PTC Therapeutics (NASDAQ:PTCT) Shares Gap Up on Better-Than-Expected Earnings

PTC Therapeutics, Inc. (NASDAQ:PTCT)’s share price gapped up prior to trading on Friday following a stronger than expected earnings report. The stock had previously closed at $25.49, but opened at $27.00. PTC Therapeutics shares last traded at $27.60, with a volume of 86,284 shares.

The biopharmaceutical company reported ($1.20) EPS for the quarter, beating the consensus estimate of ($1.21) by $0.01. The firm had revenue of $210.12 million for the quarter, compared to analyst estimates of $160.27 million.

Analysts Set New Price Targets

PTCT has been the subject of several analyst reports. Royal Bank of Canada raised their price target on shares of PTC Therapeutics from $22.00 to $28.00 and gave the company a “sector perform” rating in a report on Friday, March 1st. TD Cowen cut their price objective on PTC Therapeutics from $32.00 to $30.00 and set a “market perform” rating for the company in a report on Friday, March 1st. Cantor Fitzgerald restated an “overweight” rating and issued a $45.00 price objective on shares of PTC Therapeutics in a research report on Friday, April 12th. Finally, Jefferies Financial Group upped their target price on PTC Therapeutics from $33.00 to $35.00 and gave the company a “buy” rating in a research note on Wednesday, March 20th. Five investment analysts have rated the stock with a sell rating, six have given a hold rating and three have given a buy rating to the stock. According to MarketBeat.com, PTC Therapeutics has an average rating of “Hold” and an average target price of $33.53.

Insider Activity

In other PTC Therapeutics news, CEO Matthew B. Klein sold 3,361 shares of the company’s stock in a transaction dated Friday, April 19th. The shares were sold at an average price of $24.89, for a total transaction of $83,655.29. Following the completion of the sale, the chief executive officer now directly owns 225,807 shares in the company, valued at $5,620,336.23. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In the last 90 days, insiders sold 6,404 shares of company stock worth $165,506. Insiders own 5.30% of the company’s stock.

Institutional Investors Weigh In On PTC Therapeutics

Several institutional investors have recently added to or reduced their stakes in the company. Armistice Capital LLC raised its holdings in PTC Therapeutics by 90.0% in the 3rd quarter. Armistice Capital LLC now owns 6,150,000 shares of the biopharmaceutical company’s stock worth $137,822,000 after purchasing an additional 2,914,000 shares in the last quarter. Wellington Management Group LLP grew its position in PTC Therapeutics by 39.0% during the 3rd quarter. Wellington Management Group LLP now owns 9,436,188 shares of the biopharmaceutical company’s stock valued at $211,465,000 after purchasing an additional 2,649,824 shares during the last quarter. Vanguard Group Inc. grew its position in PTC Therapeutics by 10.8% during the 4th quarter. Vanguard Group Inc. now owns 8,800,843 shares of the biopharmaceutical company’s stock valued at $242,551,000 after purchasing an additional 855,354 shares during the last quarter. Norges Bank purchased a new stake in PTC Therapeutics during the 4th quarter valued at about $15,058,000. Finally, BNP Paribas Financial Markets grew its position in PTC Therapeutics by 263.3% during the 4th quarter. BNP Paribas Financial Markets now owns 371,580 shares of the biopharmaceutical company’s stock valued at $10,241,000 after purchasing an additional 269,292 shares during the last quarter.

PTC Therapeutics Stock Performance

The company’s 50-day moving average is $28.10 and its 200 day moving average is $25.74. The company has a market capitalization of $2.17 billion, a PE ratio of -3.39 and a beta of 0.67.

PTC Therapeutics Company Profile

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.