PTC Therapeutics (NASDAQ:PTCT) Price Target Raised to $137.00

PTC Therapeutics (NASDAQ:PTCT) had its price objective raised by Cantor Fitzgerald from $130.00 to $137.00 in a research report released on Tuesday, Marketbeat reports. The firm currently has an overweight rating on the biopharmaceutical company’s stock.

Several other equities analysts have also weighed in on the company. Royal Bank Of Canada increased their target price on PTC Therapeutics from $82.00 to $85.00 and gave the company a “sector perform” rating in a research note on Tuesday, July 7th. Wells Fargo & Company boosted their target price on PTC Therapeutics from $106.00 to $109.00 and gave the stock an “overweight” rating in a research report on Thursday, August 13th. Jefferies Financial Group raised PTC Therapeutics from a “hold” rating to a “buy” rating and upped their price target for the company from $76.00 to $85.00 in a research note on Wednesday, May 27th. Morgan Stanley increased 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. Finally, Wall Street Zen raised shares of PTC Therapeutics from a “buy” rating to a “strong-buy” rating in a research note on Saturday, September 19th. One investment analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, two have assigned a Hold rating and two have given a Sell rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $99.08.

PTC Therapeutics Stock Performance

PTCT opened at $62.28 on Tuesday. The company has a fifty day moving average price of $71.05 and a two-hundred day moving average price of $72.15. The firm has a market capitalization of $5.20 billion, a PE ratio of -107.38, a P/E/G ratio of 2.04 and a beta of 0.55. PTC Therapeutics has a 52 week low of $57.74 and a 52 week high of $90.87.

PTC Therapeutics (NASDAQ:PTCT) last posted its quarterly earnings results on Thursday, July 30th. The biopharmaceutical company reported $0.92 earnings per share for the quarter, beating analysts’ consensus estimates of $0.24 by $0.68. PTC Therapeutics had a negative return on equity of 362.45% and a negative net margin of 3.80%.The company had revenue of $360.52 million for the quarter, compared to the consensus estimate of $298.63 million. During the same quarter in the prior year, the business posted ($0.83) EPS. The firm’s quarterly revenue was up 101.5% on a year-over-year basis. Equities analysts forecast that PTC Therapeutics will post 1.17 EPS for the current year.

Insider Activity

In other PTC Therapeutics news, Director Michael Schmertzler sold 12,500 shares of the business’s stock in a transaction dated Wednesday, August 26th. The stock was sold at an average price of $72.94, for a total value of $911,750.00. Following the completion of the transaction, the director directly owned 1,349,094 shares of the company’s stock, valued at approximately $98,402,916.36. The trade was a 0.92% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Matthew Klein sold 10,292 shares of the stock in a transaction dated Tuesday, August 4th. The stock was sold at an average price of $68.57, for a total value of $705,722.44. Following the completion of the sale, the chief executive officer owned 383,868 shares of the company’s stock, valued at $26,321,828.76. This trade represents a 2.61% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last quarter, insiders sold 128,256 shares of company stock valued at $10,260,965. Company insiders own 5.30% of the company’s stock.

Institutional Trading of PTC Therapeutics

A number of large investors have recently bought and sold shares of PTCT. Envestnet Portfolio Solutions Inc. raised its holdings in PTC Therapeutics by 1.8% during the 2nd quarter. Envestnet Portfolio Solutions Inc. now owns 13,730 shares of the biopharmaceutical company’s stock worth $1,120,000 after buying an additional 237 shares during the period. Tidal Investments LLC acquired a new position in shares of PTC Therapeutics in the second quarter valued at approximately $211,000. Integrated Wealth Concepts LLC acquired a new position in shares of PTC Therapeutics in the second quarter valued at approximately $193,000. Baird Financial Group Inc. bought a new stake in shares of PTC Therapeutics during the second quarter worth $219,000. Finally, Empirical Finance LLC acquired a new stake in shares of PTC Therapeutics during the second 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.