PTC Therapeutics (NASDAQ:PTCT) Shares Gap Up After Analyst Upgrade

PTC Therapeutics, Inc. (NASDAQ:PTCT) shares gapped up prior to trading on Tuesday after Truist Financial raised their price target on the stock from $80.00 to $86.00. The stock had previously closed at $44.34, but opened at $47.50. Truist Financial currently has a buy rating on the stock. PTC Therapeutics shares last traded at $48.73, with a volume of 235,938 shares changing hands.

A number of other brokerages also recently issued reports on PTCT. Wells Fargo & Company raised their price objective on PTC Therapeutics from $74.00 to $78.00 and gave the stock an “overweight” rating in a research report on Tuesday. Bank of America raised their target price on PTC Therapeutics from $68.00 to $84.00 and gave the company a “buy” rating in a report on Tuesday. UBS Group raised their target price on PTC Therapeutics from $71.00 to $80.00 and gave the company a “buy” rating in a report on Tuesday. Barclays lifted their price objective on PTC Therapeutics from $42.00 to $46.00 and gave the company an “equal weight” rating in a research note on Tuesday. Finally, Robert W. Baird decreased their target price on PTC Therapeutics from $70.00 to $66.00 and set an “outperform” rating for the company in a research note on Wednesday, May 7th. One research analyst has rated the stock with a sell rating, four have given a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $69.38.

Insider Activity at PTC Therapeutics

In other PTC Therapeutics news, CFO Pierre Gravier sold 2,516 shares of PTC Therapeutics stock in a transaction that occurred on Tuesday, July 15th. The stock was sold at an average price of $49.46, for a total transaction of $124,441.36. Following the transaction, the chief financial officer owned 71,920 shares of the company’s stock, valued at $3,557,163.20. The trade was a 3.38% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, VP Mark Elliott Boulding sold 1,929 shares of PTC Therapeutics stock in a transaction that occurred on Thursday, May 15th. The stock was sold at an average price of $46.18, for a total value of $89,081.22. Following the transaction, the vice president directly owned 103,901 shares in the company, valued at approximately $4,798,148.18. This trade represents a 1.82% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 5,328 shares of company stock worth $254,158. 5.50% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in PTC Therapeutics by 0.3% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 65,681 shares of the biopharmaceutical company’s stock worth $2,967,000 after acquiring an additional 205 shares in the last quarter. Summit Investment Advisors Inc. boosted its stake in shares of PTC Therapeutics by 3.3% during the fourth quarter. Summit Investment Advisors Inc. now owns 7,968 shares of the biopharmaceutical company’s stock valued at $360,000 after acquiring an additional 253 shares during the last quarter. Xponance Inc. boosted its stake in shares of PTC Therapeutics by 5.2% during the first quarter. Xponance Inc. now owns 6,372 shares of the biopharmaceutical company’s stock valued at $325,000 after acquiring an additional 314 shares during the last quarter. PNC Financial Services Group Inc. boosted its stake in shares of PTC Therapeutics by 84.2% during the first quarter. PNC Financial Services Group Inc. now owns 700 shares of the biopharmaceutical company’s stock valued at $36,000 after acquiring an additional 320 shares during the last quarter. Finally, Diversified Trust Co boosted its stake in shares of PTC Therapeutics by 2.0% during the first quarter. Diversified Trust Co now owns 17,147 shares of the biopharmaceutical company’s stock valued at $874,000 after acquiring an additional 329 shares during the last quarter.

PTC Therapeutics Stock Up 3.3%

The business has a 50 day moving average of $48.95 and a 200 day moving average of $48.58. The firm has a market cap of $4.04 billion, a price-to-earnings ratio of 7.82 and a beta of 0.50.

PTC Therapeutics (NASDAQ:PTCT) last released its earnings results on Tuesday, May 6th. The biopharmaceutical company reported $10.04 earnings per share for the quarter, topping the consensus estimate of $0.85 by $9.19. The firm had revenue of $1.18 billion for the quarter, compared to the consensus estimate of $437.16 million. PTC Therapeutics had a negative return on equity of 78.56% and a net margin of 33.56%. The firm’s revenue for the quarter was down 9.6% compared to the same quarter last year. During the same period in the prior year, the business posted ($1.20) earnings per share. Research analysts predict that PTC Therapeutics, Inc. will post -4.52 earnings per share for the current year.

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.