PTC Therapeutics, Inc. (NASDAQ:PTCT) Receives Average Rating of "Moderate Buy" from Brokerages

Key Points

• PTC Therapeutics has a consensus analyst rating of “Moderate Buy” from 14 covered firms, with an average 12-month price target of $89.00.
• The company reported better-than-expected first-quarter results, posting a smaller-than-expected loss and revenue of $272.55 million, which was up 43.5% year over year.
• Several insiders sold shares recently, including the CEO and a VP, and insiders have sold a total of 94,700 shares worth about $6.64 million over the past 90 days.

Shares of PTC Therapeutics, Inc. (NASDAQ:PTCT - Get Free Report) have earned a consensus rating of "Moderate Buy" from the fourteen research firms that are currently covering the stock, MarketBeat.com reports. Two analysts have rated the stock with a sell rating, two have issued a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company. The average twelve-month price objective among brokers that have updated their coverage on the stock in the last year is $89.00.

PTCT has been the subject of a number of recent research reports. Truist Financial upgraded PTC Therapeutics to a "strong-buy" rating in a report on Wednesday, March 25th. Morgan Stanley reiterated an "overweight" rating and issued a $94.00 target price on shares of PTC Therapeutics in a report on Friday, May 8th. Wells Fargo & Company lifted their target price on PTC Therapeutics from $86.00 to $95.00 and gave the stock an "overweight" rating in a report on Friday, May 8th. Barclays reiterated an "overweight" rating and issued a $120.00 target price on shares of PTC Therapeutics in a report on Monday, February 23rd. Finally, Weiss Ratings cut PTC Therapeutics from a "hold (c-)" rating to a "sell (d)" rating in a report on Monday, May 11th.

Insider Buying and Selling

In other PTC Therapeutics news, VP Mark Elliott Boulding sold 3,540 shares of the company's stock in a transaction on Friday, May 8th. The stock was sold at an average price of $78.97, for a total value of $279,553.80. Following the transaction, the vice president owned 105,212 shares of the company's stock, valued at $8,308,591.64. This represents a 3.26% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Matthew B. Klein sold 12,572 shares of the company's stock in a transaction on Thursday, May 14th. The stock was sold at an average price of $72.95, for a total value of $917,127.40. Following the completion of the sale, the chief executive officer owned 393,998 shares of the company's stock, valued at $28,742,154.10. This represents a 3.09% 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. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold a total of 94,700 shares of company stock worth $6,637,971 over the last ninety days. Corporate insiders own 5.50% of the company's stock.

Institutional Investors Weigh In On PTC Therapeutics

Several hedge funds have recently made changes to their positions in the company. EverSource Wealth Advisors LLC lifted its holdings in shares of PTC Therapeutics by 16.9% in the 1st quarter. EverSource Wealth Advisors LLC now owns 1,045 shares of the biopharmaceutical company's stock worth $71,000 after buying an additional 151 shares during the period. Smartleaf Asset Management LLC lifted its holdings in shares of PTC Therapeutics by 101.3% in the 3rd quarter. Smartleaf Asset Management LLC now owns 469 shares of the biopharmaceutical company's stock worth $28,000 after buying an additional 236 shares during the period. PNC Financial Services Group Inc. lifted its holdings in shares of PTC Therapeutics by 8.5% in the 1st quarter. PNC Financial Services Group Inc. now owns 3,128 shares of the biopharmaceutical company's stock worth $213,000 after buying an additional 244 shares during the period. Allworth Financial LP lifted its holdings in shares of PTC Therapeutics by 63.8% in the 4th quarter. Allworth Financial LP now owns 634 shares of the biopharmaceutical company's stock worth $48,000 after buying an additional 247 shares during the period. Finally, Optiver Holding B.V. lifted its holdings in shares of PTC Therapeutics by 96.5% in the 3rd quarter. Optiver Holding B.V. now owns 507 shares of the biopharmaceutical company's stock worth $31,000 after buying an additional 249 shares during the period.

PTC Therapeutics Stock Performance

Shares of PTC Therapeutics stock opened at $70.97 on Friday. The stock has a market cap of $5.89 billion, a price-to-earnings ratio of -30.46, a price-to-earnings-growth ratio of 5.99 and a beta of 0.56. The stock has a 50 day moving average price of $69.90 and a 200-day moving average price of $72.27. PTC Therapeutics has a one year low of $43.17 and a one year high of $87.50.

PTC Therapeutics (NASDAQ:PTCT - Get Free Report) last announced its earnings results on Thursday, May 7th. The biopharmaceutical company reported ($0.03) EPS for the quarter, topping analysts' consensus estimates of ($0.45) by $0.42. The firm had revenue of $272.55 million during the quarter, compared to analysts' expectations of $217.42 million. PTC Therapeutics had a negative return on equity of 362.45% and a negative net margin of 22.58%.The company's quarterly revenue was up 43.5% on a year-over-year basis. During the same quarter in the previous year, the business earned $10.04 EPS. Sell-side analysts predict that PTC Therapeutics will post 0.43 earnings per share for the current fiscal year.

About PTC Therapeutics

PTC Therapeutics, Inc is a biopharmaceutical company focused on the discovery, development and commercialization of small molecule and biologic therapies for the treatment of rare genetic disorders. Since its founding in 1998, PTC has dedicated its efforts to addressing high unmet medical needs by targeting underlying genetic causes of disease. The company's research platform emphasizes mechanisms such as nonsense suppression and RNA modulation, enabling the development of novel treatments for conditions with limited therapeutic options.

Among PTC's approved products is Translarna (ataluren), a first-in-class therapy designed to treat nonsense mutation Duchenne muscular dystrophy in select markets.

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