PTC Therapeutics (NASDAQ:PTCT) Given New $32.00 Price Target at Bank of America

PTC Therapeutics (NASDAQ:PTCT) had its target price upped by Bank of America from $25.00 to $32.00 in a report published on Friday morning, Benzinga reports. They currently have an underperform rating on the biopharmaceutical company’s stock.

Several other equities research analysts also recently commented on PTCT. Citigroup boosted their target price on shares of PTC Therapeutics from $18.00 to $26.00 and gave the stock a sell rating in a research report on Tuesday, May 21st. Raymond James raised shares of PTC Therapeutics from an underperform rating to a market perform rating in a research report on Monday, May 20th. Jefferies Financial Group boosted their target price on shares of PTC Therapeutics from $35.00 to $46.00 and gave the stock a buy rating in a research report on Monday, May 20th. Cantor Fitzgerald reissued an overweight rating and set a $45.00 target price on shares of PTC Therapeutics in a research report on Friday, April 12th. Finally, JPMorgan Chase & Co. reissued an overweight rating and set a $53.00 target price on shares of PTC Therapeutics in a research report on Thursday. Three equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and four have given a buy rating to the stock. According to MarketBeat, PTC Therapeutics currently has a consensus rating of Hold and a consensus price target of $36.27.

PTC Therapeutics Trading Up 9.7 %

PTCT opened at $36.52 on Friday. PTC Therapeutics has a 1-year low of $17.53 and a 1-year high of $43.31. The company has a market cap of $2.80 billion, a P/E ratio of -4.76 and a beta of 0.70. The company has a fifty day moving average price of $33.33 and a two-hundred day moving average price of $29.72.

PTC Therapeutics (NASDAQ:PTCT) last posted its quarterly earnings results on Thursday, April 25th. The biopharmaceutical company reported ($1.20) earnings per share for the quarter, beating the consensus estimate of ($1.21) by $0.01. The company had revenue of $210.12 million during the quarter, compared to the consensus estimate of $160.27 million. On average, research analysts forecast that PTC Therapeutics will post -4.84 EPS for the current fiscal year.

Insider Buying and Selling at PTC Therapeutics

In other PTC Therapeutics news, Director Jerome B. Zeldis sold 20,000 shares of the business’s stock in a transaction dated Wednesday, May 22nd. The shares were sold at an average price of $38.24, for a total value of $764,800.00. Following the transaction, the director now directly owns 14,500 shares in the company, valued at $554,480. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other PTC Therapeutics news, Director Jerome B. Zeldis sold 20,000 shares of the business’s stock in a transaction dated Wednesday, May 22nd. The shares were sold at an average price of $38.24, for a total value of $764,800.00. Following the transaction, the director now directly owns 14,500 shares in the company, valued at $554,480. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CEO Matthew B. Klein sold 3,361 shares of the company’s stock in a transaction that occurred on Friday, April 19th. The shares were sold at an average price of $24.89, for a total transaction of $83,655.29. Following the sale, the chief executive officer now owns 225,807 shares in the company, valued at $5,620,336.23. The disclosure for this sale can be found here. Insiders have sold a total of 24,849 shares of company stock worth $888,907 over the last three months. 5.50% of the stock is currently owned by insiders.

Institutional Trading of PTC Therapeutics

Institutional investors have recently modified their holdings of the business. Vise Technologies Inc. lifted its stake in shares of PTC Therapeutics by 20.1% during the 4th quarter. Vise Technologies Inc. now owns 12,808 shares of the biopharmaceutical company’s stock valued at $353,000 after buying an additional 2,140 shares in the last quarter. Trexquant Investment LP purchased a new stake in shares of PTC Therapeutics during the 4th quarter valued at approximately $6,412,000. Charles Schwab Investment Management Inc. increased its holdings in PTC Therapeutics by 4.1% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 596,763 shares of the biopharmaceutical company’s stock worth $13,373,000 after acquiring an additional 23,288 shares during the period. Rathbones Group PLC bought a new stake in PTC Therapeutics during the 3rd quarter worth approximately $532,000. Finally, Wellington Management Group LLP increased its holdings in PTC Therapeutics by 4.0% during the 4th quarter. Wellington Management Group LLP now owns 9,816,603 shares of the biopharmaceutical company’s stock worth $270,546,000 after acquiring an additional 380,415 shares during the period.

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.