PTC Therapeutics, Inc. (NASDAQ:PTCT) Stock Has Consensus Price Target of $95.71 According to Analysts

Shares of PTC Therapeutics, Inc. (NASDAQ:PTCT) have received an average recommendation of “Moderate Buy” from the fifteen analysts that are presently covering the stock, MarketBeat Ratings reports. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company. The average 12-month target price among brokerages that have issued ratings on the stock in the last year is $99.23.

Several research firms have commented on PTCT. Morgan Stanley lifted their target price on shares of PTC Therapeutics from $93.00 to $104.00 and gave the stock an “overweight” rating in a research report on Friday, July 31st. UBS Group started coverage on shares of PTC Therapeutics in a report on Thursday, October 15th. They set a “buy” rating and a $90.00 price objective on the stock. Leerink Partners initiated coverage on shares of PTC Therapeutics in a research note on Monday, September 14th. They set an “outperform” rating and a $98.00 target price for the company. Raymond James Financial set a $106.00 price target on PTC Therapeutics in a research note on Tuesday, October 20th. Finally, Wall Street Zen lowered PTC Therapeutics from a “buy” rating to a “hold” rating in a report on Saturday, October 31st.

Insider Buying and Selling

In other news, Director Glenn Steele, Jr. sold 12,000 shares of the business’s stock in a transaction that occurred 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 in the company, valued at $1,466,100. The trade was a 34.78% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Michael Schmertzler sold 2,500 shares of the business’s stock in a transaction dated Wednesday, October 14th. The stock was sold at an average price of $59.61, for a total transaction of $149,025.00. Following the sale, the director directly owned 1,291,594 shares in the company, valued at $76,991,918.34. The trade was a 0.19% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 67,078 shares of company stock valued at $4,616,538 over the last 90 days. Company insiders own 5.30% of the company’s stock.

Institutional Trading of PTC Therapeutics

Large investors have recently added to or reduced their stakes in the business. Rock Springs Capital Management LP increased its holdings in PTC Therapeutics by 161.5% in the first quarter. Rock Springs Capital Management LP now owns 161,798 shares of the biopharmaceutical company’s stock worth $11,023,000 after purchasing an additional 99,919 shares in the last quarter. Parkman Healthcare Partners LLC purchased a new stake in shares of PTC Therapeutics in the second quarter valued at about $35,539,000. VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new position in PTC Therapeutics during the 2nd quarter worth approximately $2,321,000. Janus Henderson Group PLC lifted its position in PTC Therapeutics by 48.3% during the first quarter. Janus Henderson Group PLC now owns 7,193,433 shares of the biopharmaceutical company’s stock worth $489,997,000 after buying an additional 2,342,101 shares during the period. Finally, The Manufacturers Life Insurance Company bought a new position in PTC Therapeutics during the second quarter worth $36,050,000.

PTC Therapeutics Stock Performance

NASDAQ:PTCT opened at $65.44 on Wednesday. PTC Therapeutics has a 52 week low of $58.80 and a 52 week high of $90.87. The stock’s fifty day moving average is $64.77 and its two-hundred day moving average is $70.56.

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 analysts’ consensus estimates of $0.14 by ($0.76). The business had revenue of $357.81 million during the quarter, compared to analysts’ expectations of $306.43 million. During the same period in the previous year, the company posted $0.20 EPS. The firm’s revenue for the quarter was up 69.6% compared to the same quarter last year. Equities research analysts predict that PTC Therapeutics will post 0.60 EPS for the current fiscal year.

PTC Therapeutics announced that its board has initiated a share buyback plan on Tuesday, November 3rd that allows the company to repurchase $500 million in shares. This repurchase authorization allows the biopharmaceutical company to reacquire up to 9.8% of its shares through open market purchases. Share repurchase plans are typically an indication that the company’s board believes its stock is undervalued.

About PTC Therapeutics

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.