Raymond James Financial Begins Coverage on PTC Therapeutics (NASDAQ:PTCT)
by Danessa Lincoln · The Markets DailyRaymond James Financial started coverage on shares of PTC Therapeutics (NASDAQ:PTCT – Get Free Report) in a report released on Friday. The firm set an “outperform” rating and a $108.00 price target on the biopharmaceutical company’s stock. Raymond James Financial’s target price suggests a potential upside of 52.43% from the company’s previous close.
Other research analysts have also issued research reports about the company. Wells Fargo & Company dropped their price objective on PTC Therapeutics from $93.00 to $86.00 and set an “overweight” rating on the stock in a report on Friday, February 20th. Morgan Stanley raised their target price on PTC Therapeutics from $90.00 to $92.00 and gave the company an “overweight” rating in a report on Monday, February 23rd. Wall Street Zen lowered shares of PTC Therapeutics from a “buy” rating to a “hold” rating in a research report on Saturday, February 21st. Cantor Fitzgerald reiterated an “overweight” rating on shares of PTC Therapeutics in a report on Friday, February 20th. Finally, TD Cowen reiterated a “hold” rating on shares of PTC Therapeutics in a research note on Thursday, January 29th. One equities research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, PTC Therapeutics presently has a consensus rating of “Moderate Buy” and a consensus target price of $84.40.
Read Our Latest Analysis on PTC Therapeutics
PTC Therapeutics Stock Down 0.6%
Shares of NASDAQ:PTCT opened at $70.85 on Friday. PTC Therapeutics has a 52 week low of $35.95 and a 52 week high of $87.50. The company has a 50-day moving average price of $68.60 and a 200 day moving average price of $71.24. The company has a market cap of $5.86 billion, a P/E ratio of 9.15 and a beta of 0.55.
PTC Therapeutics (NASDAQ:PTCT – Get Free Report) last released its earnings results on Thursday, February 19th. The biopharmaceutical company reported ($1.67) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.21) by ($1.46). The business had revenue of $164.68 million for the quarter, compared to analyst estimates of $281.45 million. PTC Therapeutics had a negative return on equity of 362.45% and a net margin of 39.44%.The business’s revenue for the quarter was down 22.7% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($0.85) EPS. Analysts expect that PTC Therapeutics will post -4.52 EPS for the current year.
Insider Buying and Selling at PTC Therapeutics
In other news, VP Mark Elliott Boulding sold 3,081 shares of PTC Therapeutics stock in a transaction on Wednesday, February 18th. The stock was sold at an average price of $69.36, for a total transaction of $213,698.16. Following the completion of the transaction, the vice president owned 108,231 shares of the company’s stock, valued at $7,506,902.16. The trade was a 2.77% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Stephanie Okey sold 15,167 shares of the business’s stock in a transaction dated Tuesday, March 10th. The stock was sold at an average price of $70.00, for a total transaction of $1,061,690.00. Following the completion of the sale, the director owned 8,000 shares in the company, valued at $560,000. This represents a 65.47% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders have sold 124,666 shares of company stock worth $8,513,116. Insiders own 5.50% of the company’s stock.
Institutional Trading of PTC Therapeutics
Large investors have recently modified their holdings of the business. Vanguard Group Inc. raised its position in shares of PTC Therapeutics by 6.2% during the 4th quarter. Vanguard Group Inc. now owns 8,803,203 shares of the biopharmaceutical company’s stock worth $668,691,000 after purchasing an additional 514,204 shares during the last quarter. Wellington Management Group LLP grew its holdings in PTC Therapeutics by 4.8% during the 3rd quarter. Wellington Management Group LLP now owns 4,918,619 shares of the biopharmaceutical company’s stock valued at $301,856,000 after buying an additional 224,481 shares during the last quarter. Janus Henderson Group PLC grew its holdings in PTC Therapeutics by 28.6% during the 4th quarter. Janus Henderson Group PLC now owns 4,851,332 shares of the biopharmaceutical company’s stock valued at $368,587,000 after buying an additional 1,077,776 shares during the last quarter. State Street Corp increased its position in PTC Therapeutics by 34.2% during the fourth quarter. State Street Corp now owns 4,206,126 shares of the biopharmaceutical company’s stock worth $319,497,000 after buying an additional 1,071,343 shares in the last quarter. Finally, Toronto Dominion Bank raised its holdings in shares of PTC Therapeutics by 27.5% in the fourth quarter. Toronto Dominion Bank now owns 4,138,215 shares of the biopharmaceutical company’s stock worth $314,339,000 after acquiring an additional 891,690 shares during the last quarter.
PTC Therapeutics Company Profile
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.