PTC Therapeutics (NASDAQ:PTCT) Price Target Raised to $58.00

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

A number of other brokerages have also recently commented on PTCT. Cantor Fitzgerald lowered their price objective on shares of PTC Therapeutics from $113.00 to $112.00 and set an “overweight” rating on the stock in a research note on Wednesday. Robert W. Baird cut their price objective on PTC Therapeutics from $70.00 to $66.00 and set an “outperform” rating for the company in a research report on Wednesday. Morgan Stanley reaffirmed an “overweight” rating and issued a $70.00 target price (up previously from $67.00) on shares of PTC Therapeutics in a research note on Friday, March 7th. JPMorgan Chase & Co. dropped their price target on PTC Therapeutics from $75.00 to $67.00 and set an “overweight” rating for the company in a research report on Wednesday. Finally, Citigroup upgraded PTC Therapeutics from a “sell” rating to a “neutral” rating and reduced their price objective for the company from $50.00 to $40.00 in a research report on Wednesday. One analyst has rated the stock with a sell rating, four have given a hold rating, nine have assigned a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $61.92.

PTC Therapeutics Stock Up 4.0 %

Shares of NASDAQ PTCT opened at $44.23 on Wednesday. The firm has a 50-day moving average price of $48.86 and a 200 day moving average price of $46.99. PTC Therapeutics has a 52 week low of $28.72 and a 52 week high of $58.38. The stock has a market capitalization of $3.50 billion, a price-to-earnings ratio of -7.45 and a beta of 0.52.

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

Insider Buying and Selling

In other PTC Therapeutics news, EVP Lee Scott Golden sold 897 shares of the company’s stock in a transaction dated Wednesday, April 2nd. The stock was sold at an average price of $46.95, for a total transaction of $42,114.15. Following the completion of the sale, the executive vice president now directly owns 75,997 shares in the company, valued at $3,568,059.15. This represents a 1.17 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CFO Pierre Gravier sold 1,168 shares of PTC Therapeutics stock in a transaction dated Wednesday, February 19th. The shares were sold at an average price of $50.10, for a total value of $58,516.80. Following the completion of the transaction, the chief financial officer now directly owns 75,603 shares in the company, valued at $3,787,710.30. This represents a 1.52 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 32,305 shares of company stock valued at $1,682,755. Insiders own 5.50% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the business. Deutsche Bank AG increased its position in shares of PTC Therapeutics by 262.1% in the first quarter. Deutsche Bank AG now owns 341,724 shares of the biopharmaceutical company’s stock worth $17,414,000 after acquiring an additional 247,346 shares in the last quarter. Westfield Capital Management Co. LP purchased a new position in PTC Therapeutics in the first quarter valued at about $259,000. PNC Financial Services Group Inc. lifted its stake in shares of PTC Therapeutics by 84.2% during the first quarter. PNC Financial Services Group Inc. now owns 700 shares of the biopharmaceutical company’s stock worth $36,000 after purchasing an additional 320 shares in the last quarter. Natixis Advisors LLC boosted its position in shares of PTC Therapeutics by 26.2% in the first quarter. Natixis Advisors LLC now owns 15,220 shares of the biopharmaceutical company’s stock worth $776,000 after buying an additional 3,160 shares during the period. Finally, Bayforest Capital Ltd acquired a new stake in shares of PTC Therapeutics in the first quarter valued at about $415,000.

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.