PTC Therapeutics (NASDAQ:PTCT) PT Lowered to $48.00

PTC Therapeutics (NASDAQ:PTCT – Get Rating) had its target price trimmed by Barclays from $57.00 to $48.00 in a research note published on Wednesday morning, The Fly reports.

A number of other research analysts have also weighed in on PTCT. Bank of America raised their price objective on PTC Therapeutics from $36.00 to $43.00 in a research report on Thursday, May 18th. Raymond James decreased their price target on PTC Therapeutics from $60.00 to $55.00 and set an outperform rating for the company in a research note on Thursday, February 23rd. Cantor Fitzgerald cut their price objective on PTC Therapeutics from $68.00 to $66.00 and set an overweight rating for the company in a report on Wednesday, February 22nd. William Blair reaffirmed an outperform rating on shares of PTC Therapeutics in a report on Wednesday, March 22nd. Finally, JPMorgan Chase & Co. lifted their price objective on PTC Therapeutics from $57.00 to $64.00 in a report on Monday, May 8th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and five have issued a buy rating to the company. According to MarketBeat.com, PTC Therapeutics currently has a consensus rating of Hold and an average target price of $52.93.

PTC Therapeutics Stock Performance

Shares of PTCT stock opened at $46.95 on Wednesday. PTC Therapeutics has a 1-year low of $25.01 and a 1-year high of $59.84. The business has a 50-day moving average of $51.69 and a 200 day moving average of $45.65.

PTC Therapeutics (NASDAQ:PTCT – Get Rating) last released its quarterly earnings data on Thursday, April 27th. The biopharmaceutical company reported ($1.88) earnings per share for the quarter, missing the consensus estimate of ($1.64) by ($0.24). The business had revenue of $220.38 million during the quarter, compared to analyst estimates of $200.48 million. During the same period in the prior year, the business posted ($1.78) EPS. The business’s revenue for the quarter was up 48.2% on a year-over-year basis. As a group, equities analysts anticipate that PTC Therapeutics will post -4.74 EPS for the current year.

Insider Buying and Selling at PTC Therapeutics

In other news, CEO Matthew B. Klein sold 1,211 shares of the business’s stock in a transaction dated Tuesday, April 18th. The stock was sold at an average price of $52.04, for a total value of $63,020.44. Following the transaction, the chief executive officer now directly owns 102,645 shares in the company, valued at $5,341,645.80. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other news, Director David P. Southwell sold 10,000 shares of the business’s stock in a transaction dated Monday, March 27th. The stock was sold at an average price of $45.10, for a total value of $451,000.00. Following the transaction, the director now directly owns 10,500 shares in the company, valued at $473,550. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Matthew B. Klein sold 1,211 shares of the business’s stock in a transaction dated Tuesday, April 18th. The stock was sold at an average price of $52.04, for a total value of $63,020.44. Following the completion of the sale, the chief executive officer now owns 102,645 shares in the company, valued at $5,341,645.80. The disclosure for this sale can be found here. Over the last quarter, insiders sold 158,595 shares of company stock valued at $7,968,916. Company insiders own 5.30% of the company’s stock.

Institutional Investors Weigh In On PTC Therapeutics

A number of hedge funds have recently made changes to their positions in the company. JPMorgan Chase & Co. lifted its position in shares of PTC Therapeutics by 0.8% in the first quarter. JPMorgan Chase & Co. now owns 868,453 shares of the biopharmaceutical company’s stock worth $42,068,000 after buying an additional 6,683 shares in the last quarter. Rockefeller Capital Management L.P. raised its position in PTC Therapeutics by 0.7% during the first quarter. Rockefeller Capital Management L.P. now owns 189,973 shares of the biopharmaceutical company’s stock valued at $9,202,000 after purchasing an additional 1,385 shares during the period. Sphera Funds Management LTD. purchased a new stake in PTC Therapeutics during the first quarter valued at approximately $7,707,000. Geode Capital Management LLC raised its position in PTC Therapeutics by 4.4% during the first quarter. Geode Capital Management LLC now owns 1,385,410 shares of the biopharmaceutical company’s stock valued at $67,109,000 after purchasing an additional 58,786 shares during the period. Finally, AQR Capital Management LLC raised its position in PTC Therapeutics by 7.3% during the first quarter. AQR Capital Management LLC now owns 66,959 shares of the biopharmaceutical company’s stock valued at $3,243,000 after purchasing an additional 4,565 shares during the period.

About PTC Therapeutics

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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.