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

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 target price decreased by investment analysts at Bank of America from $82.00 to $76.00 in a report issued on Wednesday,Benzinga reports. The firm presently has a "buy" rating on the biopharmaceutical company's stock. Bank of America's price objective would indicate a potential upside of 50.29% from the stock's current price.

Several other analysts have also commented on the company. Robert W. Baird set a $70.00 target price on PTC Therapeutics in a report on Friday, August 8th. Barclays raised their price objective on shares of PTC Therapeutics from $42.00 to $46.00 and gave the stock an "equal weight" rating in a research note on Tuesday, July 29th. Cowen reiterated a "hold" rating on shares of PTC Therapeutics in a research note on Friday, August 8th. JPMorgan Chase & Co. dropped their price target on shares of PTC Therapeutics from $75.00 to $67.00 and set an "overweight" rating on the stock in a research report on Wednesday, May 7th. Finally, Truist Financial lifted their price objective on shares of PTC Therapeutics from $80.00 to $86.00 and gave the company a "buy" rating in a report on Tuesday, July 29th. One equities research 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 company's stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $69.15.

PTC Therapeutics Stock Up 3.4%

PTCT stock traded up $1.65 during trading on Wednesday, hitting $50.57. 1,050,679 shares of the company's stock traded hands, compared to its average volume of 1,532,044. The firm has a market capitalization of $4.02 billion, a P/E ratio of 7.26 and a beta of 0.54. PTC Therapeutics has a 1 year low of $30.41 and a 1 year high of $58.38. The business has a fifty day simple moving average of $48.86 and a two-hundred day simple moving average of $49.04.

PTC Therapeutics (NASDAQ:PTCT - Get Free Report) last announced its earnings results on Thursday, August 7th. The biopharmaceutical company reported ($0.83) earnings per share (EPS) for the quarter, beating the consensus estimate of ($1.07) by $0.24. The business had revenue of $178.88 million for the quarter, compared to analysts' expectations of $173.01 million. PTC Therapeutics had a negative return on equity of 106.31% and a net margin of 35.65%.The business's revenue for the quarter was down 4.2% on a year-over-year basis. During the same quarter last year, the firm earned ($1.29) EPS. PTC Therapeutics has set its FY 2025 guidance at EPS. On average, equities research analysts predict that PTC Therapeutics will post -4.52 EPS for the current fiscal year.

Insider Activity

In other PTC Therapeutics news, CFO Pierre Gravier sold 2,516 shares of PTC Therapeutics stock in a transaction on Tuesday, July 15th. The stock was sold at an average price of $49.46, for a total value of $124,441.36. Following the sale, the chief financial officer owned 71,920 shares in the company, valued at $3,557,163.20. The trade was a 3.38% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Matthew B. Klein sold 10,739 shares of the firm's stock in a transaction that occurred on Tuesday, August 5th. The shares were sold at an average price of $51.74, for a total transaction of $555,635.86. Following the completion of the transaction, the chief executive officer directly owned 337,767 shares of the company's stock, valued at approximately $17,476,064.58. The trade was a 3.08% decrease in their position. The disclosure for this sale can be found here. Insiders own 5.50% of the company's stock.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. Wellington Management Group LLP grew its position in PTC Therapeutics by 13.2% in the 1st quarter. Wellington Management Group LLP now owns 5,419,172 shares of the biopharmaceutical company's stock valued at $276,161,000 after buying an additional 632,049 shares during the last quarter. Toronto Dominion Bank purchased a new position in PTC Therapeutics in the 4th quarter valued at $148,363,000. State Street Corp grew its position in PTC Therapeutics by 22.1% in the 2nd quarter. State Street Corp now owns 2,996,454 shares of the biopharmaceutical company's stock valued at $146,347,000 after buying an additional 541,558 shares during the last quarter. Janus Henderson Group PLC grew its position in PTC Therapeutics by 24.4% in the 4th quarter. Janus Henderson Group PLC now owns 2,325,915 shares of the biopharmaceutical company's stock valued at $105,015,000 after buying an additional 455,698 shares during the last quarter. Finally, Geode Capital Management LLC grew its position in PTC Therapeutics by 3.2% in the 2nd quarter. Geode Capital Management LLC now owns 1,934,593 shares of the biopharmaceutical company's stock valued at $94,497,000 after buying an additional 60,707 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.