PTC Therapeutics (NASDAQ:PTCT) Trading 8.2% Higher on Analyst Upgrade

PTC Therapeutics, Inc. (NASDAQ:PTCT) shares traded up 8.2% on Friday after Bank of America raised their price target on the stock from $25.00 to $32.00. Bank of America currently has an underperform rating on the stock. PTC Therapeutics traded as high as $36.19 and last traded at $36.03. 26,027 shares traded hands during trading, a decline of 97% from the average session volume of 949,441 shares. The stock had previously closed at $33.29.

PTCT has been the subject of several other research reports. Raymond James upgraded shares of PTC Therapeutics from an “underperform” rating to a “market perform” rating in a research report on Monday, May 20th. JPMorgan Chase & Co. reaffirmed an “overweight” rating and set a $53.00 price objective on shares of PTC Therapeutics in a report on Thursday. Jefferies Financial Group upped their price objective on shares of PTC Therapeutics from $35.00 to $46.00 and gave the company a “buy” rating in a report on Monday, May 20th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $45.00 price objective on shares of PTC Therapeutics in a report on Friday, April 12th. Finally, Citigroup upped their price objective on shares of PTC Therapeutics from $18.00 to $26.00 and gave the company a “sell” rating in a report on Tuesday, May 21st. Three investment analysts have rated the stock with a sell rating, eight have given a hold rating and four have given a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average target price of $36.27.

Insider Transactions at PTC Therapeutics

In other news, Director Jerome B. Zeldis sold 20,000 shares of the 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 sale, the director now directly owns 14,500 shares of the company’s stock, valued at $554,480. The sale was disclosed in a legal filing with the SEC, which is available at this link. In related news, Director Jerome B. Zeldis sold 20,000 shares of the firm’s stock in a transaction that occurred on Wednesday, May 22nd. The shares were sold at an average price of $38.24, for a total value of $764,800.00. Following the sale, the director now directly owns 14,500 shares of the company’s stock, valued at $554,480. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Matthew B. Klein sold 3,361 shares of the firm’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 completion of the sale, the chief executive officer now directly owns 225,807 shares in the company, valued at $5,620,336.23. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 24,849 shares of company stock valued at $888,907. 5.50% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On PTC Therapeutics

A number of institutional investors and hedge funds have recently bought and sold shares of PTCT. Hexagon Capital Partners LLC grew its position in PTC Therapeutics by 132.0% during the fourth quarter. Hexagon Capital Partners LLC now owns 979 shares of the biopharmaceutical company’s stock valued at $27,000 after acquiring an additional 557 shares during the last quarter. Allspring Global Investments Holdings LLC bought a new position in PTC Therapeutics during the first quarter valued at approximately $46,000. Headlands Technologies LLC grew its position in PTC Therapeutics by 248.0% during the fourth quarter. Headlands Technologies LLC now owns 4,684 shares of the biopharmaceutical company’s stock valued at $129,000 after acquiring an additional 3,338 shares during the last quarter. Lazard Asset Management LLC grew its position in PTC Therapeutics by 268.9% during the first quarter. Lazard Asset Management LLC now owns 6,504 shares of the biopharmaceutical company’s stock valued at $188,000 after acquiring an additional 4,741 shares during the last quarter. Finally, China Universal Asset Management Co. Ltd. grew its position in PTC Therapeutics by 349.6% during the fourth quarter. China Universal Asset Management Co. Ltd. now owns 8,727 shares of the biopharmaceutical company’s stock valued at $241,000 after acquiring an additional 6,786 shares during the last quarter.

PTC Therapeutics Stock Up 9.7 %

The business’s 50-day simple moving average is $33.33 and its 200 day simple moving average is $29.72. The firm has a market capitalization of $2.80 billion, a P/E ratio of -4.76 and a beta of 0.70.

PTC Therapeutics (NASDAQ:PTCT) last issued its quarterly earnings results on Thursday, April 25th. The biopharmaceutical company reported ($1.20) EPS for the quarter, beating analysts’ consensus estimates of ($1.21) by $0.01. The business had revenue of $210.12 million for the quarter, compared to the consensus estimate of $160.27 million. Sell-side analysts predict that PTC Therapeutics, Inc. will post -4.84 earnings per share for the current year.

PTC Therapeutics Company Profile

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.