PTC Therapeutics (NASDAQ:PTCT) Given New $74.00 Price Target at Wells Fargo & Company

PTC Therapeutics (NASDAQ:PTCT) had its price objective increased by research analysts at Wells Fargo & Company from $68.00 to $74.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The brokerage presently has an “overweight” rating on the biopharmaceutical company’s stock. Wells Fargo & Company‘s price objective would suggest a potential upside of 54.70% from the stock’s current price.

Other equities analysts also recently issued research reports about the stock. Royal Bank of Canada increased their price target on shares of PTC Therapeutics from $57.00 to $58.00 and gave the stock an “outperform” rating in a report on Wednesday, May 7th. Citigroup raised shares of PTC Therapeutics from a “sell” rating to a “neutral” rating and cut their price objective for the company from $50.00 to $40.00 in a report on Wednesday, May 7th. Scotiabank initiated coverage on PTC Therapeutics in a report on Friday, March 7th. They issued a “sector perform” rating and a $55.00 price target for the company. Morgan Stanley reaffirmed an “overweight” rating and set a $70.00 target price (up from $67.00) on shares of PTC Therapeutics in a research note on Friday, March 7th. Finally, Barclays cut their price target on shares of PTC Therapeutics from $56.00 to $42.00 and set an “equal weight” rating for the company in a report on Thursday, May 8th. One analyst has rated the stock with a sell rating, four have issued a hold rating, nine have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $63.75.

PTC Therapeutics Stock Performance

PTCT opened at $47.83 on Tuesday. PTC Therapeutics has a one year low of $28.72 and a one year high of $58.38. The stock has a market cap of $3.79 billion, a price-to-earnings ratio of -8.05 and a beta of 0.52. The stock’s 50 day moving average price is $47.17 and its 200-day moving average price is $47.42.

PTC Therapeutics (NASDAQ:PTCT) last posted its quarterly earnings results on Tuesday, May 6th. The biopharmaceutical company reported $10.04 EPS for the quarter, topping the consensus estimate of $0.85 by $9.19. The company had revenue of $1.18 billion during the quarter, compared to analysts’ expectations of $437.16 million. The company’s quarterly revenue was down 9.6% on a year-over-year basis. During the same period in the prior year, the business earned ($1.20) EPS. As a group, analysts predict that PTC Therapeutics will post -4.52 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, VP Mark Elliott Boulding sold 1,929 shares of the stock in a transaction dated Thursday, May 15th. The shares were sold at an average price of $46.18, for a total transaction of $89,081.22. Following the transaction, the vice president now owns 103,901 shares of the company’s stock, valued at approximately $4,798,148.18. This trade represents a 1.82% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Lee Scott Golden sold 897 shares of PTC Therapeutics stock in a transaction on Wednesday, April 2nd. The stock was sold at an average price of $46.95, for a total transaction of $42,114.15. Following the completion of the transaction, the executive vice president now directly owns 75,997 shares of the company’s stock, valued at approximately $3,568,059.15. This represents a 1.17% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 28,264 shares of company stock valued at $1,469,137. Company insiders own 5.50% of the company’s stock.

Institutional Trading of PTC Therapeutics

Hedge funds and other institutional investors have recently modified their holdings of the company. Smartleaf Asset Management LLC raised its position in PTC Therapeutics by 78.7% in the fourth quarter. Smartleaf Asset Management LLC now owns 613 shares of the biopharmaceutical company’s stock worth $28,000 after acquiring an additional 270 shares in the last quarter. Sterling Capital Management LLC raised its holdings in shares of PTC Therapeutics by 424.4% in the 4th quarter. Sterling Capital Management LLC now owns 645 shares of the biopharmaceutical company’s stock worth $29,000 after purchasing an additional 522 shares in the last quarter. Quantbot Technologies LP lifted its stake in PTC Therapeutics by 545.5% during the first quarter. Quantbot Technologies LP now owns 652 shares of the biopharmaceutical company’s stock valued at $33,000 after purchasing an additional 551 shares during the last quarter. PNC Financial Services Group Inc. grew its position in PTC Therapeutics by 84.2% in the first quarter. PNC Financial Services Group Inc. now owns 700 shares of the biopharmaceutical company’s stock worth $36,000 after buying an additional 320 shares during the last quarter. Finally, GAMMA Investing LLC lifted its position in shares of PTC Therapeutics by 86.3% during the 1st quarter. GAMMA Investing LLC now owns 952 shares of the biopharmaceutical company’s stock valued at $49,000 after acquiring an additional 441 shares during the last quarter.

PTC Therapeutics Company Profile

PTC Therapeutics, Inc, a biopharmaceutical company, focuses on the discovery, development, and commercialization of medicines to patients with rare disorders in the United States and internationally. The company offers Translarna and Emflaza for the treatment of Duchenne muscular dystrophy; Upstaza to treat aromatic l-amino acid decarboxylas (AADC) deficiency, a central nervous system disorder; Tegsedi and Waylivra for the treatment of rare diseases; and Evrysdi to treat spinal muscular atrophy (SMA) in adults and children.