PTC Therapeutics (NASDAQ:PTCT) Stock Price Crosses Above 50 Day Moving Average – Time to Sell?

PTC Therapeutics, Inc. (NASDAQ:PTCT)’s share price crossed above its 50-day moving average during trading on Tuesday. The stock has a 50-day moving average of $65.12 and traded as high as $68.72. PTC Therapeutics shares last traded at $68.12, with a volume of 2,643,738 shares trading hands.

PTC Therapeutics News Summary

Here are the key news stories impacting PTC Therapeutics this week:

• Positive Sentiment: PTC’s board authorized repurchases of up to $500 million of common stock, equivalent to as much as 9.8% of outstanding shares. The program is subject to market conditions and may signal management’s confidence in the company’s value; buybacks can also reduce the share count if carried out. PTC Therapeutics announces $500 million share repurchase program
• Positive Sentiment: Citigroup raised its price target to $109 from $108 and maintained a Buy rating. Other reports also noted higher price targets, including $95 and $112. Citigroup raises PTC Therapeutics price target
• Neutral Sentiment: A report on the healthcare sector’s broad advance included PTCT among the stocks moving higher, suggesting a supportive industry backdrop but not a company-specific catalyst. Healthcare stocks move higher
• Neutral Sentiment: The company said executives will participate in upcoming investor conferences, including the Jefferies Global Healthcare Conference on Nov. 16. PTC Therapeutics to participate in upcoming investor conferences

Wall Street Analysts Forecast Growth

PTCT has been the subject of several research reports. Barclays increased their price objective on shares of PTC Therapeutics from $120.00 to $122.00 and gave the company an “overweight” rating in a research report on Friday, August 14th. UBS Group assumed coverage on shares of PTC Therapeutics in a report on Thursday, October 15th. They issued a “buy” rating and a $90.00 target price on the stock. Zacks Research cut shares of PTC Therapeutics from a “strong-buy” rating to a “hold” rating in a research report on Thursday, August 6th. Cantor Fitzgerald increased their price target on shares of PTC Therapeutics from $130.00 to $137.00 and gave the company an “overweight” rating in a report on Tuesday, September 22nd. Finally, Morgan Stanley lifted their price target on PTC Therapeutics from $93.00 to $104.00 and gave the stock an “overweight” rating in a research report on Friday, July 31st. One investment analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, three have assigned a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $95.71.

PTC Therapeutics Price Performance

The company has a market capitalization of $5.69 billion, a P/E ratio of -48.66, a P/E/G ratio of 2.93 and a beta of 0.52. The business has a 50-day moving average of $65.12 and a 200-day moving average of $70.66.

PTC Therapeutics (NASDAQ:PTCT) last posted its quarterly earnings data on Thursday, October 29th. The biopharmaceutical company reported ($0.62) earnings per share for the quarter, missing analysts’ consensus estimates of $0.14 by ($0.76). The business had revenue of $357.81 million for the quarter, compared to analyst estimates of $306.43 million. During the same quarter last year, the business earned $0.20 EPS. The firm’s revenue was up 69.6% on a year-over-year basis. Sell-side analysts predict that PTC Therapeutics, Inc. will post 0.75 EPS for the current fiscal year.

PTC Therapeutics declared that its board has approved a share repurchase program on Tuesday, November 3rd that permits the company to repurchase $500 million in shares. This buyback authorization permits the biopharmaceutical company to reacquire up to 9.8% of its stock through open market purchases. Share buyback programs are often a sign that the company’s leadership believes its stock is undervalued.

Insider Activity at PTC Therapeutics

In other PTC Therapeutics news, VP Mark Boulding sold 2,813 shares of the firm’s stock in a transaction dated Monday, August 17th. The shares were sold at an average price of $72.57, for a total value of $204,139.41. Following the completion of the sale, the vice president owned 105,272 shares of the company’s stock, valued at $7,639,589.04. This trade represents a 2.60% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Michael Schmertzler sold 12,500 shares of the business’s stock in a transaction that occurred on Wednesday, August 26th. The shares were sold at an average price of $72.94, for a total value of $911,750.00. Following the transaction, the director owned 1,349,094 shares of the company’s stock, valued at $98,402,916.36. This trade represents a 0.92% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders have sold 67,078 shares of company stock worth $4,616,538. Insiders own 5.30% of the company’s stock.

Institutional Investors Weigh In On PTC Therapeutics

Institutional investors and hedge funds have recently modified their holdings of the business. Allworth Financial LP purchased a new position in PTC Therapeutics during the 2nd quarter valued at $67,000. EverSource Wealth Advisors LLC grew its position in PTC Therapeutics by 16.9% in the 1st quarter. EverSource Wealth Advisors LLC now owns 1,045 shares of the biopharmaceutical company’s stock valued at $71,000 after acquiring an additional 151 shares during the last quarter. Harbor Investment Advisory LLC purchased a new stake in PTC Therapeutics in the second quarter worth $81,000. Quantbot Technologies LP bought a new stake in shares of PTC Therapeutics during the second quarter worth $112,000. Finally, GAMMA Investing LLC grew its holdings in shares of PTC Therapeutics by 58.1% in the second quarter. GAMMA Investing LLC now owns 1,453 shares of the biopharmaceutical company’s stock worth $119,000 after purchasing an additional 534 shares during the last quarter.

PTC Therapeutics Company Profile

PTC Therapeutics, Inc is a biopharmaceutical company focused on discovering, developing and commercializing medicines for rare diseases. Its research programs include small-molecule treatments, gene therapies and other approaches designed to address conditions with limited or no available treatment options.

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