PTC Therapeutics (NASDAQ:PTCT) Price Target Lowered to $93.00 at Wells Fargo & Company

Key Points

• Wells Fargo lowered its price target on PTC Therapeutics from $95 to $93 while keeping an overweight rating, implying about 18.34% upside from the stock’s current price.
• Analyst sentiment remains broadly positive, with multiple recent upgrades and an overall consensus rating of Moderate Buy; the average price target across analysts is $92.29.
• PTC Therapeutics posted better-than-expected quarterly results, reporting $(0.03) EPS versus estimates of $(0.45) and $272.55 million in revenue, up 43.5% year over year.

PTC Therapeutics (NASDAQ:PTCT - Get Free Report) had its price target cut by equities research analysts at Wells Fargo & Company from $95.00 to $93.00 in a report released on Monday,Benzinga reports. The firm currently has an "overweight" rating on the biopharmaceutical company's stock. Wells Fargo & Company's price target indicates a potential upside of 18.34% from the company's current price.

Other research analysts have also recently issued reports about the stock. Raymond James Financial assumed coverage on shares of PTC Therapeutics in a report on Friday, April 10th. They set an "outperform" rating and a $108.00 price target for the company. TD Cowen upgraded PTC Therapeutics from a "hold" rating to a "buy" rating and boosted their target price for the stock from $75.00 to $90.00 in a research report on Friday, May 8th. Cantor Fitzgerald increased their target price on PTC Therapeutics from $124.00 to $130.00 and gave the stock an "overweight" rating in a research note on Thursday. Truist Financial raised PTC Therapeutics to a "strong-buy" rating in a report on Wednesday, March 25th. Finally, Jefferies Financial Group upgraded PTC Therapeutics from a "hold" rating to a "buy" rating and increased their price objective for the stock from $76.00 to $85.00 in a research report on Wednesday, May 27th. Two research analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating, one has assigned a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $92.29.

PTC Therapeutics Stock Performance

Shares of PTCT stock opened at $78.59 on Monday. The company has a market capitalization of $6.52 billion, a P/E ratio of -33.73, a price-to-earnings-growth ratio of 4.72 and a beta of 0.53. The business's 50 day moving average is $76.77 and its two-hundred day moving average is $72.76. PTC Therapeutics has a twelve month low of $43.17 and a twelve month high of $90.87.

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 for the quarter, topping the consensus estimate of ($0.45) by $0.42. The firm had revenue of $272.55 million during the quarter, compared to the consensus estimate 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 revenue for the quarter was up 43.5% on a year-over-year basis. During the same period last year, the company earned $10.04 earnings per share. As a group, equities analysts predict that PTC Therapeutics will post 0.6 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, insider Neil Gregory Almstead sold 2,464 shares of the firm's stock in a transaction that occurred on Thursday, July 9th. The stock was sold at an average price of $90.25, for a total value of $222,376.00. Following the completion of the transaction, the insider directly owned 60,299 shares of the company's stock, valued at $5,441,984.75. This trade represents a 3.93% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, VP Mark Elliott Boulding sold 5,079 shares of PTC Therapeutics stock in a transaction on Monday, July 6th. The stock was sold at an average price of $85.08, for a total value of $432,121.32. Following the transaction, the vice president directly owned 105,272 shares of the company's stock, valued at approximately $8,956,541.76. This represents a 4.60% 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. Insiders have sold a total of 201,512 shares of company stock worth $16,550,087 in the last quarter. 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 made changes to their positions in PTCT. EverSource Wealth Advisors LLC increased its position in shares of PTC Therapeutics by 16.9% in the first quarter. EverSource Wealth Advisors LLC now owns 1,045 shares of the biopharmaceutical company's stock worth $71,000 after acquiring an additional 151 shares in the last quarter. PNC Financial Services Group Inc. raised its position in PTC Therapeutics by 8.5% in the first quarter. PNC Financial Services Group Inc. now owns 3,128 shares of the biopharmaceutical company's stock valued at $213,000 after purchasing an additional 244 shares during the period. Allworth Financial LP lifted its stake in shares of PTC Therapeutics by 63.8% during the fourth quarter. Allworth Financial LP now owns 634 shares of the biopharmaceutical company's stock worth $48,000 after purchasing an additional 247 shares in the last quarter. Measured Wealth Private Client Group LLC raised its holdings in shares of 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 valued at $377,000 after buying an additional 265 shares during the period. Finally, Evolve Private Wealth LLC boosted its holdings in PTC Therapeutics by 5.2% in the 1st quarter. Evolve Private Wealth LLC now owns 6,122 shares of the biopharmaceutical company's stock worth $417,000 after acquiring an additional 305 shares during the period.

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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