PTC Therapeutics (NASDAQ:PTCT) PT Raised to $43.00

PTC Therapeutics (NASDAQ:PTCT – Get Rating) had its price target boosted by Bank of America from $36.00 to $43.00 in a research report issued to clients and investors on Thursday, The Fly reports. Bank of America‘s target price points to a potential downside of 26.33% from the stock’s previous close.

Several other equities research analysts also recently issued reports on the stock. Truist Financial increased their price objective on shares of PTC Therapeutics from $60.00 to $65.00 in a research report on Tuesday, April 18th. Morgan Stanley increased their price objective on shares of PTC Therapeutics from $40.00 to $50.00 and gave the stock an “equal weight” rating in a research report on Friday, February 3rd. SVB Leerink reissued a “market perform” rating and set a $48.00 price objective on shares of PTC Therapeutics in a research report on Friday, March 17th. William Blair reissued an “outperform” rating on shares of PTC Therapeutics in a research report on Wednesday, March 22nd. Finally, Credit Suisse Group raised their target price on shares of PTC Therapeutics from $48.00 to $51.00 in a research report on Friday, April 28th. One analyst has rated the stock with a sell rating, six have assigned a hold rating and five have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $54.07.

PTC Therapeutics Stock Performance

Shares of NASDAQ:PTCT opened at $58.37 on Thursday. PTC Therapeutics has a 52 week low of $25.01 and a 52 week high of $59.44. The company has a market capitalization of $4.33 billion, a PE ratio of -7.40 and a beta of 0.43. The company has a 50 day moving average price of $51.20 and a two-hundred day moving average price of $45.20.

PTC Therapeutics (NASDAQ:PTCT – Get Rating) last issued its earnings results on Thursday, April 27th. The biopharmaceutical company reported ($1.88) EPS for the quarter, missing the consensus estimate of ($1.64) by ($0.24). The business had revenue of $220.38 million for the quarter, compared to analysts’ expectations of $200.48 million. During the same period in the previous year, the firm earned ($1.78) earnings per share. The business’s quarterly revenue was up 48.2% on a year-over-year basis. On average, sell-side analysts forecast that PTC Therapeutics will post -4.76 earnings per share for the current year.

Insider Activity

In other news, CAO Christine Marie Utter sold 26,658 shares of PTC Therapeutics stock in a transaction dated Monday, March 27th. The shares were sold at an average price of $45.09, for a total value of $1,202,009.22. Following the completion of the transaction, the chief accounting officer now owns 38,059 shares of the company’s stock, valued at approximately $1,716,080.31. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In related news, CAO Christine Marie Utter sold 26,658 shares of PTC Therapeutics stock in a transaction dated Monday, March 27th. The shares were sold at an average price of $45.09, for a total transaction of $1,202,009.22. Following the completion of the sale, the chief accounting officer now owns 38,059 shares of the company’s stock, valued at approximately $1,716,080.31. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Allan Steven Jacobson sold 23,000 shares of PTC Therapeutics stock in a transaction dated Thursday, May 11th. The stock was sold at an average price of $55.08, for a total transaction of $1,266,840.00. Following the sale, the director now directly owns 12,348 shares of the company’s stock, valued at approximately $680,127.84. The disclosure for this sale can be found here. Insiders sold a total of 158,595 shares of company stock valued at $7,968,916 in the last quarter. Company insiders own 6.00% of the company’s stock.

Institutional Trading of PTC Therapeutics

Several hedge funds and other institutional investors have recently modified their holdings of PTCT. Altshuler Shaham Ltd acquired a new stake in PTC Therapeutics in the 3rd quarter worth about $25,000. CWM LLC raised its stake in PTC Therapeutics by 6,878.6% in the 4th quarter. CWM LLC now owns 977 shares of the biopharmaceutical company’s stock worth $37,000 after purchasing an additional 963 shares in the last quarter. China Universal Asset Management Co. Ltd. raised its stake in PTC Therapeutics by 36.8% in the 1st quarter. China Universal Asset Management Co. Ltd. now owns 1,000 shares of the biopharmaceutical company’s stock worth $48,000 after purchasing an additional 269 shares in the last quarter. Kinneret Advisory LLC acquired a new stake in PTC Therapeutics in the 1st quarter worth about $294,000. Finally, Lazard Asset Management LLC raised its stake in PTC Therapeutics by 115.1% in the 4th quarter. Lazard Asset Management LLC now owns 2,478 shares of the biopharmaceutical company’s stock worth $94,000 after purchasing an additional 1,326 shares in the last quarter.

PTC Therapeutics Company Profile

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PTC Therapeutics, Inc is a biopharmaceutical company. It engages in discovery, development, and commercialization of clinically differentiated medicines that provide benefits to patients with rare disorders. The company was founded by Allan Steven Jacobson and Stuart Walter Peltz on March 31, 1998 and is headquartered in South Plainfield, NJ.