Bank of America Boosts PTC Therapeutics (NASDAQ:PTCT) Price Target to $32.00

PTC Therapeutics (NASDAQ:PTCTFree Report) had its price objective upped by Bank of America from $25.00 to $32.00 in a research note released on Friday morning, Benzinga reports. The firm currently has an underperform rating on the biopharmaceutical company’s stock.

A number of other equities analysts also recently issued reports on PTCT. Morgan Stanley upgraded shares of PTC Therapeutics from an underweight rating to an equal weight rating and raised their price objective for the company from $28.00 to $30.00 in a research note on Monday, April 29th. Citigroup lifted their price objective on PTC Therapeutics from $18.00 to $26.00 and gave the stock a sell rating in a report on Tuesday, May 21st. Jefferies Financial Group upped their target price on 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 target on shares of PTC Therapeutics in a research note on Friday, April 12th. Finally, Royal Bank of Canada increased their price objective on shares of PTC Therapeutics from $22.00 to $28.00 and gave the company a sector perform rating in a research note on Friday, March 1st. Three equities research analysts have rated the stock with a sell rating, eight have given a hold rating and four have issued a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of Hold and an average price target of $36.27.

Read Our Latest Stock Analysis on PTC Therapeutics

PTC Therapeutics Stock Performance

Shares of PTC Therapeutics stock opened at $36.52 on Friday. The company has a market cap of $2.80 billion, a P/E ratio of -4.76 and a beta of 0.70. PTC Therapeutics has a one year low of $17.53 and a one year high of $43.31. The firm has a fifty day moving average of $33.33 and a two-hundred day moving average of $29.78.

PTC Therapeutics (NASDAQ:PTCTGet Free Report) last announced its quarterly earnings data 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 firm had revenue of $210.12 million during the quarter, compared to analyst estimates of $160.27 million. As a group, equities analysts predict that PTC Therapeutics will post -4.84 earnings per share for the current year.

Insiders Place Their Bets

In other PTC Therapeutics news, Director Jerome B. Zeldis sold 20,000 shares of the stock in a transaction on Wednesday, May 22nd. The stock was sold at an average price of $38.24, for a total transaction of $764,800.00. Following the transaction, the director now owns 14,500 shares of the company’s stock, valued at approximately $554,480. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In related news, 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 completion of the transaction, the chief executive officer now owns 225,807 shares of the company’s stock, valued at $5,620,336.23. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Jerome B. Zeldis sold 20,000 shares of the stock in a transaction that occurred on Wednesday, May 22nd. The stock was sold at an average price of $38.24, for a total transaction of $764,800.00. Following the transaction, the director now directly owns 14,500 shares in the company, valued at approximately $554,480. The disclosure for this sale can be found here. In the last three months, insiders sold 24,849 shares of company stock valued at $888,907. Company insiders own 5.50% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the business. Hexagon Capital Partners LLC lifted its stake in shares of PTC Therapeutics by 132.0% during the fourth quarter. Hexagon Capital Partners LLC now owns 979 shares of the biopharmaceutical company’s stock worth $27,000 after purchasing an additional 557 shares in the last quarter. Diversified Trust Co boosted its holdings in PTC Therapeutics by 6.7% in the 4th quarter. Diversified Trust Co now owns 14,204 shares of the biopharmaceutical company’s stock worth $391,000 after acquiring an additional 896 shares during the period. Rhumbline Advisers boosted its stake in shares of PTC Therapeutics by 1.3% in the third quarter. Rhumbline Advisers now owns 107,004 shares of the biopharmaceutical company’s stock valued at $2,398,000 after purchasing an additional 1,322 shares during the period. ProShare Advisors LLC increased its stake in PTC Therapeutics by 9.3% during the 1st quarter. ProShare Advisors LLC now owns 18,313 shares of the biopharmaceutical company’s stock worth $533,000 after buying an additional 1,564 shares during the period. Finally, Allspring Global Investments Holdings LLC acquired a new position in PTC Therapeutics in the 1st quarter worth $46,000.

About PTC Therapeutics

(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.

See Also

Analyst Recommendations for PTC Therapeutics (NASDAQ:PTCT)

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