Barclays Increases PTC Therapeutics (NASDAQ:PTCT) Price Target to $31.00

PTC Therapeutics (NASDAQ:PTCT) had its price objective increased by research analysts at Barclays from $25.00 to $31.00 in a research note issued on Friday, Benzinga reports. The firm currently has an “equal weight” rating on the biopharmaceutical company’s stock. Barclays‘s price target suggests a potential downside of 0.93% from the stock’s current price.

PTCT has been the subject of several other research reports. Citigroup upped their target price on shares of PTC Therapeutics from $18.00 to $26.00 and gave the company a “sell” rating in a research report on Tuesday, May 21st. Raymond James raised PTC Therapeutics from an “underperform” rating to a “market perform” rating in a research note on Monday, May 20th. Bank of America lifted their price objective on shares of PTC Therapeutics from $25.00 to $32.00 and gave the stock an “underperform” rating in a research note on Friday, June 21st. Jefferies Financial Group increased their target price on shares of PTC Therapeutics from $35.00 to $46.00 and gave the stock a “buy” rating in a report on Monday, May 20th. Finally, JPMorgan Chase & Co. reissued an “overweight” rating and issued a $53.00 price target on shares of PTC Therapeutics in a report on Thursday, June 20th. Three equities research analysts have rated the stock with a sell rating, seven have given a hold rating and four have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $35.85.

PTC Therapeutics Price Performance

Shares of PTCT stock traded down $1.16 during trading hours on Friday, reaching $31.29. 725,888 shares of the company were exchanged, compared to its average volume of 597,355. The company has a market cap of $2.40 billion, a price-to-earnings ratio of -4.07 and a beta of 0.65. The stock’s fifty day moving average is $33.88 and its two-hundred day moving average is $30.98. PTC Therapeutics has a fifty-two week low of $17.53 and a fifty-two week high of $42.14.

PTC Therapeutics (NASDAQ:PTCT) last issued its quarterly earnings results on Thursday, August 8th. The biopharmaceutical company reported ($1.16) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.00) by ($0.16). The firm had revenue of $186.70 million during the quarter, compared to analyst estimates of $192.12 million. On average, research analysts anticipate that PTC Therapeutics will post -4.87 earnings per share for the current year.

Insider Activity at PTC Therapeutics

In other PTC Therapeutics news, CFO Pierre Gravier sold 2,269 shares of the firm’s stock in a transaction that occurred on Tuesday, July 16th. The stock was sold at an average price of $34.02, for a total value of $77,191.38. Following the completion of the transaction, the chief financial officer now directly owns 53,531 shares in the company, valued at $1,821,124.62. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other news, Director Jerome B. Zeldis sold 20,000 shares of the company’s stock in a transaction dated Wednesday, May 22nd. The shares were sold at an average price of $38.24, for a total value of $764,800.00. Following the sale, the director now directly owns 14,500 shares of the company’s stock, valued at approximately $554,480. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CFO Pierre Gravier sold 2,269 shares of the firm’s stock in a transaction dated Tuesday, July 16th. The shares were sold at an average price of $34.02, for a total transaction of $77,191.38. Following the completion of the sale, the chief financial officer now owns 53,531 shares of the company’s stock, valued at $1,821,124.62. The disclosure for this sale can be found here. 5.50% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in PTCT. Russell Investments Group Ltd. raised its stake in PTC Therapeutics by 57.9% in the 1st quarter. Russell Investments Group Ltd. now owns 301,790 shares of the biopharmaceutical company’s stock valued at $8,779,000 after acquiring an additional 110,670 shares during the period. Vise Technologies Inc. raised its position in shares of PTC Therapeutics by 20.1% in the fourth quarter. Vise Technologies Inc. now owns 12,808 shares of the biopharmaceutical company’s stock valued at $353,000 after purchasing an additional 2,140 shares during the period. BNP PARIBAS ASSET MANAGEMENT Holding S.A. lifted its stake in shares of PTC Therapeutics by 8.7% during the 1st quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 439,365 shares of the biopharmaceutical company’s stock worth $12,782,000 after buying an additional 35,173 shares during the last quarter. Edgestream Partners L.P. boosted its holdings in shares of PTC Therapeutics by 49.3% during the 1st quarter. Edgestream Partners L.P. now owns 53,522 shares of the biopharmaceutical company’s stock worth $1,557,000 after buying an additional 17,681 shares during the period. Finally, Burney Co. acquired a new position in PTC Therapeutics in the 1st quarter valued at about $1,223,000.

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.