Analysts Set PTC Therapeutics, Inc. (NASDAQ:PTCT) Price Target at $63.75

PTC Therapeutics, Inc. (NASDAQ:PTCT - Get Free Report) has been given an average rating of "Moderate Buy" by the fourteen research firms that are currently covering the stock, MarketBeat reports. One equities research analyst has rated the stock with a sell recommendation, four have issued a hold recommendation, eight have given a buy recommendation and one has issued a strong buy recommendation on the company. The average 12 month target price among analysts that have issued a report on the stock in the last year is $63.75.

Several brokerages recently issued reports on PTCT. Morgan Stanley reiterated an "overweight" rating and issued a $70.00 target price (up from $67.00) on shares of PTC Therapeutics in a research report on Friday, March 7th. Scotiabank initiated coverage on PTC Therapeutics in a research note on Friday, March 7th. They set a "sector perform" rating and a $55.00 price target for the company. Cantor Fitzgerald reduced their price objective on PTC Therapeutics from $113.00 to $112.00 and set an "overweight" rating on the stock in a research report on Wednesday, May 7th. Bank of America raised PTC Therapeutics from a "neutral" rating to a "buy" rating and raised their price objective for the company from $55.00 to $68.00 in a report on Friday, May 9th. Finally, Wells Fargo & Company upped their target price on PTC Therapeutics from $68.00 to $74.00 and gave the stock an "overweight" rating in a research note on Tuesday.

Insider Buying and Selling at PTC Therapeutics

In other PTC Therapeutics news, CEO Matthew B. Klein sold 2,804 shares of the stock in a transaction that occurred on Tuesday, April 22nd. The stock was sold at an average price of $48.74, for a total value of $136,666.96. Following the completion of the sale, the chief executive officer now owns 273,234 shares in the company, valued at approximately $13,317,425.16. This trade represents a 1.02% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Allan Steven Jacobson sold 1,230 shares of PTC Therapeutics stock in a transaction that occurred on Tuesday, March 4th. The stock was sold at an average price of $51.52, for a total value of $63,369.60. Following the completion of the sale, the director now owns 19,118 shares in the company, valued at approximately $984,959.36. This represents a 6.04% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 28,264 shares of company stock valued at $1,469,137 in the last quarter. Company insiders own 5.50% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in PTCT. Janney Montgomery Scott LLC boosted its stake in shares of PTC Therapeutics by 8.3% during the 4th quarter. Janney Montgomery Scott LLC now owns 5,965 shares of the biopharmaceutical company's stock valued at $269,000 after purchasing an additional 455 shares in the last quarter. KBC Group NV lifted its holdings in PTC Therapeutics by 36.4% in the fourth quarter. KBC Group NV now owns 3,045 shares of the biopharmaceutical company's stock worth $137,000 after buying an additional 813 shares during the period. R Squared Ltd bought a new position in shares of PTC Therapeutics in the 4th quarter worth approximately $79,000. China Universal Asset Management Co. Ltd. raised its position in shares of PTC Therapeutics by 10.5% in the 4th quarter. China Universal Asset Management Co. Ltd. now owns 16,353 shares of the biopharmaceutical company's stock worth $738,000 after acquiring an additional 1,558 shares in the last quarter. Finally, Nadler Financial Group Inc. purchased a new position in shares of PTC Therapeutics in the 4th quarter valued at approximately $223,000.

PTC Therapeutics Stock Up 3.4%

NASDAQ:PTCT traded up $1.61 during trading hours on Wednesday, hitting $48.89. 777,100 shares of the company's stock traded hands, compared to its average volume of 860,828. PTC Therapeutics has a 52 week low of $28.72 and a 52 week high of $58.38. The business's fifty day simple moving average is $46.63 and its two-hundred day simple moving average is $47.45. The firm has a market cap of $3.87 billion, a P/E ratio of -8.23 and a beta of 0.52.

PTC Therapeutics (NASDAQ:PTCT - Get Free Report) last issued its quarterly earnings data on Tuesday, May 6th. The biopharmaceutical company reported $10.04 EPS for the quarter, topping the consensus estimate of $0.85 by $9.19. The business had revenue of $1.18 billion for the quarter, compared to analysts' expectations of $437.16 million. The firm's revenue for the quarter was down 9.6% compared to the same quarter last year. During the same period in the previous year, the firm posted ($1.20) EPS. On average, analysts expect that PTC Therapeutics will post -4.52 EPS for the current year.

About PTC Therapeutics

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.