PTC Therapeutics, Inc. (NASDAQ:PTCT) Stock Has Consensus Target Price of $98.25 According to Brokerages

Shares of PTC Therapeutics, Inc. (NASDAQ:PTCT) have received an average rating of “Moderate Buy” from the fifteen brokerages that are covering the company, Marketbeat.com reports. Two research analysts have rated the stock with a sell recommendation, two have given a hold recommendation, ten have issued a buy recommendation and one has issued a strong buy recommendation on the company. The average 12-month price objective among brokers that have issued a report on the stock in the last year is $97.62.

Several equities research analysts have recently weighed in on PTCT shares. UBS Group set a $90.00 price objective on shares of PTC Therapeutics in a research report on Thursday. Wall Street Zen lowered shares of PTC Therapeutics from a “strong-buy” rating to a “buy” rating in a report on Saturday, October 10th. Wells Fargo & Company upped their price target on shares of PTC Therapeutics from $106.00 to $109.00 and gave the company an “overweight” rating in a research report on Thursday, August 13th. Cantor Fitzgerald upped their price target on shares of PTC Therapeutics from $130.00 to $137.00 and gave the company an “overweight” rating in a research report on Tuesday, September 22nd. Finally, Morgan Stanley increased their price target on PTC Therapeutics from $93.00 to $104.00 and gave the stock an “overweight” rating in a report on Friday, July 31st.

PTC Therapeutics Trading Down 0.4%

NASDAQ PTCT opened at $59.67 on Friday. The business’s 50-day moving average price is $67.89 and its two-hundred day moving average price is $71.85. PTC Therapeutics has a 12 month low of $58.80 and a 12 month high of $90.87.

PTC Therapeutics (NASDAQ:PTCT) last released its earnings results on Thursday, July 30th. The biopharmaceutical company reported $0.92 earnings per share for the quarter, beating analysts’ consensus estimates of $0.24 by $0.68. The firm had revenue of $360.52 million for the quarter, compared to analyst estimates of $298.63 million. The business’s revenue for the quarter was up 101.5% compared to the same quarter last year. During the same period in the prior year, the company posted ($0.83) EPS. As a group, sell-side analysts anticipate that PTC Therapeutics will post 1.19 earnings per share for the current year.

Insiders Place Their Bets

In related news, Director Glenn Steele, Jr. sold 12,000 shares of the company’s stock in a transaction dated Wednesday, September 30th. The stock was sold at an average price of $65.16, for a total transaction of $781,920.00. Following the sale, the director owned 22,500 shares in the company, valued at $1,466,100. This represents a 34.78% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Matthew Klein sold 10,292 shares of the firm’s stock in a transaction that occurred on Tuesday, August 4th. The stock was sold at an average price of $68.57, for a total value of $705,722.44. Following the sale, the chief executive officer directly owned 383,868 shares of the company’s stock, valued at $26,321,828.76. This represents a 2.61% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold 74,870 shares of company stock valued at $5,173,236 over the last 90 days. 5.30% of the stock is owned by company insiders.

Institutional Trading of PTC Therapeutics

Several hedge funds have recently modified their holdings of PTCT. Avior Wealth Management LLC grew its holdings in PTC Therapeutics by 48.7% in the third quarter. Avior Wealth Management LLC now owns 5,622 shares of the biopharmaceutical company’s stock worth $364,000 after purchasing an additional 1,842 shares during the period. Sacks & Associates LLC bought a new stake in PTC Therapeutics in the third quarter valued at $251,000. Private Capital Advisors Inc. bought a new stake in PTC Therapeutics in the third quarter valued at $458,000. Envestnet Portfolio Solutions Inc. raised its holdings in shares of PTC Therapeutics by 1.8% during the second quarter. Envestnet Portfolio Solutions Inc. now owns 13,730 shares of the biopharmaceutical company’s stock valued at $1,120,000 after purchasing an additional 237 shares during the period. Finally, Tidal Investments LLC acquired a new position in shares of PTC Therapeutics during the second quarter valued at about $211,000.

About PTC Therapeutics

PTC Therapeutics, Inc is a biopharmaceutical company focused on discovering, developing and commercializing medicines for rare diseases. Its research programs use technologies designed to address genetic and molecular causes of disease, including RNA biology, protein translation and gene therapy.

The company’s commercial portfolio includes Emflaza (deflazacort), a corticosteroid approved in the United States to treat Duchenne muscular dystrophy, and Upstaza (eladocagene exuparvovec), a gene therapy for aromatic L-amino acid decarboxylase deficiency in eligible patients.