PTC Therapeutics (NASDAQ:PTCT – Get Free Report) had its price target raised by Cantor Fitzgerald from $130.00 to $137.00 in a research report issued on Tuesday, MarketBeat.com reports. The firm presently has an “overweight” rating on the biopharmaceutical company’s stock. Cantor Fitzgerald’s target price indicates a potential upside of 119.76% from the company’s current price.
PTCT has been the subject of several other research reports. Wells Fargo & Company upped their price objective on shares of PTC Therapeutics from $106.00 to $109.00 and gave the company an “overweight” rating in a research note on Thursday, August 13th. Barclays increased their price objective on PTC Therapeutics from $120.00 to $122.00 and gave the company an “overweight” rating in a report on Friday, August 14th. Citigroup upgraded shares of PTC Therapeutics from a “neutral” rating to a “buy” rating and raised their target price for the stock from $75.00 to $108.00 in a research report on Tuesday, June 9th. Wall Street Zen raised shares of PTC Therapeutics from a “buy” rating to a “strong-buy” rating in a report on Saturday, September 19th. Finally, Morgan Stanley upped their price target on shares of PTC Therapeutics from $93.00 to $104.00 and gave the company an “overweight” rating in a research report on Friday, July 31st. One investment analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, two have issued a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $99.08.
PTC Therapeutics Stock Down 5.5%
PTC Therapeutics (NASDAQ:PTCT – Get Free Report) last announced its quarterly earnings results on Thursday, July 30th. The biopharmaceutical company reported $0.92 EPS for the quarter, beating the consensus estimate of $0.24 by $0.68. PTC Therapeutics had a negative net margin of 3.80% and a negative return on equity of 362.45%. The company had revenue of $360.52 million for the quarter, compared to analyst estimates of $298.63 million. During the same period in the prior year, the firm posted ($0.83) earnings per share. The firm’s revenue was up 101.5% on a year-over-year basis. As a group, sell-side analysts anticipate that PTC Therapeutics will post 1.17 EPS for the current year.
Insider Activity
In related news, VP Mark Boulding sold 5,079 shares of the firm’s stock in a transaction dated Monday, July 6th. The shares were sold at an average price of $85.08, for a total value of $432,121.32. Following the completion of the sale, the vice president owned 105,272 shares in the company, valued at $8,956,541.76. This trade represents a 4.60% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Neil Almstead sold 24,613 shares of PTC Therapeutics stock in a transaction that occurred on Tuesday, July 7th. The shares were sold at an average price of $88.89, for a total value of $2,187,849.57. Following the completion of the sale, the insider directly owned 60,299 shares in the company, valued at $5,359,978.11. This represents a 28.99% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 136,386 shares of company stock valued at $10,954,129 over the last ninety days. 5.30% of the stock is currently owned by company insiders.
Institutional Trading of PTC Therapeutics
A number of institutional investors have recently modified their holdings of the business. Envestnet Portfolio Solutions Inc. grew its holdings in PTC Therapeutics by 1.8% during the second quarter. Envestnet Portfolio Solutions Inc. now owns 13,730 shares of the biopharmaceutical company’s stock worth $1,120,000 after acquiring an additional 237 shares during the period. Tidal Investments LLC acquired a new stake in PTC Therapeutics in the second quarter valued at $211,000. Integrated Wealth Concepts LLC acquired a new stake in PTC Therapeutics in the second quarter valued at $193,000. Baird Financial Group Inc. purchased a new stake in shares of PTC Therapeutics during the 2nd quarter worth $219,000. Finally, Empirical Finance LLC purchased a new stake in shares of PTC Therapeutics during the 2nd quarter worth $753,000.
About PTC Therapeutics
PTC Therapeutics, Inc is a biopharmaceutical company focused on discovering, developing and commercializing medicines for rare diseases. The company uses technologies involving RNA biology, gene therapy and small-molecule drug discovery to address conditions with limited treatment options, including rare neurological and metabolic disorders.
PTC’s commercial portfolio has included Translarna (ataluren), an investigational treatment in some markets for Duchenne muscular dystrophy associated with a nonsense mutation, and Emflaza (deflazacort), a corticosteroid approved in the United States for Duchenne muscular dystrophy.
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