PTC Therapeutics (NASDAQ:PTCT) Given New $95.00 Price Target at Wells Fargo & Company

Key Points

• Wells Fargo raised its price target on PTC Therapeutics to $95 (from $86) and kept an overweight rating, implying roughly a 28% upside from the stock's recent price.
• Shares jumped about 14.8% to $74.01 after PTC reported quarterly EPS of -$0.03 (vs. -$0.45 est.) and revenue of $272.6M, up 43.5% year-over-year, beating estimates.
• Despite the positive results and upgrades, insiders sold roughly 126,492 shares (~$8.63M) over the last 90 days, while the consensus remains a Moderate Buy with an average target near $88.21.

PTC Therapeutics (NASDAQ:PTCT - Get Free Report) had its price objective hoisted by stock analysts at Wells Fargo & Company from $86.00 to $95.00 in a research report issued to clients and investors on Friday,Benzinga reports. The brokerage currently has an "overweight" rating on the biopharmaceutical company's stock. Wells Fargo & Company's price target would indicate a potential upside of 28.36% from the stock's current price.

Several other brokerages also recently weighed in on PTCT. Truist Financial upgraded PTC Therapeutics to a "strong-buy" rating in a report on Wednesday, March 25th. TD Cowen upgraded PTC Therapeutics from a "hold" rating to a "buy" rating and set a $90.00 price target on the stock in a report on Friday. Wall Street Zen downgraded PTC Therapeutics from a "buy" rating to a "hold" rating in a report on Saturday, February 21st. Cantor Fitzgerald restated an "overweight" rating on shares of PTC Therapeutics in a report on Friday, February 20th. Finally, Barclays restated an "overweight" rating and set a $120.00 price target on shares of PTC Therapeutics in a report on Monday, February 23rd. One research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $88.21.

PTC Therapeutics Stock Up 14.8%

Shares of PTC Therapeutics stock traded up $9.52 on Friday, reaching $74.01. The company's stock had a trading volume of 987,039 shares, compared to its average volume of 1,192,772. The company has a market capitalization of $6.14 billion, a P/E ratio of 9.57 and a beta of 0.53. PTC Therapeutics has a 52-week low of $43.17 and a 52-week high of $87.50. The stock has a 50-day moving average price of $67.69 and a 200-day moving average price of $72.07.

PTC Therapeutics (NASDAQ:PTCT - Get Free Report) last issued its quarterly earnings results on Thursday, May 7th. The biopharmaceutical company reported ($0.03) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.45) by $0.42. The firm had revenue of $272.55 million for the quarter, compared to analyst estimates of $218.80 million. PTC Therapeutics had a negative return on equity of 362.45% and a net margin of 39.44%.The business's revenue was up 43.5% on a year-over-year basis. During the same period in the previous year, the company posted $10.04 earnings per share. Sell-side analysts forecast that PTC Therapeutics will post -1.1 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CEO Matthew B. Klein sold 7,371 shares of the firm's stock in a transaction that occurred on Wednesday, February 18th. The shares were sold at an average price of $69.36, for a total transaction of $511,252.56. Following the sale, the chief executive officer owned 387,082 shares in the company, valued at approximately $26,848,007.52. This trade represents a 1.87% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Neil Gregory Almstead sold 52,003 shares of the company's stock in a transaction on Wednesday, April 1st. The shares were sold at an average price of $69.04, for a total value of $3,590,287.12. Following the completion of the transaction, the insider owned 60,137 shares of the company's stock, valued at $4,151,858.48. The trade was a 46.37% 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 90 days, insiders sold 126,492 shares of company stock valued at $8,634,621. Company insiders own 5.50% of the company's stock.

Institutional Investors Weigh In On PTC Therapeutics

Several institutional investors and hedge funds have recently modified their holdings of the stock. Smartleaf Asset Management LLC boosted its holdings in PTC Therapeutics by 101.3% in the third quarter. Smartleaf Asset Management LLC now owns 469 shares of the biopharmaceutical company's stock valued at $28,000 after purchasing an additional 236 shares during the last quarter. PNC Financial Services Group Inc. lifted its holdings in PTC Therapeutics by 8.5% during 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 last quarter. Allworth Financial LP lifted its holdings in PTC Therapeutics by 63.8% during 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 last quarter. Optiver Holding B.V. lifted its holdings in PTC Therapeutics by 96.5% during 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 last quarter. Finally, Measured Wealth Private Client Group LLC lifted its holdings in PTC Therapeutics by 5.6% during the 4th quarter. Measured Wealth Private Client Group LLC now owns 4,963 shares of the biopharmaceutical company's stock worth $377,000 after buying an additional 265 shares during the last quarter.

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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