PTC Therapeutics (NASDAQ:PTCT) Stock Gets Price Target Increase from Citigroup

PTC Therapeutics (NASDAQ:PTCT) had its price objective hoisted by analysts at Citigroup from $108.00 to $109.00 in a research report issued on Monday, Benzinga reports. The firm currently has a “buy” rating on the biopharmaceutical company’s stock. Citigroup‘s price target indicates a potential upside of 78.03% from the company’s previous close.

Several other brokerages have also issued reports on PTCT. Barclays raised their target price on PTC Therapeutics from $120.00 to $122.00 and gave the company an “overweight” rating in a research report on Friday, August 14th. Cantor Fitzgerald lifted their price objective on PTC Therapeutics from $130.00 to $137.00 and gave the stock an “overweight” rating in a report on Tuesday, September 22nd. TD Cowen upped their price objective on shares of PTC Therapeutics from $90.00 to $95.00 and gave the company a “buy” rating in a report on Friday. Royal Bank Of Canada increased their target price on shares of PTC Therapeutics from $75.00 to $77.00 and gave the stock a “sector perform” rating in a research report on Friday. Finally, Weiss Ratings upgraded shares of PTC Therapeutics from a “sell (d)” rating to a “sell (d+)” rating in a research note on Thursday, October 8th. One equities research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, three have assigned a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $95.71.

PTC Therapeutics Price Performance

Shares of PTCT stock traded up $1.25 on Monday, hitting $61.23. The stock had a trading volume of 537,404 shares, compared to its average volume of 1,348,276. The business has a 50 day moving average of $65.36 and a 200 day moving average of $70.78. The stock has a market cap of $5.11 billion, a price-to-earnings ratio of -43.65, a price-to-earnings-growth ratio of 1.81 and a beta of 0.52. PTC Therapeutics has a 12-month low of $58.80 and a 12-month high of $90.87.

PTC Therapeutics (NASDAQ:PTCT) last released its quarterly earnings results on Thursday, October 29th. The biopharmaceutical company reported ($0.62) earnings per share for the quarter, missing the consensus estimate of $0.14 by ($0.76). The company had revenue of $357.81 million for the quarter, compared to analyst estimates of $306.43 million. During the same quarter in the previous year, the business posted $0.20 EPS. The business’s revenue was up 69.6% compared to the same quarter last year. As a group, research analysts expect that PTC Therapeutics will post 1.19 earnings per share for the current fiscal year.

Insider Activity at PTC Therapeutics

In other news, CEO Matthew B. Klein sold 10,292 shares of PTC Therapeutics stock in a transaction on Tuesday, August 4th. The shares were sold at an average price of $68.57, for a total transaction of $705,722.44. Following the completion of the sale, the chief executive officer directly owned 383,868 shares of the company’s stock, valued at approximately $26,321,828.76. The trade was a 2.61% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Glenn Md Phd Steele, Jr. sold 12,000 shares of the stock in a transaction dated Wednesday, September 30th. The shares were 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 in the company, valued at $1,466,100. This trade represents a 34.78% decrease in their ownership of the stock. 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. Insiders have sold a total of 77,370 shares of company stock valued at $5,322,261 in the last ninety days. 5.30% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On PTC Therapeutics

Several institutional investors have recently bought and sold shares of the stock. Mirae Asset Global Investments Co. Ltd. bought a new stake in shares of PTC Therapeutics in the third quarter worth about $276,000. Profund Advisors LLC grew its position in shares of PTC Therapeutics by 56.2% in the 3rd quarter. Profund Advisors LLC now owns 35,877 shares of the biopharmaceutical company’s stock worth $2,324,000 after buying an additional 12,904 shares during the last quarter. Vise Technologies Inc. grew its position in shares of PTC Therapeutics by 3.1% in the 3rd quarter. Vise Technologies Inc. now owns 8,826 shares of the biopharmaceutical company’s stock worth $572,000 after buying an additional 266 shares during the last quarter. State of Wyoming increased its stake in shares of PTC Therapeutics by 15.3% during the third quarter. State of Wyoming now owns 1,962 shares of the biopharmaceutical company’s stock valued at $127,000 after buying an additional 260 shares during the period. Finally, China Universal Asset Management Co. Ltd. increased its stake in shares of PTC Therapeutics by 15.4% during the third quarter. China Universal Asset Management Co. Ltd. now owns 15,228 shares of the biopharmaceutical company’s stock valued at $989,000 after buying an additional 2,027 shares during the period.

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.