PTC Therapeutics (NASDAQ:PTCT) Given New $93.00 Price Target at Wells Fargo & Company

PTC Therapeutics (NASDAQ:PTCT) had its target price decreased by equities researchers at Wells Fargo & Company from $95.00 to $93.00 in a note issued to investors on Monday,Benzinga reports. The brokerage presently has an “overweight” rating on the biopharmaceutical company’s stock. Wells Fargo & Company‘s target price suggests a potential upside of 18.34% from the stock’s current price.

A number of other equities analysts also recently commented on the stock. TD Cowen raised shares of PTC Therapeutics from a “hold” rating to a “buy” rating and lifted their price objective for the stock from $75.00 to $90.00 in a report on Friday, May 8th. Truist Financial raised PTC Therapeutics to a “strong-buy” rating in a report on Wednesday, March 25th. Citigroup raised PTC Therapeutics from a “neutral” rating to a “buy” rating and lifted their target price for the company from $75.00 to $108.00 in a research note on Tuesday, June 9th. Raymond James Financial began coverage on shares of PTC Therapeutics in a research report on Friday, April 10th. They issued an “outperform” rating and a $108.00 price target for the company. Finally, Cantor Fitzgerald upped their price objective on shares of PTC Therapeutics from $124.00 to $130.00 and gave the company an “overweight” rating in a research note on Thursday. Two investment analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating, one has given a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $92.29.

PTC Therapeutics Stock Performance

Shares of PTC Therapeutics stock opened at $78.59 on Monday. PTC Therapeutics has a 1 year low of $43.17 and a 1 year high of $90.87. The firm’s 50-day simple moving average is $76.77 and its 200-day simple moving average is $72.76. The firm has a market cap of $6.52 billion, a PE ratio of -33.73, a price-to-earnings-growth ratio of 4.72 and a beta of 0.53.

PTC Therapeutics (NASDAQ:PTCT) last posted its quarterly earnings results on Thursday, May 7th. The biopharmaceutical company reported ($0.03) EPS for the quarter, topping analysts’ consensus estimates of ($0.45) by $0.42. PTC Therapeutics had a negative return on equity of 362.45% and a negative net margin of 22.58%.The business had revenue of $272.55 million during the quarter, compared to the consensus estimate of $217.42 million. During the same period last year, the firm earned $10.04 earnings per share. The company’s revenue for the quarter was up 43.5% compared to the same quarter last year. On average, equities analysts predict that PTC Therapeutics will post 0.6 earnings per share for the current year.

Insider Transactions at PTC Therapeutics

In other news, CEO Matthew B. Klein sold 12,572 shares of PTC Therapeutics stock in a transaction dated Thursday, May 14th. The stock was sold at an average price of $72.95, for a total value of $917,127.40. Following the transaction, the chief executive officer directly owned 393,998 shares in the company, valued at approximately $28,742,154.10. The trade was a 3.09% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 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. Also, insider Neil Gregory Almstead sold 24,613 shares of the stock in a transaction that occurred on Tuesday, July 7th. The shares were sold at an average price of $88.89, for a total value of $2,187,849.57. Following the completion of the sale, the insider directly owned 60,299 shares of the company’s stock, valued at $5,359,978.11. This represents a 28.99% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders have sold 201,512 shares of company stock worth $16,550,087. Corporate insiders own 5.50% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the company. UMB Bank n.a. acquired a new stake in PTC Therapeutics during the fourth quarter valued at approximately $26,000. Comerica Bank grew its position in PTC Therapeutics by 868.5% in the third quarter. Comerica Bank now owns 523 shares of the biopharmaceutical company’s stock valued at $32,000 after acquiring an additional 469 shares during the period. Salomon & Ludwin LLC acquired a new position in PTC Therapeutics during the fourth quarter worth $41,000. IFP Advisors Inc raised its stake in PTC Therapeutics by 68.1% during the third quarter. IFP Advisors Inc now owns 765 shares of the biopharmaceutical company’s stock worth $47,000 after acquiring an additional 310 shares in the last quarter. Finally, Allworth Financial LP boosted its stake in shares of PTC Therapeutics by 63.8% in the 4th quarter. Allworth Financial LP now owns 634 shares of the biopharmaceutical company’s stock valued at $48,000 after purchasing an additional 247 shares in 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.