PTC Therapeutics (NASDAQ:PTCT) Price Target Raised to $82.00

PTC Therapeutics (NASDAQ:PTCT) had its target price lifted by analysts at Royal Bank Of Canada from $70.00 to $82.00 in a research note issued on Wednesday,Benzinga reports. The brokerage currently has an “outperform” rating on the biopharmaceutical company’s stock. Royal Bank Of Canada’s price objective suggests a potential upside of 11.48% from the company’s previous close.

Other equities research analysts have also issued reports about the stock. Truist Financial boosted their price objective on shares of PTC Therapeutics from $80.00 to $86.00 and gave the stock a “buy” rating in a research report on Tuesday, July 29th. Morgan Stanley dropped their target price on shares of PTC Therapeutics from $76.00 to $71.00 and set an “overweight” rating on the stock in a report on Wednesday, August 20th. Citigroup reiterated a “neutral” rating on shares of PTC Therapeutics in a research note on Wednesday. Barclays set a $68.00 price objective on shares of PTC Therapeutics in a research note on Wednesday. Finally, Wall Street Zen cut PTC Therapeutics from a “strong-buy” rating to a “hold” rating in a research report on Saturday, August 9th. Ten investment analysts have rated the stock with a Buy rating, five have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $74.50.

PTC Therapeutics Stock Up 8.6%

NASDAQ:PTCT traded up $5.83 on Wednesday, reaching $73.55. The company’s stock had a trading volume of 1,266,825 shares, compared to its average volume of 1,104,032. The firm has a market cap of $5.84 billion, a price-to-earnings ratio of 10.46 and a beta of 0.55. PTC Therapeutics has a 12-month low of $35.95 and a 12-month high of $73.80. The stock has a 50 day moving average price of $61.96 and a 200 day moving average price of $53.17.

PTC Therapeutics (NASDAQ:PTCT) last announced its quarterly earnings results on Tuesday, November 4th. The biopharmaceutical company reported $0.20 EPS for the quarter, beating the consensus estimate of ($1.19) by $1.39. PTC Therapeutics had a net margin of 35.65% and a negative return on equity of 106.31%. The company had revenue of $211.01 million for the quarter, compared to analyst estimates of $177.42 million. During the same period in the prior year, the firm posted ($1.39) earnings per share. The firm’s revenue was up 7.2% on a year-over-year basis. PTC Therapeutics has set its FY 2025 guidance at EPS. Equities research analysts expect that PTC Therapeutics will post -4.52 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, insider Eric Pauwels sold 39,850 shares of PTC Therapeutics stock in a transaction on Monday, September 8th. The stock was sold at an average price of $56.92, for a total value of $2,268,262.00. Following the completion of the sale, the insider directly owned 72,912 shares of the company’s stock, valued at approximately $4,150,151.04. This trade represents a 35.34% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Emma Reeve sold 25,562 shares of PTC Therapeutics stock in a transaction that occurred on Friday, October 3rd. The stock was sold at an average price of $65.96, for a total transaction of $1,686,069.52. Following the sale, the director owned 10,332 shares of the company’s stock, valued at approximately $681,498.72. This represents a 71.22% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 254,662 shares of company stock valued at $16,000,821 in the last ninety days. 5.50% of the stock is currently owned by insiders.

Hedge Funds Weigh In On PTC Therapeutics

A number of institutional investors and hedge funds have recently added to or reduced their stakes in PTCT. Wellington Management Group LLP lifted its position in shares of PTC Therapeutics by 13.2% in the first quarter. Wellington Management Group LLP now owns 5,419,172 shares of the biopharmaceutical company’s stock valued at $276,161,000 after buying an additional 632,049 shares during the last quarter. State Street Corp raised its stake in PTC Therapeutics by 22.1% during the second quarter. State Street Corp now owns 2,996,454 shares of the biopharmaceutical company’s stock worth $146,347,000 after acquiring an additional 541,558 shares in the last quarter. Geode Capital Management LLC increased its holdings in PTC Therapeutics by 3.2% in the 2nd quarter. Geode Capital Management LLC now owns 1,934,593 shares of the biopharmaceutical company’s stock worth $94,497,000 after purchasing an additional 60,707 shares in the last quarter. Driehaus Capital Management LLC increased its holdings in PTC Therapeutics by 45.3% in the 1st quarter. Driehaus Capital Management LLC now owns 1,512,645 shares of the biopharmaceutical company’s stock worth $77,084,000 after purchasing an additional 471,586 shares in the last quarter. Finally, Nuveen LLC bought a new position in shares of PTC Therapeutics during the first quarter valued at $51,427,000.

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.