PTC Therapeutics (NASDAQ:PTCT) Price Target Raised to $34.00

PTC Therapeutics (NASDAQ:PTCT) had its target price boosted by stock analysts at Royal Bank of Canada from $32.00 to $34.00 in a note issued to investors on Friday, Benzinga reports. The brokerage presently has a “sector perform” rating on the biopharmaceutical company’s stock. Royal Bank of Canada’s price target would suggest a potential downside of 4.06% from the stock’s current price.

A number of other brokerages have also weighed in on PTCT. Baird R W upgraded shares of PTC Therapeutics to a “strong-buy” rating in a report on Wednesday, September 4th. Bank of America lifted their target price on shares of PTC Therapeutics from $25.00 to $32.00 and gave the company an “underperform” rating in a report on Friday, June 21st. Robert W. Baird started coverage on shares of PTC Therapeutics in a report on Wednesday, September 4th. They issued an “outperform” rating and a $44.00 target price on the stock. UBS Group assumed coverage on shares of PTC Therapeutics in a report on Monday, August 26th. They set a “buy” rating and a $47.00 price objective on the stock. Finally, Barclays lifted their price objective on PTC Therapeutics from $25.00 to $31.00 and gave the stock an “equal weight” rating in a research report on Friday, August 9th. Three analysts have rated the stock with a sell rating, seven have issued a hold rating, six have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $38.07.

PTC Therapeutics Price Performance

NASDAQ PTCT traded up $0.07 on Friday, hitting $35.44. The stock had a trading volume of 25,400 shares, compared to its average volume of 850,108. PTC Therapeutics has a 52-week low of $17.53 and a 52-week high of $40.69. The business’s fifty day moving average price is $33.99 and its 200 day moving average price is $32.80. The stock has a market cap of $2.73 billion, a price-to-earnings ratio of -4.63 and a beta of 0.64.

PTC Therapeutics (NASDAQ:PTCT) last posted its earnings results on Thursday, August 8th. The biopharmaceutical company reported ($1.16) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.00) by ($0.16). The firm had revenue of $186.70 million for the quarter, compared to analyst estimates of $192.12 million. As a group, sell-side analysts anticipate that PTC Therapeutics will post -5.09 EPS for the current year.

Insider Activity

In other PTC Therapeutics news, CFO Pierre Gravier sold 2,269 shares of the firm’s stock in a transaction dated Tuesday, July 16th. The shares were sold at an average price of $34.02, for a total transaction of $77,191.38. Following the completion of the transaction, the chief financial officer now owns 53,531 shares in the company, valued at $1,821,124.62. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 5.50% of the stock is currently owned by company insiders.

Institutional Trading of PTC Therapeutics

A number of institutional investors have recently bought and sold shares of PTCT. Russell Investments Group Ltd. grew its holdings in shares of PTC Therapeutics by 57.9% in the 1st quarter. Russell Investments Group Ltd. now owns 301,790 shares of the biopharmaceutical company’s stock valued at $8,779,000 after buying an additional 110,670 shares during the period. BNP PARIBAS ASSET MANAGEMENT Holding S.A. grew its stake in shares of PTC Therapeutics by 8.7% in the first quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 439,365 shares of the biopharmaceutical company’s stock valued at $12,782,000 after buying an additional 35,173 shares in the last quarter. Edgestream Partners L.P. raised its stake in PTC Therapeutics by 49.3% in the first quarter. Edgestream Partners L.P. now owns 53,522 shares of the biopharmaceutical company’s stock valued at $1,557,000 after buying an additional 17,681 shares during the period. Burney Co. bought a new position in PTC Therapeutics in the 1st quarter valued at about $1,223,000. Finally, Assenagon Asset Management S.A. lifted its holdings in shares of PTC Therapeutics by 21.7% during the second quarter. Assenagon Asset Management S.A. now owns 372,827 shares of the biopharmaceutical company’s stock worth $11,401,000 after buying an additional 66,596 shares in the last quarter.

About PTC Therapeutics

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.