PTC Therapeutics (NASDAQ:PTCT) Price Target Raised to $58.00 at Royal Bank of Canada

PTC Therapeutics (NASDAQ:PTCT) had its target price raised by Royal Bank of Canada from $57.00 to $58.00 in a research report released on Wednesday,Benzinga reports. They currently have an outperform rating on the biopharmaceutical company’s stock.

Several other research analysts have also weighed in on PTCT. Robert W. Baird decreased their price objective on shares of PTC Therapeutics from $70.00 to $66.00 and set an “outperform” rating for the company in a report on Wednesday. Morgan Stanley reissued an “overweight” rating and issued a $70.00 price objective (up from $67.00) on shares of PTC Therapeutics in a report on Friday, March 7th. Scotiabank started coverage on PTC Therapeutics in a report on Friday, March 7th. They set a “sector perform” rating and a $55.00 target price on the stock. Bank of America upgraded PTC Therapeutics from an “underperform” rating to a “neutral” rating and boosted their price target for the company from $41.00 to $55.00 in a report on Tuesday, March 11th. Finally, Cantor Fitzgerald decreased their price objective on shares of PTC Therapeutics from $113.00 to $112.00 and set an “overweight” rating for the company in a report on Wednesday. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating, nine have given a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $61.92.

PTC Therapeutics Stock Performance

Shares of NASDAQ PTCT opened at $44.23 on Wednesday. PTC Therapeutics has a 1 year low of $28.72 and a 1 year high of $58.38. The stock’s 50-day simple moving average is $48.86 and its 200-day simple moving average is $46.99. The firm has a market cap of $3.50 billion, a price-to-earnings ratio of -7.45 and a beta of 0.52.

PTC Therapeutics (NASDAQ:PTCT) last announced its earnings results on Tuesday, May 6th. The biopharmaceutical company reported $10.04 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.85 by $9.19. The business had revenue of $1.18 billion during the quarter, compared to analyst estimates of $437.16 million. During the same period in the previous year, the company earned ($1.20) earnings per share. The business’s revenue for the quarter was down 9.6% on a year-over-year basis. As a group, research analysts predict that PTC Therapeutics will post -4.52 EPS for the current year.

Insider Activity

In other news, CAO Christine Marie Utter sold 879 shares of the firm’s stock in a transaction on Wednesday, February 19th. The stock was sold at an average price of $50.10, for a total transaction of $44,037.90. Following the completion of the sale, the chief accounting officer now directly owns 63,442 shares of the company’s stock, valued at $3,178,444.20. This trade represents a 1.37 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Lee Scott Golden sold 795 shares of the company’s stock in a transaction on Wednesday, February 19th. The shares were sold at an average price of $50.10, for a total value of $39,829.50. Following the sale, the executive vice president now directly owns 77,856 shares of the company’s stock, valued at approximately $3,900,585.60. This represents a 1.01 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 32,305 shares of company stock worth $1,682,755 over the last 90 days. 5.50% of the stock is currently owned by company insiders.

Institutional Trading of PTC Therapeutics

Several institutional investors and hedge funds have recently bought and sold shares of PTCT. Smartleaf Asset Management LLC increased its position in shares of PTC Therapeutics by 78.7% in the fourth quarter. Smartleaf Asset Management LLC now owns 613 shares of the biopharmaceutical company’s stock worth $28,000 after acquiring an additional 270 shares in the last quarter. Sterling Capital Management LLC raised its stake in PTC Therapeutics by 424.4% during the 4th quarter. Sterling Capital Management LLC now owns 645 shares of the biopharmaceutical company’s stock valued at $29,000 after purchasing an additional 522 shares during the period. PNC Financial Services Group Inc. lifted its holdings in shares of PTC Therapeutics by 84.2% in the first quarter. PNC Financial Services Group Inc. now owns 700 shares of the biopharmaceutical company’s stock valued at $36,000 after purchasing an additional 320 shares in the last quarter. GAMMA Investing LLC boosted its position in shares of PTC Therapeutics by 86.3% in the first quarter. GAMMA Investing LLC now owns 952 shares of the biopharmaceutical company’s stock worth $49,000 after buying an additional 441 shares during the period. Finally, Venturi Wealth Management LLC purchased a new position in shares of PTC Therapeutics during the fourth quarter valued at $68,000.

PTC Therapeutics Company Profile

PTC Therapeutics, Inc, a biopharmaceutical company, focuses on the discovery, development, and commercialization of medicines to patients with rare disorders in the United States and internationally. The company offers Translarna and Emflaza for the treatment of Duchenne muscular dystrophy; Upstaza to treat aromatic l-amino acid decarboxylas (AADC) deficiency, a central nervous system disorder; Tegsedi and Waylivra for the treatment of rare diseases; and Evrysdi to treat spinal muscular atrophy (SMA) in adults and children.