Royal Bank of Canada Increases PTC Therapeutics (NASDAQ:PTCT) Price Target to $34.00

PTC Therapeutics (NASDAQ:PTCT) had its price objective increased by analysts at Royal Bank of Canada from $32.00 to $34.00 in a research report issued on Friday, Benzinga reports. The firm currently has a “sector perform” rating on the biopharmaceutical company’s stock. Royal Bank of Canada’s price target would indicate a potential downside of 3.13% from the company’s current price.

PTCT has been the subject of several other research reports. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $64.00 price objective on shares of PTC Therapeutics in a research note on Tuesday, September 17th. Morgan Stanley increased their price objective on PTC Therapeutics from $30.00 to $32.00 and gave the stock an “equal weight” rating in a research report on Friday, July 12th. UBS Group assumed coverage on PTC Therapeutics in a research note on Monday, August 26th. They issued a “buy” rating and a $47.00 target price on the stock. Barclays lifted their price target on PTC Therapeutics from $25.00 to $31.00 and gave the company an “equal weight” rating in a research report on Friday, August 9th. Finally, Robert W. Baird began coverage on shares of PTC Therapeutics in a report on Wednesday, September 4th. They set an “outperform” rating and a $44.00 price objective for the company. Three analysts have rated the stock with a sell rating, five have issued a hold rating, six have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company has an average rating of “Hold” and an average price target of $39.08.

PTC Therapeutics Stock Down 0.8 %

NASDAQ PTCT opened at $35.10 on Friday. The company has a market cap of $2.69 billion, a PE ratio of -4.57 and a beta of 0.65. PTC Therapeutics has a 52 week low of $17.53 and a 52 week high of $40.69. The firm’s 50-day simple moving average is $34.01 and its two-hundred day simple moving average is $32.86.

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

Insider Buying and Selling at PTC Therapeutics

In related news, CFO Pierre Gravier sold 2,269 shares of the firm’s stock in a transaction on Tuesday, July 16th. The stock was sold at an average price of $34.02, for a total value of $77,191.38. Following the completion of the sale, the chief financial officer now owns 53,531 shares of the company’s stock, 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 legal filing with the SEC, which is available through this link. Corporate insiders own 5.50% of the company’s stock.

Hedge Funds Weigh In On PTC Therapeutics

Hedge funds and other institutional investors have recently modified their holdings of the stock. RTW Investments LP grew its holdings in PTC Therapeutics by 2.6% in the fourth quarter. RTW Investments LP now owns 7,423,970 shares of the biopharmaceutical company’s stock worth $204,605,000 after purchasing an additional 188,774 shares during the period. Wellington Management Group LLP increased its stake 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 valued at $270,546,000 after purchasing an additional 380,415 shares in the last quarter. Vanguard Group Inc. raised its holdings in PTC Therapeutics by 10.8% in the fourth quarter. Vanguard Group Inc. now owns 8,800,843 shares of the biopharmaceutical company’s stock worth $242,551,000 after buying an additional 855,354 shares during the last quarter. Los Angeles Capital Management LLC lifted its stake in shares of PTC Therapeutics by 23.1% in the first quarter. Los Angeles Capital Management LLC now owns 10,800 shares of the biopharmaceutical company’s stock worth $314,000 after buying an additional 2,024 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC purchased a new stake in shares of PTC Therapeutics during the first quarter valued at approximately $46,000.

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.