PTC Therapeutics (NASDAQ:PTCT) Shares Up 10.6% Following Analyst Upgrade

Key Points

• PTC Therapeutics shares jumped 10.6% to about $67.31 after Citigroup raised its price target from $108 to $109 and maintained a buy rating.
• Analyst sentiment remains broadly positive, with the stock carrying a “Moderate Buy” consensus rating and an average price target of $95.71; targets from other firms range as high as $137.
• The company reported quarterly revenue of $357.81 million, up 69.6% year over year and above estimates, but posted an adjusted loss of $0.62 per share versus expectations for $0.14 in earnings.

PTC Therapeutics, Inc. (NASDAQ:PTCT - Get Free Report) shares rose 10.6% on Tuesday after Citigroup raised their price target on the stock from $108.00 to $109.00. Citigroup currently has a buy rating on the stock. PTC Therapeutics traded as high as $66.20 and last traded at $67.3080. Approximately 643,092 shares were traded during trading, a decline of 52% from the average session volume of 1,346,805 shares. The stock had previously closed at $60.88.

Several other research firms have also recently issued reports on PTCT. Morgan Stanley boosted their price objective on PTC Therapeutics from $93.00 to $104.00 and gave the stock an "overweight" rating in a research note on Friday, July 31st. UBS Group initiated coverage on PTC Therapeutics in a research report on Thursday, October 15th. They issued a "buy" rating and a $90.00 target price on the stock. Barclays lifted their price target on PTC Therapeutics from $120.00 to $122.00 and gave the stock an "overweight" rating in a research note on Friday, August 14th. Cantor Fitzgerald boosted their price target on PTC Therapeutics from $130.00 to $137.00 and gave the stock an "overweight" rating in a research report on Tuesday, September 22nd. Finally, Truist Financial assumed coverage on PTC Therapeutics in a research note on Friday, October 16th. They issued a "hold" rating and a $62.00 price objective for the company. One equities research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, three have assigned a Hold rating and two have issued a Sell rating to the company's stock. Based on data from MarketBeat, PTC Therapeutics presently has an average rating of "Moderate Buy" and a consensus price target of $95.71.

Insider Activity

In other PTC Therapeutics news, Director Glenn Md Phd Steele, Jr. sold 12,000 shares of the firm's stock in a transaction on Wednesday, September 30th. The stock was sold at an average price of $65.16, for a total transaction of $781,920.00. Following the completion of the sale, the director owned 22,500 shares of the company's stock, valued at $1,466,100. This trade represents a 34.78% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, VP Mark Boulding sold 2,813 shares of PTC Therapeutics stock in a transaction on Monday, August 17th. The shares were 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 owned 105,272 shares in the company, valued at $7,639,589.04. This represents a 2.60% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders have sold 67,078 shares of company stock valued at $4,616,538. 5.30% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. BlackRock Inc. purchased a new stake in PTC Therapeutics in the second quarter valued at approximately $1,139,089,000. Jupiter Topco LLC purchased a new position in PTC Therapeutics in the 2nd quarter valued at approximately $590,182,000. Janus Henderson Group PLC grew its holdings in PTC Therapeutics by 48.3% during the 1st quarter. Janus Henderson Group PLC now owns 7,193,433 shares of the biopharmaceutical company's stock worth $489,997,000 after acquiring an additional 2,342,101 shares in the last quarter. William Blair Investment Management LLC purchased a new stake in shares of PTC Therapeutics during the 2nd quarter worth $140,520,000. Finally, Bank of America Corp DE purchased a new position in PTC Therapeutics in the second quarter valued at $118,462,000.

PTC Therapeutics Trading Up 10.6%

The stock has a fifty day simple moving average of $65.18 and a 200-day simple moving average of $70.71. The company has a market capitalization of $5.62 billion, a PE ratio of -47.98, a P/E/G ratio of 1.90 and a beta of 0.49.

PTC Therapeutics (NASDAQ:PTCT - Get Free Report) last issued its earnings results on Thursday, October 29th. The biopharmaceutical company reported ($0.62) earnings per share for the quarter, missing the consensus estimate of $0.14 by ($0.76). The firm had revenue of $357.81 million during the quarter, compared to analyst estimates of $306.43 million. The business's quarterly revenue was up 69.6% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.20 earnings per share. As a group, equities research analysts predict that PTC Therapeutics, Inc. will post 1.19 EPS for the current year.

PTC Therapeutics Company Profile

PTC Therapeutics, Inc is a biopharmaceutical company focused on discovering, developing and commercializing medicines for rare diseases. Its research programs include small-molecule treatments, gene therapies and other approaches designed to address conditions with limited or no available treatment options.

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

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