PTC Therapeutics (NASDAQ:PTCT) Price Target Raised to $63.00

PTC Therapeutics (NASDAQ:PTCT) had its target price boosted by stock analysts at TD Cowen from $50.00 to $63.00 in a research note issued to investors on Wednesday,Benzinga reports. The firm currently has a “hold” rating on the biopharmaceutical company’s stock. TD Cowen’s target price suggests a potential downside of 11.32% from the company’s current price.

PTCT has been the subject of several other research reports. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of PTC Therapeutics in a research report on Wednesday, October 8th. Wells Fargo & Company upped their price objective on shares of PTC Therapeutics from $73.00 to $93.00 and gave the stock an “overweight” rating in a research report on Wednesday. Citigroup reaffirmed a “neutral” rating on shares of PTC Therapeutics in a research report on Wednesday. Robert W. Baird set a $70.00 price objective on shares of PTC Therapeutics in a research report on Friday, August 8th. Finally, Cowen reaffirmed a “hold” rating on shares of PTC Therapeutics in a research report on Wednesday. Ten analysts have rated the stock with a Buy rating, six have given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $73.73.

PTC Therapeutics Stock Up 4.9%

Shares of PTC Therapeutics stock traded up $3.32 during trading on Wednesday, reaching $71.04. The company’s stock had a trading volume of 1,740,183 shares, compared to its average volume of 1,107,052. The business’s 50-day moving average price is $61.96 and its 200-day moving average price is $53.17. The firm has a market cap of $5.64 billion, a PE ratio of 10.21 and a beta of 0.55. PTC Therapeutics has a 52 week low of $35.95 and a 52 week high of $73.80.

PTC Therapeutics (NASDAQ:PTCT) last announced its earnings results on Tuesday, November 4th. The biopharmaceutical company reported $0.20 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($1.19) by $1.39. The company had revenue of $211.01 million during the quarter, compared to analysts’ expectations of $177.42 million. PTC Therapeutics had a net margin of 35.65% and a negative return on equity of 106.31%. PTC Therapeutics’s quarterly revenue was up 7.2% on a year-over-year basis. During the same quarter in the previous year, the business posted ($1.39) earnings per share. PTC Therapeutics has set its FY 2025 guidance at EPS. Equities analysts predict that PTC Therapeutics will post -4.52 earnings per share for the current year.

Insider Buying and Selling

In other PTC Therapeutics news, Director Allan Steven Jacobson sold 12,000 shares of the stock in a transaction that occurred on Friday, October 3rd. The shares were sold at an average price of $65.00, for a total transaction of $780,000.00. Following the completion of the sale, the director owned 17,451 shares of the company’s stock, valued at approximately $1,134,315. This represents a 40.75% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Emma Reeve sold 25,562 shares of the stock in a transaction that occurred on Friday, October 3rd. The shares were sold at an average price of $65.96, for a total transaction of $1,686,069.52. Following the sale, the director directly owned 10,332 shares of the company’s stock, valued at $681,498.72. This represents a 71.22% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 254,662 shares of company stock valued at $16,000,821 over the last three months. Insiders own 5.50% of the company’s stock.

Hedge Funds Weigh In On PTC Therapeutics

A number of institutional investors and hedge funds have recently modified their holdings of PTCT. Nuveen LLC bought a new position in shares of PTC Therapeutics during the 1st quarter worth approximately $51,427,000. Wellington Management Group LLP lifted its holdings in shares of PTC Therapeutics by 13.2% in the 1st quarter. Wellington Management Group LLP now owns 5,419,172 shares of the biopharmaceutical company’s stock worth $276,161,000 after purchasing an additional 632,049 shares in the last quarter. Hood River Capital Management LLC lifted its holdings in shares of PTC Therapeutics by 654.4% in the 2nd quarter. Hood River Capital Management LLC now owns 636,502 shares of the biopharmaceutical company’s stock worth $31,087,000 after purchasing an additional 552,130 shares in the last quarter. State Street Corp lifted its holdings in shares of PTC Therapeutics by 22.1% in the 2nd quarter. State Street Corp now owns 2,996,454 shares of the biopharmaceutical company’s stock worth $146,347,000 after purchasing an additional 541,558 shares in the last quarter. Finally, Driehaus Capital Management LLC lifted its holdings in shares of PTC Therapeutics by 45.3% in the 1st quarter. Driehaus Capital Management LLC now owns 1,512,645 shares of the biopharmaceutical company’s stock worth $77,084,000 after purchasing an additional 471,586 shares in the last quarter.

About PTC Therapeutics

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.