PTC Therapeutics (NASDAQ:PTCT) Price Target Raised to $63.00

PTC Therapeutics (NASDAQ:PTCT) had its target price boosted by stock analysts at TD Cowen from $50.00 to $63.00 in a research note issued to investors on Wednesday,Benzinga reports. The firm presently has a “hold” rating on the biopharmaceutical company’s stock. TD Cowen’s price objective indicates a potential downside of 11.32% from the company’s current price.

A number of other equities research analysts have also commented on PTCT. Citigroup reissued a “neutral” rating on shares of PTC Therapeutics in a research report on Wednesday. Bank of America decreased their target price on PTC Therapeutics from $82.00 to $76.00 and set a “buy” rating for the company in a research report on Wednesday, August 20th. Wells Fargo & Company raised their target price on PTC Therapeutics from $73.00 to $93.00 and gave the company an “overweight” rating in a research report on Wednesday. Robert W. Baird set a $70.00 target price on PTC Therapeutics in a research report on Friday, August 8th. Finally, Cowen reaffirmed a “hold” rating on shares of PTC Therapeutics in a research report on Wednesday. Ten equities research analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $73.73.

PTC Therapeutics Stock Up 4.9%

NASDAQ PTCT traded up $3.32 on Wednesday, reaching $71.04. The company had a trading volume of 1,740,183 shares, compared to its average volume of 1,107,052. The stock has a market capitalization of $5.64 billion, a P/E ratio of 10.21 and a beta of 0.55. The company’s fifty day moving average is $61.96 and its 200 day moving average is $53.17. PTC Therapeutics has a 52-week low of $35.95 and a 52-week high of $73.80.

PTC Therapeutics (NASDAQ:PTCT) last released its quarterly earnings results on Tuesday, November 4th. The biopharmaceutical company reported $0.20 EPS for the quarter, beating analysts’ consensus estimates of ($1.19) by $1.39. The business had revenue of $211.01 million during the quarter, compared to analyst estimates of $177.42 million. PTC Therapeutics had a negative return on equity of 106.31% and a net margin of 35.65%.PTC Therapeutics’s quarterly revenue was up 7.2% compared to the same quarter last year. During the same period in the prior year, the firm posted ($1.39) EPS. PTC Therapeutics has set its FY 2025 guidance at EPS. On average, research analysts expect that PTC Therapeutics will post -4.52 EPS for the current year.

Insiders Place Their Bets

In other PTC Therapeutics news, insider Neil Gregory Almstead sold 55,000 shares of the firm’s stock in a transaction dated Friday, October 3rd. The stock was sold at an average price of $66.05, for a total value of $3,632,750.00. Following the completion of the transaction, the insider owned 100,625 shares in the company, valued at $6,646,281.25. This trade represents a 35.34% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Mark Elliott Boulding sold 24,585 shares of the firm’s stock in a transaction dated Friday, September 12th. The stock was sold at an average price of $61.34, for a total value of $1,508,043.90. Following the completion of the transaction, the vice president owned 103,901 shares of the company’s stock, valued at approximately $6,373,287.34. This represents a 19.13% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 254,662 shares of company stock worth $16,000,821 over the last quarter. Insiders own 5.50% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in PTCT. Nuveen LLC bought a new position in PTC Therapeutics in the 1st quarter worth about $51,427,000. Wellington Management Group LLP boosted its position in shares of PTC Therapeutics by 13.2% during the 1st quarter. Wellington Management Group LLP now owns 5,419,172 shares of the biopharmaceutical company’s stock valued at $276,161,000 after acquiring an additional 632,049 shares during the last quarter. Hood River Capital Management LLC boosted its position in shares of PTC Therapeutics by 654.4% during the 2nd quarter. Hood River Capital Management LLC now owns 636,502 shares of the biopharmaceutical company’s stock valued at $31,087,000 after acquiring an additional 552,130 shares during the last quarter. State Street Corp boosted its position in shares of PTC Therapeutics by 22.1% during the 2nd quarter. State Street Corp now owns 2,996,454 shares of the biopharmaceutical company’s stock valued at $146,347,000 after acquiring an additional 541,558 shares during the last quarter. Finally, Driehaus Capital Management LLC boosted its position in shares of PTC Therapeutics by 45.3% during the 1st quarter. Driehaus Capital Management LLC now owns 1,512,645 shares of the biopharmaceutical company’s stock valued at $77,084,000 after acquiring an additional 471,586 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.