PTC Therapeutics (NASDAQ:PTCT) Shares Cross Above 50-Day Moving Average - Here's What Happened

Key Points

• PTC Therapeutics shares moved above their 50-day moving average, trading as high as $65.04 and last at $64.91, compared with a 50-day average of $64.44.
• Analysts rate the stock a “Moderate Buy” on average, with a consensus price target of $99.23.
• Quarterly revenue rose 69.6% year over year to $357.81 million, topping estimates, while EPS missed expectations. The company also authorized a $500 million share repurchase program.

PTC Therapeutics, Inc. (NASDAQ:PTCT - Get Free Report)'s share price passed above its 50 day moving average during trading on Wednesday. The stock has a 50 day moving average of $64.44 and traded as high as $65.04. PTC Therapeutics shares last traded at $64.91, with a volume of 724,936 shares traded.

Wall Street Analysts Forecast Growth

PTCT has been the subject of several analyst reports. Barclays upped their price target on shares of PTC Therapeutics from $120.00 to $122.00 and gave the company an "overweight" rating in a research report on Friday, August 14th. TD Cowen lifted their price objective on PTC Therapeutics from $90.00 to $95.00 and gave the stock a "buy" rating in a report on Friday, October 30th. Wells Fargo & Company boosted their target price on PTC Therapeutics from $109.00 to $112.00 and gave the company an "overweight" rating in a research note on Friday, October 30th. Royal Bank Of Canada increased their target price on PTC Therapeutics from $75.00 to $77.00 and gave the company a "sector perform" rating in a report on Friday, October 30th. Finally, Morgan Stanley increased their target price on PTC Therapeutics from $93.00 to $104.00 and gave the company an "overweight" rating in a report on Friday, July 31st. One analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, three have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $99.23.

PTC Therapeutics Stock Up 1.2%

The firm's fifty day moving average price is $64.44 and its 200-day moving average price is $70.39. The stock has a market cap of $5.42 billion, a P/E ratio of -46.36, a PEG ratio of 4.71 and a beta of 0.52.

PTC Therapeutics (NASDAQ:PTCT - Get Free Report) last posted its quarterly earnings results on Thursday, October 29th. The biopharmaceutical company reported ($0.62) EPS for the quarter, missing analysts' consensus estimates of $0.14 by ($0.76). The company had revenue of $357.81 million for the quarter, compared to the consensus estimate of $306.43 million. The firm's revenue was up 69.6% compared to the same quarter last year. During the same period in the prior year, the company earned $0.20 EPS. Sell-side analysts predict that PTC Therapeutics, Inc. will post 0.49 earnings per share for the current year.

PTC Therapeutics announced that its Board of Directors has initiated a share repurchase program on Tuesday, November 3rd that permits the company to buy back $500 million in outstanding shares. This repurchase authorization permits the biopharmaceutical company to reacquire up to 9.8% of its stock through open market purchases. Share repurchase programs are typically a sign that the company's management believes its stock is undervalued.

Insider Buying and Selling at PTC Therapeutics

In other news, Director Michael Schmertzler sold 12,500 shares of the stock in a transaction dated Wednesday, August 26th. The shares were sold at an average price of $72.94, for a total transaction of $911,750.00. Following the completion of the sale, the director directly owned 1,349,094 shares in the company, valued at approximately $98,402,916.36. This represents a 0.92% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, VP Mark Boulding sold 2,813 shares of the firm's stock in a transaction dated Monday, August 17th. The stock was sold at an average price of $72.57, for a total value of $204,139.41. Following the completion of the sale, the vice president directly owned 105,272 shares in the company, valued at $7,639,589.04. The trade was a 2.60% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders have sold 67,078 shares of company stock worth $4,616,538. 5.30% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of PTCT. BlackRock Inc. purchased a new stake in PTC Therapeutics in the 2nd quarter worth approximately $1,139,089,000. Jupiter Topco LLC bought a new stake in shares of PTC Therapeutics in the 2nd quarter worth approximately $590,182,000. Janus Henderson Group PLC grew its position in shares of PTC Therapeutics by 48.3% in the 1st quarter. Janus Henderson Group PLC now owns 7,193,433 shares of the biopharmaceutical company's stock worth $489,997,000 after buying an additional 2,342,101 shares during the last quarter. Wellington Management Group LLP increased its stake in shares of PTC Therapeutics by 4.7% during the second quarter. Wellington Management Group LLP now owns 4,128,273 shares of the biopharmaceutical company's stock valued at $336,743,000 after buying an additional 185,663 shares during the period. Finally, Bank of America Corp DE increased its stake in shares of PTC Therapeutics by 31.8% during the first quarter. Bank of America Corp DE now owns 1,886,841 shares of the biopharmaceutical company's stock valued at $128,550,000 after buying an additional 455,284 shares during the period.

PTC Therapeutics Company Profile

PTC Therapeutics is a biopharmaceutical company focused on discovering, developing and commercializing medicines for rare diseases. Founded in 1998 and headquartered in Warren, New Jersey, the company works across several therapeutic areas, including genetic and neurological disorders. Its products include Kebilidi (eladocagene exuparvovec), a gene therapy for aromatic L-amino acid decarboxylase deficiency, and Sephience (sepiapterin), a treatment for phenylketonuria. PTC has also developed medicines for Duchenne muscular dystrophy, including ataluren, marketed as Translarna in some regions.

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