The Goldman Sachs Group Boosts PTC Therapeutics (NASDAQ:PTCT) Price Target to $32.00

PTC Therapeutics (NASDAQ:PTCT) had its price objective raised by The Goldman Sachs Group from $18.00 to $32.00 in a research report report published on Tuesday, Benzinga reports. The brokerage currently has a sell rating on the biopharmaceutical company’s stock.

A number of other equities research analysts have also recently commented on PTCT. Morgan Stanley upgraded shares of PTC Therapeutics from an underweight rating to an equal weight rating and raised their target price for the stock from $28.00 to $30.00 in a research note on Monday, April 29th. Cantor Fitzgerald restated an overweight rating and set a $45.00 target price on shares of PTC Therapeutics in a research note on Friday, April 12th. TD Cowen dropped their target price on shares of PTC Therapeutics from $32.00 to $30.00 and set a market perform rating for the company in a report on Friday, March 1st. Raymond James raised PTC Therapeutics from an underperform rating to a market perform rating in a report on Monday. Finally, Jefferies Financial Group upped their price objective on PTC Therapeutics from $35.00 to $46.00 and gave the stock a buy rating in a research note on Monday. Three research analysts have rated the stock with a sell rating, eight have given a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of Hold and a consensus price target of $35.67.

PTC Therapeutics Price Performance

Shares of PTC Therapeutics stock opened at $37.13 on Tuesday. The stock has a market capitalization of $2.85 billion, a PE ratio of -4.83 and a beta of 0.63. PTC Therapeutics has a 1-year low of $17.53 and a 1-year high of $48.63. The company’s fifty day simple moving average is $29.79 and its 200-day simple moving average is $27.41.

PTC Therapeutics (NASDAQ:PTCT) last released its quarterly earnings results on Thursday, April 25th. The biopharmaceutical company reported ($1.20) earnings per share (EPS) for the quarter, beating the consensus estimate of ($1.21) by $0.01. The company had revenue of $210.12 million for the quarter, compared to the consensus estimate of $160.27 million. As a group, research analysts anticipate that PTC Therapeutics will post -5.27 EPS for the current year.

Insider Activity

In related news, CEO Matthew B. Klein sold 3,361 shares of PTC Therapeutics stock in a transaction dated Friday, April 19th. The stock was sold at an average price of $24.89, for a total value of $83,655.29. Following the completion of the transaction, the chief executive officer now owns 225,807 shares in the company, valued at $5,620,336.23. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In the last three months, insiders have sold 4,849 shares of company stock worth $124,107. 5.50% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. Hexagon Capital Partners LLC raised its stake in shares of PTC Therapeutics by 132.0% in the fourth quarter. Hexagon Capital Partners LLC now owns 979 shares of the biopharmaceutical company’s stock valued at $27,000 after acquiring an additional 557 shares during the period. Allspring Global Investments Holdings LLC bought a new position in PTC Therapeutics during the 1st quarter valued at about $46,000. Nisa Investment Advisors LLC grew its holdings in PTC Therapeutics by 317.0% during the 3rd quarter. Nisa Investment Advisors LLC now owns 2,656 shares of the biopharmaceutical company’s stock valued at $60,000 after purchasing an additional 2,019 shares during the last quarter. Headlands Technologies LLC raised its position in PTC Therapeutics by 248.0% in the 4th quarter. Headlands Technologies LLC now owns 4,684 shares of the biopharmaceutical company’s stock worth $129,000 after purchasing an additional 3,338 shares during the period. Finally, Lazard Asset Management LLC lifted its stake in PTC Therapeutics by 268.9% in the first quarter. Lazard Asset Management LLC now owns 6,504 shares of the biopharmaceutical company’s stock worth $188,000 after purchasing an additional 4,741 shares during 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.