Wells Fargo & Company Cuts PTC Therapeutics (NASDAQ:PTCT) Price Target to $93.00

PTC Therapeutics (NASDAQ:PTCT) had its price target decreased by Wells Fargo & Company from $95.00 to $93.00 in a report published on Monday,Benzinga reports. Wells Fargo & Company currently has an overweight rating on the biopharmaceutical company’s stock.

Several other analysts have also recently weighed in on the company. Raymond James Financial began coverage on PTC Therapeutics in a research report on Friday, April 10th. They set an “outperform” rating and a $108.00 price objective on the stock. Citigroup upgraded PTC Therapeutics from a “neutral” rating to a “buy” rating and raised their target price for the company from $75.00 to $108.00 in a research note on Tuesday, June 9th. Zacks Research upgraded PTC Therapeutics from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, July 7th. Weiss Ratings cut PTC Therapeutics from a “hold (c-)” rating to a “sell (d)” rating in a research note on Monday, May 11th. Finally, Royal Bank Of Canada increased their price objective on PTC Therapeutics from $82.00 to $85.00 and gave the stock a “sector perform” rating in a report on Tuesday, July 7th. Two equities research analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating, one has issued a Hold rating and two have given a Sell rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $92.29.

PTC Therapeutics Trading Down 0.1%

Shares of PTC Therapeutics stock opened at $78.40 on Monday. The company’s fifty day simple moving average is $76.97 and its two-hundred day simple moving average is $72.81. The company has a market cap of $6.50 billion, a P/E ratio of -33.65, a PEG ratio of 4.72 and a beta of 0.53. PTC Therapeutics has a 12-month low of $43.17 and a 12-month high of $90.87.

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

Insider Buying and Selling at PTC Therapeutics

In related news, Director Mary L. Smith sold 15,834 shares of PTC Therapeutics stock in a transaction on Thursday, July 9th. The stock was sold at an average price of $90.00, for a total value of $1,425,060.00. Following the completion of the sale, the director owned 21,813 shares of the company’s stock, valued at $1,963,170. The trade was a 42.06% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Neil Gregory Almstead sold 2,464 shares of the company’s stock in a transaction dated Thursday, July 9th. The shares were sold at an average price of $90.25, for a total transaction of $222,376.00. Following the sale, the insider directly owned 60,299 shares of the company’s stock, valued at $5,441,984.75. The trade was a 3.93% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders sold 198,662 shares of company stock worth $16,347,994. 5.50% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On PTC Therapeutics

Hedge funds have recently modified their holdings of the company. UMB Bank n.a. bought a new stake in shares of PTC Therapeutics in the 4th quarter worth about $26,000. Comerica Bank boosted its holdings in PTC Therapeutics by 868.5% during the 3rd 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 bought a new position in PTC Therapeutics in the 4th quarter valued at $41,000. Allworth Financial LP grew its position in 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 acquiring an additional 247 shares during the last quarter. Finally, First Horizon Corp purchased a new stake in PTC Therapeutics in the fourth quarter worth $53,000.

About PTC Therapeutics

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.