Royal Bank Of Canada Boosts PTC Therapeutics (NASDAQ:PTCT) Price Target to $82.00

PTC Therapeutics (NASDAQ:PTCT) had its target price upped by analysts at Royal Bank Of Canada from $70.00 to $82.00 in a note issued to investors on Wednesday,Benzinga reports. The brokerage currently has an “outperform” rating on the biopharmaceutical company’s stock. Royal Bank Of Canada’s target price indicates a potential upside of 11.48% from the company’s previous close.

A number of other brokerages have also recently commented on PTCT. Barclays set a $68.00 target price on shares of PTC Therapeutics in a research report on Wednesday. Jefferies Financial Group boosted their price target on PTC Therapeutics from $63.00 to $77.00 and gave the company a “buy” rating in a report on Tuesday, October 28th. The Goldman Sachs Group reissued a “sell” rating and set a $50.00 target price (up from $44.00) on shares of PTC Therapeutics in a research note on Wednesday. Truist Financial boosted their price objective on shares of PTC Therapeutics from $80.00 to $86.00 and gave the company a “buy” rating in a research report on Tuesday, July 29th. Finally, Cantor Fitzgerald reiterated an “overweight” rating and set a $118.00 price target on shares of PTC Therapeutics in a research report on Wednesday, September 3rd. Ten research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, PTC Therapeutics presently has an average rating of “Moderate Buy” and a consensus target price of $74.50.

PTC Therapeutics Stock Performance

PTCT traded up $5.83 during midday trading on Wednesday, reaching $73.55. The company had a trading volume of 1,266,825 shares, compared to its average volume of 1,104,032. The stock has a market cap of $5.84 billion, a PE ratio of 10.46 and a beta of 0.55. PTC Therapeutics has a 12-month low of $35.95 and a 12-month high of $73.80. The business has a 50-day moving average price of $61.96 and a two-hundred day moving average price of $53.17.

PTC Therapeutics (NASDAQ:PTCT) last announced its quarterly earnings results on Tuesday, November 4th. The biopharmaceutical company reported $0.20 EPS for the quarter, beating analysts’ consensus estimates of ($1.19) by $1.39. The company had revenue of $211.01 million for the quarter, compared to analysts’ expectations of $177.42 million. PTC Therapeutics had a net margin of 35.65% and a negative return on equity of 106.31%. PTC Therapeutics’s revenue was up 7.2% compared to the same quarter last year. During the same period in the prior year, the company posted ($1.39) EPS. PTC Therapeutics has set its FY 2025 guidance at EPS. On average, research analysts anticipate that PTC Therapeutics will post -4.52 earnings per share for the current year.

Insider Buying and Selling

In other news, Director Allan Steven Jacobson sold 12,000 shares of the stock in a transaction that occurred on Friday, October 3rd. The stock was sold at an average price of $65.00, for a total value of $780,000.00. Following the sale, the director directly owned 17,451 shares in the company, valued at approximately $1,134,315. This represents a 40.75% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Emma Reeve sold 15,666 shares of the firm’s stock in a transaction that occurred on Thursday, October 30th. The stock was sold at an average price of $69.50, for a total transaction of $1,088,787.00. Following the transaction, the director directly owned 6,666 shares in the company, valued at approximately $463,287. This trade represents a 70.15% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 254,662 shares of company stock worth $16,000,821. 5.50% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On PTC Therapeutics

Several hedge funds and other institutional investors have recently made changes to their positions in PTCT. Quantbot Technologies LP lifted its stake in PTC Therapeutics by 545.5% in the 1st quarter. Quantbot Technologies LP now owns 652 shares of the biopharmaceutical company’s stock worth $33,000 after purchasing an additional 551 shares in the last quarter. PNC Financial Services Group Inc. increased its holdings in PTC Therapeutics by 84.2% in the first quarter. PNC Financial Services Group Inc. now owns 700 shares of the biopharmaceutical company’s stock valued at $36,000 after buying an additional 320 shares during the last quarter. GAMMA Investing LLC grew its position in PTC Therapeutics by 86.3% during the 1st quarter. GAMMA Investing LLC now owns 952 shares of the biopharmaceutical company’s stock worth $49,000 after purchasing an additional 441 shares during the last quarter. EverSource Wealth Advisors LLC grew its holdings in shares of PTC Therapeutics by 247.4% during the second quarter. EverSource Wealth Advisors LLC now owns 1,143 shares of the biopharmaceutical company’s stock worth $56,000 after buying an additional 814 shares during the last quarter. Finally, BI Asset Management Fondsmaeglerselskab A S purchased a new position in shares of PTC Therapeutics in the 1st quarter valued at approximately $61,000.

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.