PTC Therapeutics (NASDAQ:PTCT) Stock Price Up 10.6% on Analyst Upgrade

PTC Therapeutics, Inc. (NASDAQ:PTCT)’s share price traded up 10.6% during mid-day trading on Tuesday after Citigroup raised their price target on the stock from $108.00 to $109.00. Citigroup currently has a buy rating on the stock. PTC Therapeutics traded as high as $66.20 and last traded at $67.3080. 643,092 shares were traded during trading, a decline of 52% from the average daily volume of 1,346,805 shares. The stock had previously closed at $60.88.

PTCT has been the topic of a number of other research reports. Weiss Ratings raised PTC Therapeutics from a “sell (d)” rating to a “sell (d+)” rating in a report on Thursday, October 8th. Zacks Research lowered shares of PTC Therapeutics from a “strong-buy” rating to a “hold” rating in a report on Thursday, August 6th. Barclays increased their price objective on shares of PTC Therapeutics from $120.00 to $122.00 and gave the stock an “overweight” rating in a research report on Friday, August 14th. Raymond James Financial set a $106.00 target price on PTC Therapeutics in a research note on Tuesday, October 20th. Finally, UBS Group started coverage on shares of PTC Therapeutics in a research report on Thursday, October 15th. They issued a “buy” rating and a $90.00 target price for the company. One investment analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, three have given a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $95.71.

Insider Buying and Selling at PTC Therapeutics

In other PTC Therapeutics news, VP Mark Boulding sold 2,813 shares of the business’s stock in a transaction dated Monday, August 17th. The stock was sold at an average price of $72.57, for a total transaction of $204,139.41. Following the sale, 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Michael Schmertzler sold 12,500 shares of the company’s stock in a transaction dated Wednesday, August 26th. The shares were sold at an average price of $72.94, for a total transaction of $911,750.00. Following the sale, the director directly owned 1,349,094 shares of the company’s stock, valued at $98,402,916.36. This represents a 0.92% decrease in their ownership of the stock. 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 90 days, insiders have sold 67,078 shares of company stock valued at $4,616,538. Corporate insiders own 5.30% of the company’s stock.

Hedge Funds Weigh In On PTC Therapeutics

Several institutional investors and hedge funds have recently added to or reduced their stakes in PTCT. Ashton Thomas Private Wealth LLC acquired a new stake in PTC Therapeutics during the 3rd quarter valued at $354,000. CenterBook Partners LP boosted its position in shares of PTC Therapeutics by 25.1% in the third quarter. CenterBook Partners LP now owns 47,292 shares of the biopharmaceutical company’s stock worth $3,064,000 after buying an additional 9,497 shares during the period. Mirae Asset Global Investments Co. Ltd. purchased a new position in shares of PTC Therapeutics during the third quarter valued at $276,000. 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 valued at $2,324,000 after buying an additional 12,904 shares in the last quarter. Finally, Vise Technologies Inc. grew its holdings in shares of PTC Therapeutics by 3.1% during the third quarter. Vise Technologies Inc. now owns 8,826 shares of the biopharmaceutical company’s stock valued at $572,000 after buying an additional 266 shares in the last quarter.

PTC Therapeutics Stock Up 10.6%

The stock has a market capitalization of $5.62 billion, a price-to-earnings ratio of -47.98, a price-to-earnings-growth ratio of 1.90 and a beta of 0.49. The firm has a 50-day moving average of $65.18 and a two-hundred day moving average of $70.71.

PTC Therapeutics (NASDAQ:PTCT) last announced its quarterly earnings data on Thursday, October 29th. The biopharmaceutical company reported ($0.62) earnings per share (EPS) for the quarter, missing the consensus estimate 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. During the same period in the prior year, the company posted $0.20 earnings per share. The company’s quarterly revenue was up 69.6% on a year-over-year basis. As a group, sell-side analysts predict that PTC Therapeutics, Inc. will post 1.19 EPS for the current year.

PTC Therapeutics Company Profile

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.