PTC Therapeutics (NASDAQ:PTCT) Price Target Raised to $130.00

PTC Therapeutics (NASDAQ:PTCT) had its price target raised by Cantor Fitzgerald from $124.00 to $130.00 in a research report report published on Thursday, MarketBeat.com reports. The brokerage currently has an overweight rating on the biopharmaceutical company’s stock.

A number of other research analysts also recently weighed in on PTCT. Zacks Research raised PTC Therapeutics from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, July 7th. Citigroup raised PTC Therapeutics from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $75.00 to $108.00 in a research note on Tuesday, June 9th. Royal Bank Of Canada upped their price objective on PTC Therapeutics from $82.00 to $85.00 and gave the company a “sector perform” rating in a report on Tuesday, July 7th. Truist Financial raised PTC Therapeutics to a “strong-buy” rating in a research note on Wednesday, March 25th. Finally, Morgan Stanley restated an “overweight” rating and set a $94.00 target price on shares of PTC Therapeutics in a report on Friday, May 8th. Two research analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating, one has given a Hold rating and two have given a Sell rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $92.43.

PTC Therapeutics Stock Performance

NASDAQ PTCT opened at $78.59 on Thursday. The company has a 50-day simple moving average of $76.77 and a 200-day simple moving average of $72.80. PTC Therapeutics has a one year low of $43.17 and a one year high of $90.87. The firm has a market capitalization of $6.52 billion, a PE ratio of -33.73, a price-to-earnings-growth ratio of 4.50 and a beta of 0.53.

PTC Therapeutics (NASDAQ:PTCT) last announced its earnings results on Thursday, May 7th. The biopharmaceutical company reported ($0.03) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.45) by $0.42. PTC Therapeutics had a negative return on equity of 362.45% and a negative net margin of 22.58%.The company had revenue of $272.55 million during the quarter, compared to analyst estimates of $217.42 million. During the same period last year, the company posted $10.04 earnings per share. The firm’s quarterly revenue was up 43.5% compared to the same quarter last year. Equities analysts forecast that PTC Therapeutics will post 0.6 earnings per share for the current year.

Insider Buying and Selling at PTC Therapeutics

In other PTC Therapeutics news, CEO Matthew B. Klein sold 12,572 shares of the firm’s stock in a transaction that occurred on Thursday, May 14th. The shares were sold at an average price of $72.95, for a total transaction of $917,127.40. Following the sale, the chief executive officer directly owned 393,998 shares in the company, valued at approximately $28,742,154.10. This trade represents a 3.09% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. 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. Also, insider Neil Gregory Almstead sold 24,613 shares of PTC Therapeutics stock in a transaction that occurred on Tuesday, July 7th. The shares were sold at an average price of $88.89, for a total transaction of $2,187,849.57. Following the completion of the transaction, the insider directly owned 60,299 shares in the company, valued at approximately $5,359,978.11. The trade was a 28.99% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 201,512 shares of company stock worth $16,550,087 over the last three months. Company insiders own 5.50% of the company’s stock.

Institutional Investors Weigh In On PTC Therapeutics

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Empowered Funds LLC acquired a new position in PTC Therapeutics in the 1st quarter worth $1,999,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in shares of PTC Therapeutics by 11.5% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 178,755 shares of the biopharmaceutical company’s stock valued at $9,109,000 after purchasing an additional 18,504 shares during the period. Quantbot Technologies LP raised its stake in shares of PTC Therapeutics by 280.1% in the 2nd quarter. Quantbot Technologies LP now owns 2,478 shares of the biopharmaceutical company’s stock valued at $121,000 after purchasing an additional 1,826 shares during the period. Arrowstreet Capital Limited Partnership bought a new stake in shares of PTC Therapeutics in the second quarter valued at about $1,661,000. Finally, EverSource Wealth Advisors LLC lifted its holdings in shares of PTC Therapeutics by 247.4% in the second quarter. EverSource Wealth Advisors LLC now owns 1,143 shares of the biopharmaceutical company’s stock valued at $56,000 after purchasing an additional 814 shares in the last quarter.

About PTC Therapeutics

PTC Therapeutics, Inc is a biopharmaceutical company focused on the discovery, development and commercialization of small molecule and biologic therapies for the treatment of rare genetic disorders. Since its founding in 1998, PTC has dedicated its efforts to addressing high unmet medical needs by targeting underlying genetic causes of disease. The company’s research platform emphasizes mechanisms such as nonsense suppression and RNA modulation, enabling the development of novel treatments for conditions with limited therapeutic options.

Among PTC’s approved products is Translarna (ataluren), a first-in-class therapy designed to treat nonsense mutation Duchenne muscular dystrophy in select markets.