Analysts Set PTC Therapeutics, Inc. (NASDAQ:PTCT) Price Target at $84.40
by Danessa Lincoln · The Markets DailyPTC Therapeutics, Inc. (NASDAQ:PTCT – Get Free Report) has been given a consensus rating of “Moderate Buy” by the sixteen research firms that are currently covering the stock, Marketbeat reports. One analyst has rated the stock with a sell recommendation, five have issued a hold recommendation, nine have given a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12-month price objective among brokerages that have updated their coverage on the stock in the last year is $84.40.
A number of equities analysts have weighed in on the company. Barclays reissued an “overweight” rating and issued a $120.00 target price on shares of PTC Therapeutics in a research report on Monday, February 23rd. Wall Street Zen downgraded shares of PTC Therapeutics from a “buy” rating to a “hold” rating in a research report on Saturday, February 21st. Truist Financial upgraded shares of PTC Therapeutics to a “strong-buy” rating in a research report on Wednesday, March 25th. Weiss Ratings restated a “hold (c)” rating on shares of PTC Therapeutics in a research report on Monday, December 29th. Finally, TD Cowen restated a “hold” rating on shares of PTC Therapeutics in a research note on Thursday, January 29th.
Check Out Our Latest Report on PTCT
Insider Transactions at PTC Therapeutics
In other news, insider Neil Gregory Almstead sold 52,003 shares of the firm’s stock in a transaction on Wednesday, April 1st. The stock was sold at an average price of $69.04, for a total value of $3,590,287.12. Following the transaction, the insider directly owned 60,137 shares in the company, valued at $4,151,858.48. This trade represents a 46.37% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Stephanie Okey sold 15,167 shares of the business’s stock in a transaction dated Tuesday, March 10th. The shares were sold at an average price of $70.00, for a total value of $1,061,690.00. Following the sale, the director owned 8,000 shares of the company’s stock, valued at approximately $560,000. This represents a 65.47% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last quarter, insiders sold 123,642 shares of company stock worth $8,432,528. Company insiders own 5.50% of the company’s stock.
Institutional Trading of PTC Therapeutics
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in PTCT. Jefferies Financial Group Inc. purchased a new stake in PTC Therapeutics during the third quarter valued at approximately $97,252,000. Janus Henderson Group PLC raised its holdings in PTC Therapeutics by 28.6% in the 4th quarter. Janus Henderson Group PLC now owns 4,851,332 shares of the biopharmaceutical company’s stock worth $368,587,000 after purchasing an additional 1,077,776 shares during the period. State Street Corp raised its holdings in PTC Therapeutics by 34.2% in the 4th quarter. State Street Corp now owns 4,206,126 shares of the biopharmaceutical company’s stock worth $319,497,000 after purchasing an additional 1,071,343 shares during the period. Toronto Dominion Bank raised its holdings in PTC Therapeutics by 27.5% in the 4th quarter. Toronto Dominion Bank now owns 4,138,215 shares of the biopharmaceutical company’s stock worth $314,339,000 after purchasing an additional 891,690 shares during the period. Finally, BNP Paribas Financial Markets raised its holdings in PTC Therapeutics by 4,013.1% in the 4th quarter. BNP Paribas Financial Markets now owns 828,662 shares of the biopharmaceutical company’s stock worth $62,945,000 after purchasing an additional 808,515 shares during the period.
PTC Therapeutics Stock Down 0.2%
NASDAQ:PTCT opened at $72.32 on Friday. The company’s 50 day moving average price is $68.23 and its 200-day moving average price is $71.94. PTC Therapeutics has a 52 week low of $35.95 and a 52 week high of $87.50. The stock has a market cap of $5.99 billion, a price-to-earnings ratio of 9.34 and a beta of 0.55.
PTC Therapeutics (NASDAQ:PTCT – Get Free Report) last posted its earnings results on Thursday, February 19th. The biopharmaceutical company reported ($1.67) EPS for the quarter, missing analysts’ consensus estimates of ($0.21) by ($1.46). PTC Therapeutics had a negative return on equity of 362.45% and a net margin of 39.44%.The business had revenue of $164.68 million during the quarter, compared to the consensus estimate of $281.45 million. During the same period in the previous year, the business posted ($0.85) EPS. The firm’s revenue for the quarter was down 22.7% on a year-over-year basis. As a group, sell-side analysts anticipate that PTC Therapeutics will post -0.76 earnings per share for the current year.
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.