estimates of $0.24 by $0.68. The firm had revenue of $360.52 million during the quarter, compared to the consensus estimate of $298.63 million. PTC Therapeutics’s revenue was up 101.5% compared to the same quarter last year. During the same quarter last year, the firm posted ($0.83) earnings per share. As a group, sell-side analysts expect that PTC Therapeutics will post 1.19 EPS for the current fiscal year.

Insider Buying and Selling

In other PTC Therapeutics news, Director Michael Schmertzler sold 2,500 shares of the stock in a transaction on Wednesday, October 7th. The stock was sold at an average price of $63.39, for a total value of $158,475.00. Following the sale, the director directly owned 1,294,094 shares of the company’s stock, valued at $82,032,618.66. This trade represents a 0.19% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Matthew B. Klein sold 10,292 shares of the stock in a transaction on Tuesday, August 4th. The stock was sold at an average price of $68.57, for a total value of $705,722.44. Following the completion of the sale, the chief executive officer directly owned 383,868 shares in the company, valued at $26,321,828.76. This represents a 2.61% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last 90 days, insiders sold 74,870 shares of company stock worth $5,173,236. Company insiders own 5.30% of the company’s stock.

Hedge Funds Weigh In On PTC Therapeutics

Institutional investors have recently modified their holdings of the company. Avior Wealth Management LLC grew its position in shares of PTC Therapeutics by 48.7% during the third quarter. Avior Wealth Management LLC now owns 5,622 shares of the biopharmaceutical company’s stock worth $364,000 after acquiring an additional 1,842 shares during the last quarter. Sacks & Associates LLC bought a new stake in PTC Therapeutics in the 3rd quarter valued at about $251,000. Private Capital Advisors Inc. bought a new stake in PTC Therapeutics in the 3rd quarter valued at about $458,000. Envestnet Portfolio Solutions Inc. lifted its position in PTC Therapeutics by 1.8% in the 2nd quarter. Envestnet Portfolio Solutions Inc. now owns 13,730 shares of the biopharmaceutical company’s stock valued at $1,120,000 after purchasing an additional 237 shares during the last quarter. Finally, Tidal Investments LLC acquired a new position in PTC Therapeutics during the 2nd quarter valued at about $211,000.

PTC Therapeutics Company Profile

PTC Therapeutics, Inc is a biopharmaceutical company focused on discovering, developing and commercializing medicines for rare diseases. Its research programs use technologies designed to address genetic and molecular causes of disease, including RNA biology, protein translation and gene therapy.

The company’s commercial portfolio includes Emflaza (deflazacort), a corticosteroid approved in the United States to treat Duchenne muscular dystrophy, and Upstaza (eladocagene exuparvovec), a gene therapy for aromatic L-amino acid decarboxylase deficiency in eligible patients.