PTC Therapeutics (NASDAQ:PTCT) Price Target Raised to $79.00 at Wells Fargo & Company

PTC Therapeutics (NASDAQ:PTCT) had its price target lifted by Wells Fargo & Company from $78.00 to $79.00 in a research note issued to investors on Friday,Benzinga reports. They currently have an overweight rating on the biopharmaceutical company’s stock.

PTCT has been the subject of several other research reports. Bank of America upped their price objective on shares of PTC Therapeutics from $68.00 to $84.00 and gave the stock a “buy” rating in a research report on Tuesday, July 29th. Citigroup upped their price objective on shares of PTC Therapeutics from $40.00 to $50.00 and gave the stock a “neutral” rating in a research report on Monday, July 28th. Cantor Fitzgerald upped their price objective on shares of PTC Therapeutics from $112.00 to $120.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 29th. Royal Bank Of Canada reissued an “outperform” rating and issued a $63.00 target price (up previously from $60.00) on shares of PTC Therapeutics in a report on Friday. Finally, UBS Group increased their target price on shares of PTC Therapeutics from $71.00 to $80.00 and gave the stock a “buy” rating in a report on Tuesday, July 29th. One research analyst has rated the stock with a sell rating, five have issued a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, PTC Therapeutics currently has an average rating of “Moderate Buy” and a consensus target price of $69.85.

PTC Therapeutics Stock Down 9.9%

PTCT opened at $45.38 on Friday. PTC Therapeutics has a twelve month low of $29.01 and a twelve month high of $58.38. The company has a 50-day simple moving average of $49.44 and a 200 day simple moving average of $48.97. The stock has a market capitalization of $3.60 billion, a price-to-earnings ratio of 6.51 and a beta of 0.54.

PTC Therapeutics (NASDAQ:PTCT) last posted its quarterly earnings data on Thursday, August 7th. The biopharmaceutical company reported ($0.83) earnings per share for the quarter, topping the consensus estimate of ($1.07) by $0.24. PTC Therapeutics had a net margin of 35.65% and a negative return on equity of 86.77%. The business had revenue of $178.88 million during the quarter, compared to analysts’ expectations of $173.01 million. During the same quarter in the prior year, the business posted ($1.29) earnings per share. PTC Therapeutics’s revenue was down 4.2% compared to the same quarter last year. Sell-side analysts anticipate that PTC Therapeutics will post -4.52 EPS for the current fiscal year.

Insider Activity

In other PTC Therapeutics news, CEO Matthew B. Klein sold 10,739 shares of the stock in a transaction that occurred on Tuesday, August 5th. The shares were sold at an average price of $51.74, for a total transaction of $555,635.86. Following the completion of the sale, the chief executive officer owned 337,767 shares of the company’s stock, valued at approximately $17,476,064.58. This represents a 3.08% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, VP Mark Elliott Boulding sold 1,929 shares of the 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 owned 103,901 shares in the company, valued at $4,798,148.18. The trade was a 1.82% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 16,067 shares of company stock valued at $809,794 over the last quarter. 5.50% of the stock is owned by company insiders.

Hedge Funds Weigh In On PTC Therapeutics

Institutional investors and hedge funds have recently modified their holdings of the business. Wealth Enhancement Advisory Services LLC bought a new position in shares of PTC Therapeutics during the 1st quarter worth approximately $595,000. Allspring Global Investments Holdings LLC bought a new position in shares of PTC Therapeutics during the 1st quarter worth approximately $524,000. Cerity Partners LLC bought a new position in shares of PTC Therapeutics in the 1st quarter worth $641,000. Edgestream Partners L.P. bought a new position in shares of PTC Therapeutics in the 1st quarter worth $418,000. Finally, OCONNOR A Distinct Business Unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in shares of PTC Therapeutics by 49.2% in the 4th quarter. OCONNOR A Distinct Business Unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 46,894 shares of the biopharmaceutical company’s stock worth $2,117,000 after purchasing an additional 15,459 shares in the last quarter.

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.