PTC Therapeutics (NASDAQ:PTCT) Price Target Raised to $46.00

PTC Therapeutics (NASDAQ:PTCTGet Free Report) had its price objective upped by equities researchers at Jefferies Financial Group from $35.00 to $46.00 in a research report issued on Monday, Benzinga reports. The firm presently has a “buy” rating on the biopharmaceutical company’s stock. Jefferies Financial Group’s price target indicates a potential upside of 18.40% from the company’s current price.

Several other research analysts have also recently issued reports on PTCT. Cantor Fitzgerald restated an “overweight” rating and issued a $45.00 target price on shares of PTC Therapeutics in a report on Friday, April 12th. Raymond James upgraded shares of PTC Therapeutics from an “underperform” rating to a “market perform” rating in a report on Monday. TD Cowen dropped their price target on PTC Therapeutics from $32.00 to $30.00 and set a “market perform” rating for the company in a research note on Friday, March 1st. Morgan Stanley raised PTC Therapeutics from an “underweight” rating to an “equal weight” rating and raised their price target for the stock from $28.00 to $30.00 in a research note on Monday, April 29th. Finally, Royal Bank of Canada raised their price target on PTC Therapeutics from $22.00 to $28.00 and gave the stock a “sector perform” rating in a research note on Friday, March 1st. Three investment analysts have rated the stock with a sell rating, eight have issued a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $35.67.

Check Out Our Latest Analysis on PTCT

PTC Therapeutics Price Performance

Shares of NASDAQ PTCT opened at $38.85 on Monday. PTC Therapeutics has a one year low of $17.53 and a one year high of $59.84. The firm’s 50 day simple moving average is $29.49 and its two-hundred day simple moving average is $27.20. The stock has a market capitalization of $2.98 billion, a P/E ratio of -5.06 and a beta of 0.63.

PTC Therapeutics (NASDAQ:PTCTGet Free Report) last issued its earnings results on Thursday, April 25th. The biopharmaceutical company reported ($1.20) earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.21) by $0.01. The firm had revenue of $210.12 million during the quarter, compared to the consensus estimate of $160.27 million. As a group, equities analysts expect that PTC Therapeutics will post -5.36 earnings per share for the current fiscal year.

Insider Transactions at PTC Therapeutics

In other news, CEO Matthew B. Klein sold 3,361 shares of PTC Therapeutics stock in a transaction dated Friday, April 19th. The stock was sold at an average price of $24.89, for a total value of $83,655.29. Following the completion of the transaction, the chief executive officer now owns 225,807 shares of the company’s stock, valued at approximately $5,620,336.23. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Insiders sold a total of 4,849 shares of company stock valued at $124,107 in the last quarter. 5.50% of the stock is owned by insiders.

Hedge Funds Weigh In On PTC Therapeutics

Large investors have recently modified their holdings of the stock. Armistice Capital LLC increased its holdings in PTC Therapeutics by 90.0% in the 3rd quarter. Armistice Capital LLC now owns 6,150,000 shares of the biopharmaceutical company’s stock worth $137,822,000 after buying an additional 2,914,000 shares in the last quarter. Wellington Management Group LLP grew its stake in shares of PTC Therapeutics by 39.0% during the 3rd quarter. Wellington Management Group LLP now owns 9,436,188 shares of the biopharmaceutical company’s stock valued at $211,465,000 after purchasing an additional 2,649,824 shares during the period. Janus Henderson Group PLC grew its stake in shares of PTC Therapeutics by 40.5% during the 1st quarter. Janus Henderson Group PLC now owns 3,669,816 shares of the biopharmaceutical company’s stock valued at $106,744,000 after purchasing an additional 1,057,223 shares during the period. Vanguard Group Inc. grew its stake in shares of PTC Therapeutics by 10.8% during the 4th quarter. Vanguard Group Inc. now owns 8,800,843 shares of the biopharmaceutical company’s stock valued at $242,551,000 after purchasing an additional 855,354 shares during the period. Finally, Norges Bank bought a new stake in shares of PTC Therapeutics during the 4th quarter valued at about $15,058,000.

PTC Therapeutics Company Profile

(Get Free Report)

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.

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