Bank of America Lowers PTC Therapeutics (NASDAQ:PTCT) Price Target to $76.00

Key Points

• Bank of America has reduced the price target for PTC Therapeutics from $82.00 to $76.00, indicating a potential upside of 53.26% from its current price, while maintaining a "buy" rating on the stock.
• PTC Therapeutics reported a quarterly earnings per share of ($0.83), surpassing analysts' expectations, with revenues of $178.88 million for the quarter.
• The company has an average rating of "Moderate Buy" from analysts, with a consensus price target of $69.54 and various firms adjusting their price targets in recent weeks.

PTC Therapeutics (NASDAQ:PTCT - Get Free Report) had its price objective decreased by equities research analysts at Bank of America from $82.00 to $76.00 in a note issued to investors on Wednesday,Benzinga reports. The brokerage currently has a "buy" rating on the biopharmaceutical company's stock. Bank of America's price objective would indicate a potential upside of 52.72% from the company's current price.

A number of other equities research analysts have also recently commented on PTCT. Truist Financial increased their target price 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. Barclays increased their target price on shares of PTC Therapeutics from $42.00 to $46.00 and gave the company an "equal weight" rating in a research report on Tuesday, July 29th. Royal Bank Of Canada reiterated an "outperform" rating and issued a $63.00 target price (up from $60.00) on shares of PTC Therapeutics in a research report on Friday, August 8th. Cowen reiterated a "hold" rating on shares of PTC Therapeutics in a research report on Friday, August 8th. Finally, Cantor Fitzgerald increased their target price on shares of PTC Therapeutics from $112.00 to $120.00 and gave the company an "overweight" rating in a research report on Tuesday, July 29th. One investment analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, five have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, PTC Therapeutics presently has an average rating of "Moderate Buy" and an average price target of $69.15.

PTC Therapeutics Trading Down 1.6%

NASDAQ:PTCT traded down $0.8050 during trading hours on Wednesday, hitting $49.7650. 296,617 shares of the stock were exchanged, compared to its average volume of 1,082,967. PTC Therapeutics has a 52-week low of $30.41 and a 52-week high of $58.38. The firm's fifty day moving average price is $48.86 and its 200 day moving average price is $49.03. The company has a market cap of $3.95 billion, a P/E ratio of 7.14 and a beta of 0.54.

PTC Therapeutics (NASDAQ:PTCT - Get Free Report) last posted its quarterly earnings data on Thursday, August 7th. The biopharmaceutical company reported ($0.83) EPS for the quarter, topping the consensus estimate of ($1.07) by $0.24. PTC Therapeutics had a negative return on equity of 106.31% and a net margin of 35.65%.The company had revenue of $178.88 million during the quarter, compared to analyst estimates of $173.01 million. During the same period in the previous year, the business earned ($1.29) EPS. PTC Therapeutics's quarterly revenue was down 4.2% on a year-over-year basis. PTC Therapeutics has set its FY 2025 guidance at EPS. Equities analysts expect that PTC Therapeutics will post -4.52 EPS for the current fiscal year.

Insider Activity at PTC Therapeutics

In other PTC Therapeutics news, CFO Pierre Gravier sold 2,516 shares of PTC Therapeutics stock in a transaction dated Tuesday, July 15th. The shares were sold at an average price of $49.46, for a total transaction of $124,441.36. Following the completion of the sale, the chief financial officer directly owned 71,920 shares in the company, valued at $3,557,163.20. This trade represents a 3.38% decrease in their ownership of the stock. 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 10,739 shares of PTC Therapeutics stock in a transaction dated Tuesday, August 5th. The shares were sold at an average price of $51.74, for a total transaction of $555,635.86. Following the sale, the chief executive officer owned 337,767 shares of the company's stock, valued at approximately $17,476,064.58. This represents a 3.08% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 5.50% of the company's stock.

Institutional Investors Weigh In On PTC Therapeutics

A number of institutional investors have recently made changes to their positions in PTCT. Toronto Dominion Bank acquired a new stake in shares of PTC Therapeutics during the fourth quarter valued at about $148,363,000. Driehaus Capital Management LLC acquired a new stake in shares of PTC Therapeutics during the fourth quarter valued at about $46,993,000. Nuveen LLC acquired a new stake in shares of PTC Therapeutics during the first quarter valued at about $51,427,000. Point72 Asset Management L.P. increased its position in shares of PTC Therapeutics by 150.6% during the fourth quarter. Point72 Asset Management L.P. now owns 1,443,362 shares of the biopharmaceutical company's stock valued at $65,153,000 after acquiring an additional 867,502 shares during the last quarter. Finally, Wellington Management Group LLP increased its position in shares of PTC Therapeutics by 13.2% during the first quarter. Wellington Management Group LLP now owns 5,419,172 shares of the biopharmaceutical company's stock valued at $276,161,000 after acquiring an additional 632,049 shares during the last quarter.

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.