PTC Therapeutics (NASDAQ:PTCT) Hits New 12-Month High Following Analyst Upgrade

PTC Therapeutics, Inc. (NASDAQ:PTCT) reached a new 52-week high during trading on Tuesday after Zacks Research upgraded the stock from a hold rating to a strong-buy rating. The stock traded as high as $88.47 and last traded at $88.8390, with a volume of 367190 shares. The stock had previously closed at $85.44.

A number of other equities analysts have also recently issued reports on the company. Jefferies Financial Group upgraded PTC Therapeutics from a “hold” rating to a “buy” rating and increased their price target for the stock from $76.00 to $85.00 in a report on Wednesday, May 27th. Truist Financial upgraded shares of PTC Therapeutics to a “strong-buy” rating in a research note on Wednesday, March 25th. Morgan Stanley reiterated an “overweight” rating and set a $94.00 target price on shares of PTC Therapeutics in a research report on Friday, May 8th. Royal Bank Of Canada increased their target price on shares of PTC Therapeutics from $82.00 to $85.00 and gave the stock a “sector perform” rating in a research note on Tuesday. Finally, Wells Fargo & Company raised their price target on shares of PTC Therapeutics from $86.00 to $95.00 and gave the stock an “overweight” rating in a report on Friday, May 8th. Two research analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating, one has given a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat, PTC Therapeutics currently has a consensus rating of “Moderate Buy” and a consensus target price of $91.57.

Insiders Place Their Bets

In related news, VP Mark Elliott Boulding sold 10,462 shares of PTC Therapeutics stock in a transaction that occurred on Wednesday, June 17th. The stock was sold at an average price of $78.65, for a total transaction of $822,836.30. Following the transaction, the vice president owned 105,272 shares of the company’s stock, valued at $8,279,642.80. The trade was a 9.04% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, 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 24,613 shares of the company’s stock in a transaction on Tuesday, July 7th. The stock was sold at an average price of $88.89, for a total value of $2,187,849.57. Following the sale, the insider owned 60,299 shares of the company’s stock, valued at $5,359,978.11. This trade represents a 28.99% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 183,214 shares of company stock worth $14,902,651 in the last 90 days. Company insiders own 5.50% of the company’s stock.

Trending Headlines about PTC Therapeutics

Here are the key news stories impacting PTC Therapeutics this week:

• Positive Sentiment: Zacks Research upgraded PTC Therapeutics (PTCT) from Hold to Strong Buy, which may support investor confidence and help the shares trend higher. Tickerreport.com
• Neutral Sentiment: The company continues to show strong momentum after reporting better-than-expected quarterly results, including a much smaller-than-expected loss and revenue that beat estimates, which has helped reinforce a more constructive view on the stock.
• Neutral Sentiment: PTC Therapeutics also remains in focus after several insider sales were disclosed, including shares sold by VP Mark Elliott Boulding and insider Neil Gregory Almstead. The transactions were made under pre-arranged 10b5-1 plans, which reduces the likelihood that they signal a change in the company’s outlook, but insider selling can still temper enthusiasm.
• Negative Sentiment: Recent insider sales may create some short-term pressure on sentiment, even though the trades were pre-planned and the executives still retain meaningful ownership positions.

Institutional Trading of PTC Therapeutics

Several institutional investors and hedge funds have recently made changes to their positions in the company. GAMMA Investing LLC boosted its holdings in PTC Therapeutics by 58.1% during the second quarter. GAMMA Investing LLC now owns 1,453 shares of the biopharmaceutical company’s stock worth $119,000 after purchasing an additional 534 shares during the last quarter. Avior Wealth Management LLC purchased a new stake in PTC Therapeutics in the 2nd quarter valued at about $308,000. Harbor Investment Advisory LLC bought a new position in shares of PTC Therapeutics during the 2nd quarter worth approximately $81,000. Defilade Capital Management L.P. bought a new position in shares of PTC Therapeutics during the 1st quarter worth approximately $25,628,000. Finally, Segall Bryant & Hamill LLC boosted its stake in shares of PTC Therapeutics by 287.4% in the 1st quarter. Segall Bryant & Hamill LLC now owns 195,380 shares of the biopharmaceutical company’s stock worth $13,311,000 after buying an additional 144,949 shares during the last quarter.

PTC Therapeutics Stock Performance

The stock has a market cap of $7.49 billion, a PE ratio of -38.52, a P/E/G ratio of 4.10 and a beta of 0.53. The business has a 50 day moving average price of $74.77 and a two-hundred day moving average price of $72.61.

PTC Therapeutics (NASDAQ:PTCT) last issued its quarterly earnings results on Thursday, May 7th. The biopharmaceutical company reported ($0.03) EPS for the quarter, beating analysts’ consensus estimates of ($0.45) by $0.42. The company had revenue of $272.55 million during the quarter, compared to the consensus estimate of $217.42 million. PTC Therapeutics had a negative return on equity of 362.45% and a negative net margin of 22.58%.PTC Therapeutics’s revenue was up 43.5% on a year-over-year basis. During the same period last year, the business posted $10.04 earnings per share. As a group, research analysts anticipate that PTC Therapeutics, Inc. will post 0.78 earnings per share for the current year.

PTC Therapeutics Company Profile

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.