PTC Therapeutics (NASDAQ:PTCT) PT Raised to $34.00

PTC Therapeutics (NASDAQ:PTCT) had its target price boosted by Royal Bank of Canada from $32.00 to $34.00 in a research report sent to investors on Friday morning, Benzinga reports. The brokerage currently has a sector perform rating on the biopharmaceutical company’s stock.

A number of other research firms have also recently weighed in on PTCT. Baird R W raised PTC Therapeutics to a strong-buy rating in a research report on Wednesday, September 4th. Barclays increased their price target on PTC Therapeutics from $25.00 to $31.00 and gave the stock an equal weight rating in a research note on Friday, August 9th. JPMorgan Chase & Co. restated an overweight rating and issued a $53.00 price objective on shares of PTC Therapeutics in a research report on Thursday, June 20th. Cantor Fitzgerald reiterated an overweight rating and set a $64.00 target price on shares of PTC Therapeutics in a research report on Tuesday, September 17th. Finally, Robert W. Baird assumed coverage on PTC Therapeutics in a report on Wednesday, September 4th. They issued an outperform rating and a $44.00 price target on the stock. Three investment analysts have rated the stock with a sell rating, five have assigned a hold rating, six have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of Hold and an average target price of $39.08.

PTC Therapeutics Stock Down 0.3 %

NASDAQ:PTCT opened at $34.99 on Friday. PTC Therapeutics has a 52 week low of $17.53 and a 52 week high of $40.69. The stock has a market cap of $2.69 billion, a price-to-earnings ratio of -4.56 and a beta of 0.65. The company’s 50 day moving average price is $34.06 and its 200-day moving average price is $32.92.

PTC Therapeutics (NASDAQ:PTCT) last announced its quarterly earnings results on Thursday, August 8th. The biopharmaceutical company reported ($1.16) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.00) by ($0.16). The firm had revenue of $186.70 million for the quarter, compared to analysts’ expectations of $192.12 million. As a group, sell-side analysts anticipate that PTC Therapeutics will post -5.09 earnings per share for the current year.

Insider Transactions at PTC Therapeutics

In other news, CFO Pierre Gravier sold 2,269 shares of the business’s stock in a transaction dated Tuesday, July 16th. The shares were sold at an average price of $34.02, for a total value of $77,191.38. Following the completion of the sale, the chief financial officer now owns 53,531 shares in the company, valued at approximately $1,821,124.62. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 5.50% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. RTW Investments LP boosted its holdings in shares of PTC Therapeutics by 2.6% in the 4th quarter. RTW Investments LP now owns 7,423,970 shares of the biopharmaceutical company’s stock valued at $204,605,000 after acquiring an additional 188,774 shares during the last quarter. Wellington Management Group LLP increased its stake in shares of PTC Therapeutics by 4.0% in the 4th quarter. Wellington Management Group LLP now owns 9,816,603 shares of the biopharmaceutical company’s stock worth $270,546,000 after acquiring an additional 380,415 shares during the last quarter. Vanguard Group Inc. lifted its stake in shares of PTC Therapeutics by 10.8% in the 4th quarter. Vanguard Group Inc. now owns 8,800,843 shares of the biopharmaceutical company’s stock valued at $242,551,000 after purchasing an additional 855,354 shares during the last quarter. Los Angeles Capital Management LLC lifted its stake in PTC Therapeutics by 23.1% during the 1st quarter. Los Angeles Capital Management LLC now owns 10,800 shares of the biopharmaceutical company’s stock worth $314,000 after acquiring an additional 2,024 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC acquired a new stake in shares of PTC Therapeutics in the first quarter valued at $46,000.

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.