Brokerages Set PTC Therapeutics, Inc. (NASDAQ:PTCT) PT at $84.40

PTC Therapeutics, Inc. (NASDAQ:PTCT) has been given an average recommendation of “Moderate Buy” by the sixteen analysts that are currently covering the stock, Marketbeat reports. One research analyst has rated the stock with a sell rating, five have assigned a hold rating, nine have given a buy rating and one has issued a strong buy rating on the company. The average twelve-month target price among analysts that have covered the stock in the last year is $84.40.

Several research firms recently issued reports on PTCT. Jefferies Financial Group cut shares of PTC Therapeutics from a “buy” rating to a “hold” rating and cut their price target for the stock from $91.00 to $76.00 in a report on Monday, March 30th. Weiss Ratings reissued a “hold (c)” rating on shares of PTC Therapeutics in a report on Monday, December 29th. Royal Bank Of Canada dropped their target price on shares of PTC Therapeutics from $87.00 to $82.00 and set a “sector perform” rating for the company in a report on Friday, February 20th. Wells Fargo & Company dropped their target price on shares of PTC Therapeutics from $93.00 to $86.00 and set an “overweight” rating for the company in a report on Friday, February 20th. Finally, Barclays reaffirmed an “overweight” rating and issued a $120.00 target price on shares of PTC Therapeutics in a report on Monday, February 23rd.

Insider Buying and Selling

In other PTC Therapeutics news, insider Neil Gregory Almstead sold 52,003 shares of the stock in a transaction dated Wednesday, April 1st. The shares were sold at an average price of $69.04, for a total value of $3,590,287.12. Following the completion of the transaction, the insider directly owned 60,137 shares of the company’s stock, valued at approximately $4,151,858.48. This trade represents a 46.37% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Stephanie Okey sold 15,167 shares of the stock in a transaction dated Tuesday, March 10th. The shares were sold at an average price of $70.00, for a total transaction of $1,061,690.00. Following the completion of the transaction, the director directly owned 8,000 shares of the company’s stock, valued at approximately $560,000. This trade represents a 65.47% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 123,642 shares of company stock valued at $8,432,528 in the last 90 days. 5.50% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in PTCT. Pictet Asset Management Holding SA increased its stake in shares of PTC Therapeutics by 20.9% during the 1st quarter. Pictet Asset Management Holding SA now owns 1,183,720 shares of the biopharmaceutical company’s stock worth $80,063,000 after purchasing an additional 204,763 shares in the last quarter. Louisiana State Employees Retirement System purchased a new position in shares of PTC Therapeutics during the 1st quarter worth approximately $2,425,000. OP Asset Management Ltd purchased a new position in shares of PTC Therapeutics during the 1st quarter worth approximately $2,289,000. Assenagon Asset Management S.A. increased its stake in shares of PTC Therapeutics by 13.3% during the 1st quarter. Assenagon Asset Management S.A. now owns 61,397 shares of the biopharmaceutical company’s stock worth $4,183,000 after purchasing an additional 7,227 shares in the last quarter. Finally, Evolve Private Wealth LLC increased its stake in shares of PTC Therapeutics by 5.2% during the 1st quarter. Evolve Private Wealth LLC now owns 6,122 shares of the biopharmaceutical company’s stock worth $417,000 after purchasing an additional 305 shares in the last quarter.

PTC Therapeutics Stock Up 0.3%

NASDAQ PTCT opened at $70.85 on Friday. The stock has a market capitalization of $5.86 billion, a P/E ratio of 9.15 and a beta of 0.55. PTC Therapeutics has a 52-week low of $35.95 and a 52-week high of $87.50. The firm has a 50-day moving average price of $68.20 and a 200 day moving average price of $71.97.

PTC Therapeutics (NASDAQ:PTCT) last posted its quarterly earnings results on Thursday, February 19th. The biopharmaceutical company reported ($1.67) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.21) by ($1.46). The firm had revenue of $164.68 million for the quarter, compared to analysts’ expectations of $281.45 million. PTC Therapeutics had a negative return on equity of 362.45% and a net margin of 39.44%.The company’s revenue for the quarter was down 22.7% on a year-over-year basis. During the same period in the prior year, the company earned ($0.85) earnings per share. On average, equities research analysts expect that PTC Therapeutics will post -0.76 earnings per share for the current fiscal year.

PTC Therapeutics Company Profile

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.