PTC Therapeutics (NASDAQ:PTCT) Now Covered by Analysts at Raymond James Financial

Key Points

• Raymond James initiated coverage on PTC Therapeutics with an "Outperform" rating and a $108 price target, implying roughly a 52% upside from the current share price.
• PTC posted a sharp quarterly miss (EPS of -$1.67 vs. -$0.21 expected; revenue $164.7M vs. $281.5M expected), with revenue down 22.7% year-over-year and analysts projecting -4.52 EPS for the year.
• Insiders have sold shares (124,666 shares, ~$8.5M in the past 90 days) while the stock trades near $70.85 with a $5.86B market cap and a consensus rating of Moderate Buy (average target $84.40).

Equities research analysts at Raymond James Financial assumed coverage on shares of PTC Therapeutics (NASDAQ:PTCT - Get Free Report) in a report released on Friday. The brokerage set an "outperform" rating and a $108.00 price target on the biopharmaceutical company's stock. Raymond James Financial's price target points to a potential upside of 52.43% from the stock's current price.

Several other equities research analysts have also recently weighed in on the company. TD Cowen restated a "hold" rating on shares of PTC Therapeutics in a research note on Thursday, January 29th. Royal Bank Of Canada cut their price objective on shares of PTC Therapeutics from $87.00 to $82.00 and set a "sector perform" rating on the stock in a report on Friday, February 20th. Truist Financial upgraded shares of PTC Therapeutics to a "strong-buy" rating in a research report on Wednesday, March 25th. Wells Fargo & Company lowered their target price on shares of PTC Therapeutics from $93.00 to $86.00 and set an "overweight" rating for the company in a report on Friday, February 20th. Finally, Wall Street Zen downgraded shares of PTC Therapeutics from a "buy" rating to a "hold" rating in a research report on Saturday, February 21st. One investment analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, five have given a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat.com, PTC Therapeutics currently has an average rating of "Moderate Buy" and a consensus target price of $84.40.

PTC Therapeutics Price Performance

NASDAQ:PTCT opened at $70.85 on Friday. PTC Therapeutics has a 12 month low of $35.95 and a 12 month high of $87.50. The firm has a market capitalization of $5.86 billion, a PE ratio of 9.15 and a beta of 0.55. The business's fifty day moving average price is $68.60 and its 200 day moving average price is $71.24.

PTC Therapeutics (NASDAQ:PTCT - Get Free Report) last announced its quarterly earnings results on Thursday, February 19th. The biopharmaceutical company reported ($1.67) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.21) by ($1.46). The business had revenue of $164.68 million for the quarter, compared to analysts' expectations of $281.45 million. PTC Therapeutics had a negative return on equity of 362.45% and a net margin of 39.44%.The firm's quarterly revenue was down 22.7% on a year-over-year basis. During the same period last year, the firm earned ($0.85) earnings per share. As a group, equities analysts anticipate that PTC Therapeutics will post -4.52 EPS for the current year.

Insider Buying and Selling

In other news, EVP Lee Scott Golden sold 829 shares of the stock in a transaction that occurred on Thursday, April 2nd. The stock was sold at an average price of $67.99, for a total value of $56,363.71. Following the completion of the sale, the executive vice president directly owned 79,115 shares of the company's stock, valued at approximately $5,379,028.85. This represents a 1.04% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 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. Also, Director Stephanie Okey sold 15,167 shares of the firm's stock in a transaction that occurred on Tuesday, March 10th. The stock was sold at an average price of $70.00, for a total transaction of $1,061,690.00. Following the transaction, the director owned 8,000 shares in the company, valued at approximately $560,000. This trade represents a 65.47% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 124,666 shares of company stock valued at $8,513,116 in the last 90 days. Company insiders own 5.50% of the company's stock.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the business. Empowered Funds LLC purchased a new position in shares of PTC Therapeutics during the first quarter worth about $1,999,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in PTC Therapeutics by 11.5% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 178,755 shares of the biopharmaceutical company's stock valued at $9,109,000 after acquiring an additional 18,504 shares during the last quarter. Quantbot Technologies LP raised its stake in PTC Therapeutics by 280.1% during the 2nd quarter. Quantbot Technologies LP now owns 2,478 shares of the biopharmaceutical company's stock valued at $121,000 after acquiring an additional 1,826 shares during the last quarter. Arrowstreet Capital Limited Partnership acquired a new stake in PTC Therapeutics during the 2nd quarter worth approximately $1,661,000. Finally, EverSource Wealth Advisors LLC lifted its position in PTC Therapeutics by 247.4% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,143 shares of the biopharmaceutical company's stock worth $56,000 after acquiring an additional 814 shares during the period.

PTC Therapeutics Company Profile

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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