PTC Therapeutics (NASDAQ:PTCT) Now Covered by Analysts at Truist Financial

Key Points

• Truist Financial initiated coverage of PTC Therapeutics with a “hold” rating and a $62 price target, implying just 1.66% upside from the reported share price.
• Analyst sentiment remains more positive overall, with 11 Buy, three Hold, and two Sell ratings, producing a “Moderate Buy” consensus and an average price target of $95.07.
• PTC Therapeutics reported quarterly EPS of $0.92 versus the $0.24 consensus estimate, while revenue rose 101.5% year over year to $360.52 million; insiders sold 74,870 shares worth roughly $5.17 million in the latest quarter.

Stock analysts at Truist Financial assumed coverage on shares of PTC Therapeutics (NASDAQ:PTCT - Get Free Report) in a research note issued on Friday, Briefing.com reports. The brokerage set a "hold" rating and a $62.00 price target on the biopharmaceutical company's stock. Truist Financial's price objective indicates a potential upside of 1.66% from the stock's current price.

PTCT has been the subject of a number of other research reports. Wall Street Zen cut PTC Therapeutics from a "strong-buy" rating to a "buy" rating in a report on Saturday, October 10th. UBS Group reissued a "buy" rating and issued a $90.00 price objective (up from $80.00) on shares of PTC Therapeutics in a research report on Thursday. Cantor Fitzgerald raised their target price on shares of PTC Therapeutics from $130.00 to $137.00 and gave the company an "overweight" rating in a research note on Tuesday, September 22nd. Barclays lifted their target price on shares of PTC Therapeutics from $120.00 to $122.00 and gave the company an "overweight" rating in a report on Friday, August 14th. Finally, Weiss Ratings raised shares of PTC Therapeutics from a "sell (d)" rating to a "sell (d+)" rating in a research report on Thursday, October 8th. Eleven investment analysts have rated the stock with a Buy rating, three have issued a Hold rating and two have given a Sell rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $95.07.

PTC Therapeutics Stock Performance

Shares of PTCT opened at $60.99 on Friday. PTC Therapeutics has a fifty-two week low of $58.80 and a fifty-two week high of $90.87. The company has a market capitalization of $5.09 billion, a price-to-earnings ratio of -105.16, a price-to-earnings-growth ratio of 1.80 and a beta of 0.49. The firm has a 50-day simple moving average of $67.69 and a 200-day simple moving average of $71.82.

PTC Therapeutics (NASDAQ:PTCT - Get Free Report) last issued its earnings results on Thursday, July 30th. The biopharmaceutical company reported $0.92 earnings per share for the quarter, beating the consensus estimate of $0.24 by $0.68. The firm had revenue of $360.52 million during the quarter, compared to analysts' expectations of $298.63 million. During the same period in the previous year, the firm earned ($0.83) EPS. The firm's revenue was up 101.5% on a year-over-year basis. Equities research analysts forecast that PTC Therapeutics will post 1.19 EPS for the current year.

Insider Activity

In other news, Director Glenn Steele, Jr. sold 12,000 shares of PTC Therapeutics stock in a transaction dated Wednesday, September 30th. The stock was sold at an average price of $65.16, for a total transaction of $781,920.00. Following the sale, the director directly owned 22,500 shares of the company's stock, valued at approximately $1,466,100. The trade was a 34.78% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Matthew Klein sold 10,292 shares of the stock in a transaction dated Tuesday, August 4th. The shares were sold at an average price of $68.57, for a total value of $705,722.44. Following the completion of the transaction, the chief executive officer directly owned 383,868 shares of the company's stock, valued at $26,321,828.76. This represents a 2.61% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last quarter, insiders sold 74,870 shares of company stock valued at $5,173,236. Corporate insiders own 5.30% of the company's stock.

Institutional Trading of PTC Therapeutics

A number of hedge funds and other institutional investors have recently made changes to their positions in PTCT. Avior Wealth Management LLC raised its holdings in PTC Therapeutics by 48.7% in the third quarter. Avior Wealth Management LLC now owns 5,622 shares of the biopharmaceutical company's stock valued at $364,000 after acquiring an additional 1,842 shares in the last quarter. Sacks & Associates LLC acquired a new position in PTC Therapeutics during the 3rd quarter worth $251,000. Private Capital Advisors Inc. bought a new stake in shares of PTC Therapeutics in the 3rd quarter worth about $458,000. Envestnet Portfolio Solutions Inc. increased its position in shares of PTC Therapeutics by 1.8% in the 2nd quarter. Envestnet Portfolio Solutions Inc. now owns 13,730 shares of the biopharmaceutical company's stock worth $1,120,000 after purchasing an additional 237 shares during the last quarter. Finally, Tidal Investments LLC bought a new stake in shares of PTC Therapeutics in the 2nd quarter worth about $211,000.

About PTC Therapeutics

PTC Therapeutics, Inc is a biopharmaceutical company focused on discovering, developing and commercializing medicines for rare diseases. Its research programs use technologies designed to address genetic and molecular causes of disease, including RNA biology, protein translation and gene therapy.

The company's commercial portfolio includes Emflaza (deflazacort), a corticosteroid approved in the United States to treat Duchenne muscular dystrophy, and Upstaza (eladocagene exuparvovec), a gene therapy for aromatic L-amino acid decarboxylase deficiency in eligible patients.

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