PTC Therapeutics (NASDAQ:PTCT) Price Target Raised to $109.00

PTC Therapeutics (NASDAQ:PTCT) had its price target upped by Citigroup from $108.00 to $109.00 in a research note published on Monday,Benzinga reports. They currently have a buy rating on the biopharmaceutical company’s stock.

Several other research analysts also recently commented on PTCT. TD Cowen lifted their target price on PTC Therapeutics from $90.00 to $95.00 and gave the stock a “buy” rating in a research note on Friday, October 30th. Morgan Stanley increased their price objective on shares of PTC Therapeutics from $93.00 to $104.00 and gave the company an “overweight” rating in a research report on Friday, July 31st. Wells Fargo & Company raised their target price on shares of PTC Therapeutics from $109.00 to $112.00 and gave the stock an “overweight” rating in a research note on Friday, October 30th. UBS Group started coverage on shares of PTC Therapeutics in a report on Thursday, October 15th. They set a “buy” rating and a $90.00 target price for the company. Finally, Raymond James Financial set a $106.00 target price on shares of PTC Therapeutics in a report on Tuesday, October 20th. One investment analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, PTC Therapeutics currently has an average rating of “Moderate Buy” and an average price target of $99.23.

PTC Therapeutics Stock Up 1.2%

Shares of PTCT stock opened at $68.97 on Monday. PTC Therapeutics has a 52-week low of $58.80 and a 52-week high of $90.87. The firm’s 50-day moving average is $65.03 and its 200-day moving average is $70.63.

PTC Therapeutics (NASDAQ:PTCT) last posted its quarterly earnings results on Thursday, October 29th. The biopharmaceutical company reported ($0.62) 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 analyst estimates of $306.43 million. The business’s revenue for the quarter was up 69.6% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.20 EPS. Sell-side analysts forecast that PTC Therapeutics will post 0.59 earnings per share for the current fiscal year.

PTC Therapeutics announced that its Board of Directors has initiated a share buyback plan on Tuesday, November 3rd that allows the company to repurchase $500 million in outstanding shares. This repurchase authorization allows the biopharmaceutical company to reacquire up to 9.8% of its shares through open market purchases. Share repurchase plans are generally an indication that the company’s board of directors believes its shares are undervalued.

Insider Activity at PTC Therapeutics

In related news, Director Glenn Steele, Jr. sold 12,000 shares of the firm’s stock in a transaction dated Wednesday, September 30th. The shares were sold at an average price of $65.16, for a total transaction of $781,920.00. Following the transaction, the director directly owned 22,500 shares of the company’s stock, valued at approximately $1,466,100. This trade represents a 34.78% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, VP Mark Boulding sold 2,813 shares of the stock in a transaction that occurred on Monday, August 17th. The stock was sold at an average price of $72.57, for a total transaction of $204,139.41. Following the transaction, the vice president owned 105,272 shares in the company, valued at approximately $7,639,589.04. The trade was a 2.60% 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. Over the last three months, insiders have sold 67,078 shares of company stock worth $4,616,538. Corporate insiders own 5.30% of the company’s stock.

Institutional Trading of PTC Therapeutics

Institutional investors have recently modified their holdings of the stock. Ethic Inc. grew its position in PTC Therapeutics by 105.6% during the 3rd quarter. Ethic Inc. now owns 11,879 shares of the biopharmaceutical company’s stock worth $770,000 after acquiring an additional 6,100 shares during the last quarter. Ashton Thomas Private Wealth LLC acquired a new position in PTC Therapeutics in the 3rd quarter worth about $354,000. CenterBook Partners LP raised its position in PTC Therapeutics by 25.1% in the third quarter. CenterBook Partners LP now owns 47,292 shares of the biopharmaceutical company’s stock valued at $3,064,000 after purchasing an additional 9,497 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. bought a new position in PTC Therapeutics in the third quarter valued at about $276,000. Finally, Profund Advisors LLC grew its holdings in shares of PTC Therapeutics by 56.2% during the third quarter. Profund Advisors LLC now owns 35,877 shares of the biopharmaceutical company’s stock worth $2,324,000 after purchasing an additional 12,904 shares during the last quarter.

About PTC Therapeutics

PTC Therapeutics, Inc is a biopharmaceutical company focused on discovering, developing and commercializing medicines for rare diseases. Its research programs include small-molecule treatments, gene therapies and other approaches designed to address conditions with limited or no available treatment options.

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