PTC Therapeutics, Inc. (NASDAQ:PTCT) Stock Has Average Target Price of $95.71 According to Analysts

Shares of PTC Therapeutics, Inc. (NASDAQ:PTCT) have been given a consensus recommendation of “Moderate Buy” by the fifteen analysts that are presently covering the firm, Marketbeat.com reports. One equities research analyst has rated the stock with a sell recommendation, three have given a hold recommendation, ten have assigned a buy recommendation and one has given a strong buy recommendation to the company. The average 12-month target price among analysts that have issued a report on the stock in the last year is $99.23.

Several research analysts have commented on PTCT shares. Royal Bank Of Canada lifted their price target on PTC Therapeutics from $75.00 to $77.00 and gave the stock a “sector perform” rating in a research report on Friday, October 30th. Cantor Fitzgerald increased their price objective on PTC Therapeutics from $130.00 to $137.00 and gave the company an “overweight” rating in a report on Tuesday, September 22nd. Citigroup raised their target price on shares of PTC Therapeutics from $108.00 to $109.00 and gave the stock a “buy” rating in a research report on Monday, November 2nd. Zacks Research lowered shares of PTC Therapeutics from a “strong-buy” rating to a “hold” rating in a research report on Thursday, August 6th. Finally, UBS Group started coverage on shares of PTC Therapeutics in a report on Thursday, October 15th. They issued a “buy” rating and a $90.00 target price on the stock.

Insiders Place Their Bets

In other PTC Therapeutics news, Director Michael Schmertzler sold 12,500 shares of the firm’s stock in a transaction on Wednesday, August 26th. The shares were sold at an average price of $72.94, for a total transaction of $911,750.00. Following the transaction, the director directly owned 1,349,094 shares of the company’s stock, valued at approximately $98,402,916.36. This trade represents a 0.92% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Glenn Steele, Jr. sold 12,000 shares of PTC Therapeutics stock in a transaction on Wednesday, September 30th. The shares were sold at an average price of $65.16, for a total transaction of $781,920.00. Following the completion of the transaction, the director owned 22,500 shares in the company, valued at approximately $1,466,100. This represents a 34.78% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders have sold 67,078 shares of company stock valued at $4,616,538. Insiders own 5.30% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of PTCT. BlackRock Inc. acquired a new position in PTC Therapeutics during the second quarter worth $1,139,089,000. Jupiter Topco LLC purchased a new stake in PTC Therapeutics during the second quarter worth $590,182,000. Janus Henderson Group PLC boosted its position in PTC Therapeutics by 48.3% during the first quarter. Janus Henderson Group PLC now owns 7,193,433 shares of the biopharmaceutical company’s stock worth $489,997,000 after purchasing an additional 2,342,101 shares in the last quarter. William Blair Investment Management LLC acquired a new stake in PTC Therapeutics in the second quarter valued at $140,520,000. Finally, Bank of America Corp DE acquired a new stake in PTC Therapeutics in the second quarter valued at $118,462,000.

PTC Therapeutics Stock Performance

PTCT opened at $65.44 on Wednesday. The business’s 50-day simple moving average is $64.77 and its 200-day simple moving average is $70.56. PTC Therapeutics has a one year low of $58.80 and a one year high of $90.87. The stock has a market capitalization of $5.47 billion, a P/E ratio of -46.74, a price-to-earnings-growth ratio of 3.94 and a beta of 0.52.

PTC Therapeutics (NASDAQ:PTCT) last announced its earnings results on Thursday, October 29th. The biopharmaceutical company reported ($0.62) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.14 by ($0.76). The company had revenue of $357.81 million during the quarter, compared to analysts’ expectations of $306.43 million. The firm’s revenue for the quarter was up 69.6% on a year-over-year basis. During the same period in the previous year, the business posted $0.20 earnings per share. On average, equities research analysts forecast that PTC Therapeutics will post 0.60 EPS for the current fiscal year.

PTC Therapeutics announced that its Board of Directors has authorized a share buyback program on Tuesday, November 3rd that allows the company to repurchase $500 million in outstanding shares. This buyback authorization allows the biopharmaceutical company to reacquire up to 9.8% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board of directors believes its stock is undervalued.

PTC Therapeutics Company Profile

PTC Therapeutics is a biopharmaceutical company focused on discovering, developing and commercializing medicines for rare diseases. Founded in 1998 and headquartered in Warren, New Jersey, the company works across several therapeutic areas, including genetic and neurological disorders.

Its products include Kebilidi (eladocagene exuparvovec), a gene therapy for aromatic L-amino acid decarboxylase deficiency, and Sephience (sepiapterin), a treatment for phenylketonuria. PTC has also developed medicines for Duchenne muscular dystrophy, including ataluren, marketed as Translarna in some regions.

PTC serves patients and healthcare providers in the United States and internationally.