PTC Therapeutics, Inc. (NASDAQ:PTCT) Stock Rated “Moderate Buy” by Sell-Side Analysts

PTC Therapeutics, Inc. (NASDAQ:PTCT) has been given a consensus recommendation of “Moderate Buy” by the fifteen brokerages that are currently covering the stock, Marketbeat reports. One research analyst has rated the stock with a sell rating, three have issued a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company. The average twelve-month price target among brokerages that have covered the stock in the last year is $99.23.

Several research firms have recently weighed in on PTCT. Weiss Ratings raised PTC Therapeutics from a “sell (d)” rating to a “sell (d+)” rating in a research report on Thursday, October 8th. Wells Fargo & Company lifted their price objective on shares of PTC Therapeutics from $109.00 to $112.00 and gave the stock an “overweight” rating in a research note on Friday, October 30th. Morgan Stanley boosted their price objective on shares of PTC Therapeutics from $93.00 to $104.00 and gave the company an “overweight” rating in a research report on Friday, July 31st. TD Cowen increased their target price on shares of PTC Therapeutics from $90.00 to $95.00 and gave the company a “buy” rating in a research note on Friday, October 30th. Finally, Raymond James Financial set a $106.00 target price on shares of PTC Therapeutics in a report on Tuesday, October 20th.

PTC Therapeutics Trading Down 1.4%

PTCT opened at $64.14 on Wednesday. The stock has a 50-day moving average of $64.56 and a 200 day moving average of $70.45. PTC Therapeutics has a 12 month low of $58.80 and a 12 month high of $90.87.

PTC Therapeutics (NASDAQ:PTCT) last issued its quarterly earnings data on Thursday, October 29th. The biopharmaceutical company reported ($0.62) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.14 by ($0.76). The business had revenue of $357.81 million during the quarter, compared to analyst estimates of $306.43 million. PTC Therapeutics’s revenue for the quarter was up 69.6% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.20 EPS. On average, analysts expect that PTC Therapeutics will post 0.49 earnings per share for the current year.

PTC Therapeutics announced that its Board of Directors has authorized a stock repurchase program on Tuesday, November 3rd that allows the company to buy back $500 million in shares. This repurchase authorization allows the biopharmaceutical company to reacquire up to 9.8% of its shares through open market purchases. Stock repurchase programs are generally an indication that the company’s management believes its shares are undervalued.

Insider Transactions at PTC Therapeutics

In other PTC Therapeutics news, Director Glenn Md Phd Steele, Jr. sold 12,000 shares of the company’s stock in a transaction on Wednesday, September 30th. The stock was sold at an average price of $65.16, for a total value of $781,920.00. Following the transaction, the director owned 22,500 shares of the company’s stock, valued at $1,466,100. This represents a 34.78% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, VP Mark Boulding sold 435 shares of the company’s stock in a transaction on Tuesday, October 6th. The shares were sold at an average price of $64.16, for a total value of $27,909.60. Following the completion of the transaction, the vice president directly owned 105,272 shares in the company, valued at $6,754,251.52. This trade represents a 0.41% 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. Over the last three months, insiders have sold 67,078 shares of company stock worth $4,616,538. 5.30% of the stock is currently owned by company insiders.

Institutional Trading of PTC Therapeutics

Large investors have recently made changes to their positions in the stock. Rock Springs Capital Management LP lifted its holdings in PTC Therapeutics by 161.5% during the 1st quarter. Rock Springs Capital Management LP now owns 161,798 shares of the biopharmaceutical company’s stock valued at $11,023,000 after buying an additional 99,919 shares in the last quarter. Parkman Healthcare Partners LLC bought a new position in PTC Therapeutics in the 2nd quarter worth about $35,539,000. VIRGINIA RETIREMENT SYSTEMS ET Al bought a new position in PTC Therapeutics in the 2nd quarter worth about $2,321,000. Corient Private Wealth LP bought a new position in PTC Therapeutics in the 2nd quarter worth about $1,233,000. Finally, The Manufacturers Life Insurance Company bought a new position in PTC Therapeutics in the 2nd quarter worth about $36,050,000.

About PTC Therapeutics

PTC Therapeutics is a biopharmaceutical company focused on discovering, developing and commercializing medicines for rare diseases. Founded in 1998 and headquartered in Warren, New Jersey, the company works across several therapeutic areas, including genetic and neurological disorders. Its products include Kebilidi (eladocagene exuparvovec), a gene therapy for aromatic L-amino acid decarboxylase deficiency, and Sephience (sepiapterin), a treatment for phenylketonuria. PTC has also developed medicines for Duchenne muscular dystrophy, including ataluren, marketed as Translarna in some regions.