PTC Therapeutics (NASDAQ:PTCT) Coverage Initiated by Analysts at Wells Fargo & Company

Key Points

• Wells Fargo & Company has initiated coverage of PTC Therapeutics with an "overweight" rating and a price target of $73.00, suggesting a potential upside of 10.69% from the company's last closing price.
• PTC Therapeutics reported a quarterly earnings per share of ($0.83), exceeding analyst expectations, with revenue of $178.88 million, which was also above the consensus estimate.
• Insider trading activity saw significant sales, with insider Neil Gregory Almstead selling 55,000 shares at an average price of $66.05, resulting in a decrease in his ownership by 35.34%.

Research analysts at Wells Fargo & Company started coverage on shares of PTC Therapeutics (NASDAQ:PTCT - Get Free Report) in a report released on Monday,Briefing.com Automated Import reports. The firm set an "overweight" rating and a $73.00 price target on the biopharmaceutical company's stock. Wells Fargo & Company's price target points to a potential upside of 10.69% from the company's previous close.

A number of other equities research analysts also recently weighed in on PTCT. Royal Bank Of Canada reaffirmed an "outperform" rating and set a $63.00 price target (up from $60.00) on shares of PTC Therapeutics in a research note on Friday, August 8th. Cantor Fitzgerald restated an "overweight" rating and set a $118.00 target price on shares of PTC Therapeutics in a report on Wednesday, September 3rd. Wall Street Zen lowered PTC Therapeutics from a "strong-buy" rating to a "hold" rating in a report on Saturday, August 9th. Cowen reiterated a "hold" rating on shares of PTC Therapeutics in a report on Friday, August 8th. Finally, Barclays raised their target price on shares of PTC Therapeutics from $42.00 to $46.00 and gave the company an "equal weight" rating in a research note on Tuesday, July 29th. Nine investment analysts have rated the stock with a Buy rating, five have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $69.00.

PTC Therapeutics Price Performance

PTCT opened at $65.95 on Monday. PTC Therapeutics has a 1-year low of $35.95 and a 1-year high of $69.48. The company has a market capitalization of $5.24 billion, a price-to-earnings ratio of 9.46 and a beta of 0.55. The business has a 50 day moving average price of $57.39 and a two-hundred day moving average price of $51.11.

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

Insider Activity at PTC Therapeutics

In other PTC Therapeutics news, insider Neil Gregory Almstead sold 55,000 shares of the company's stock in a transaction on Friday, October 3rd. The stock was sold at an average price of $66.05, for a total value of $3,632,750.00. Following the sale, the insider directly owned 100,625 shares in the company, valued at $6,646,281.25. This represents a 35.34% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Emma Reeve sold 25,562 shares of PTC Therapeutics stock in a transaction dated Friday, October 3rd. The shares were sold at an average price of $65.96, for a total transaction of $1,686,069.52. Following the transaction, the director directly owned 10,332 shares of the company's stock, valued at $681,498.72. This represents a 71.22% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 249,735 shares of company stock worth $15,467,670 in the last ninety days. Company insiders own 5.50% of the company's stock.

Institutional Trading of PTC Therapeutics

Several large investors have recently made changes to their positions in PTCT. Wellington Management Group LLP raised its stake in shares of PTC Therapeutics by 13.2% in the first quarter. Wellington Management Group LLP now owns 5,419,172 shares of the biopharmaceutical company's stock worth $276,161,000 after acquiring an additional 632,049 shares during the last quarter. State Street Corp raised its holdings in PTC Therapeutics by 22.1% during the 2nd quarter. State Street Corp now owns 2,996,454 shares of the biopharmaceutical company's stock worth $146,347,000 after purchasing an additional 541,558 shares during the last quarter. Geode Capital Management LLC boosted its stake in shares of 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 purchasing an additional 60,707 shares during the last quarter. Driehaus Capital Management LLC grew its position in shares of PTC Therapeutics by 45.3% during the 1st quarter. Driehaus Capital Management LLC now owns 1,512,645 shares of the biopharmaceutical company's stock worth $77,084,000 after buying an additional 471,586 shares during the period. Finally, Nuveen LLC bought a new stake in shares of PTC Therapeutics during the first quarter worth approximately $51,427,000.

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.

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