Brokerages Set PTC Therapeutics, Inc. (NASDAQ:PTCT) Price Target at $88.36

Shares of PTC Therapeutics, Inc. (NASDAQ:PTCT) have been given a consensus rating of “Moderate Buy” by the fourteen brokerages that are presently covering the company, MarketBeat reports. Two research analysts have rated the stock with a sell rating, three have issued a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company. The average 1-year target price among brokers that have issued a report on the stock in the last year is $88.3571.

Several analysts have commented on the company. Wells Fargo & Company raised their price objective on PTC Therapeutics from $86.00 to $95.00 and gave the company an “overweight” rating in a report on Friday, May 8th. Raymond James Financial assumed coverage on PTC Therapeutics in a report on Friday, April 10th. They issued an “outperform” rating and a $108.00 price objective on the stock. Royal Bank Of Canada raised their price objective on PTC Therapeutics from $81.00 to $82.00 and gave the company a “sector perform” rating in a report on Friday, May 8th. Morgan Stanley reissued an “overweight” rating and issued a $94.00 price objective on shares of PTC Therapeutics in a report on Friday, May 8th. Finally, Bank of America dropped their price objective on PTC Therapeutics from $97.00 to $93.00 and set a “buy” rating on the stock in a report on Friday, February 20th.

PTC Therapeutics Stock Performance

Shares of PTCT opened at $71.47 on Wednesday. PTC Therapeutics has a 12 month low of $43.17 and a 12 month high of $87.50. The stock’s 50 day moving average is $68.57 and its two-hundred day moving average is $72.36. The firm has a market cap of $5.93 billion, a P/E ratio of -30.67, a PEG ratio of 13.33 and a beta of 0.53.

PTC Therapeutics (NASDAQ:PTCT) last issued its quarterly earnings data on Thursday, May 7th. The biopharmaceutical company reported ($0.03) EPS for the quarter, beating the consensus estimate of ($0.45) by $0.42. PTC Therapeutics had a negative return on equity of 362.45% and a negative net margin of 22.58%.The company had revenue of $272.55 million for the quarter, compared to analyst estimates of $217.42 million. During the same period last year, the company earned $10.04 earnings per share. PTC Therapeutics’s quarterly revenue was up 43.5% compared to the same quarter last year. Equities research analysts forecast that PTC Therapeutics will post 0.19 EPS for the current year.

Insider Transactions at PTC Therapeutics

In other news, VP Mark Elliott Boulding sold 3,540 shares of PTC Therapeutics stock in a transaction that occurred on Friday, May 8th. The stock was sold at an average price of $78.97, for a total value of $279,553.80. Following the sale, the vice president directly owned 105,212 shares of the company’s stock, valued at $8,308,591.64. The trade was a 3.26% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Stephanie Okey sold 15,167 shares of PTC Therapeutics stock in a transaction that occurred on Tuesday, March 10th. The stock was sold at an average price of $70.00, for a total value of $1,061,690.00. Following the completion of the sale, the director directly owned 8,000 shares in the company, valued at $560,000. This represents a 65.47% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders sold 142,604 shares of company stock valued at $9,831,302. Insiders own 5.50% of the company’s stock.

Institutional Trading of PTC Therapeutics

A number of institutional investors have recently made changes to their positions in PTCT. Jefferies Financial Group Inc. acquired a new stake in shares of PTC Therapeutics in the third quarter worth approximately $97,252,000. Janus Henderson Group PLC boosted its stake in shares of PTC Therapeutics by 28.6% in the fourth quarter. Janus Henderson Group PLC now owns 4,851,332 shares of the biopharmaceutical company’s stock worth $368,587,000 after acquiring an additional 1,077,776 shares during the last quarter. State Street Corp boosted its stake in shares of PTC Therapeutics by 34.2% in the fourth quarter. State Street Corp now owns 4,206,126 shares of the biopharmaceutical company’s stock worth $319,497,000 after acquiring an additional 1,071,343 shares during the last quarter. Toronto Dominion Bank boosted its stake in shares of PTC Therapeutics by 27.5% in the fourth quarter. Toronto Dominion Bank now owns 4,138,215 shares of the biopharmaceutical company’s stock worth $314,339,000 after acquiring an additional 891,690 shares during the last quarter. Finally, BNP Paribas Financial Markets boosted its stake in shares of PTC Therapeutics by 4,013.1% in the fourth quarter. BNP Paribas Financial Markets now owns 828,662 shares of the biopharmaceutical company’s stock worth $62,945,000 after acquiring an additional 808,515 shares during the last quarter.

About PTC Therapeutics

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.