PTC Therapeutics (NASDAQ:PTCT) Stock Price Expected to Rise, Wells Fargo & Company Analyst Says

Key Points

• Wells Fargo & Company has raised its price target for PTC Therapeutics from $74.00 to $78.00, indicating a potential upside of 57.51% based on the stock's previous close.
• PTC Therapeutics reported earnings of $10.04 per share for the last quarter, significantly exceeding estimates, but revenue declined 9.6% year-over-year.
• Currently, the stock holds a consensus rating of "Moderate Buy", with various brokerages assigning differing ratings and price targets ranging from $40.00 to $78.00.

PTC Therapeutics (NASDAQ:PTCT - Free Report) had its target price lifted by Wells Fargo & Company from $74.00 to $78.00 in a research report report published on Tuesday morning,Benzinga reports. Wells Fargo & Company currently has an overweight rating on the biopharmaceutical company's stock.

A number of other equities research analysts also recently issued reports on PTCT. Citigroup reissued a "neutral" rating and issued a $50.00 price target (up from $40.00) on shares of PTC Therapeutics in a report on Monday. Truist Financial started coverage on shares of PTC Therapeutics in a research report on Tuesday, June 17th. They set a "buy" rating and a $80.00 target price for the company. JPMorgan Chase & Co. dropped their target price on shares of PTC Therapeutics from $75.00 to $67.00 and set an "overweight" rating for the company in a research report on Wednesday, May 7th. Cantor Fitzgerald dropped their target price on shares of PTC Therapeutics from $113.00 to $112.00 and set an "overweight" rating for the company in a research report on Wednesday, May 7th. Finally, Robert W. Baird dropped their target price on shares of PTC Therapeutics from $70.00 to $66.00 and set an "outperform" rating for the company in a research report on Wednesday, May 7th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $69.38.

PTC Therapeutics Price Performance

NASDAQ:PTCT traded up $1.65 on Tuesday, reaching $50.94. 1,935,393 shares of the company's stock were exchanged, compared to its average volume of 979,662. The firm has a market cap of $4.04 billion, a price-to-earnings ratio of 7.82 and a beta of 0.50. PTC Therapeutics has a 52 week low of $29.01 and a 52 week high of $58.38. The stock has a fifty day simple moving average of $48.95 and a 200-day simple moving average of $48.58.

PTC Therapeutics (NASDAQ:PTCT - Get Free Report) last announced its quarterly earnings results on Tuesday, May 6th. The biopharmaceutical company reported $10.04 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.85 by $9.19. PTC Therapeutics had a net margin of 33.56% and a negative return on equity of 78.56%. The firm had revenue of $1.18 billion for the quarter, compared to the consensus estimate of $437.16 million. During the same period in the prior year, the firm posted ($1.20) earnings per share. The company's revenue for the quarter was down 9.6% on a year-over-year basis. As a group, sell-side analysts predict that PTC Therapeutics will post -4.52 EPS for the current year.

Insiders Place Their Bets

In other news, CFO Pierre Gravier sold 2,516 shares of the business's stock in a transaction on Tuesday, July 15th. The shares were sold at an average price of $49.46, for a total transaction of $124,441.36. Following the sale, the chief financial officer owned 71,920 shares in the company, valued at approximately $3,557,163.20. The trade was a 3.38% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, VP Mark Elliott Boulding sold 883 shares of the business's stock in a transaction on Friday, May 16th. The shares were sold at an average price of $46.02, for a total transaction of $40,635.66. Following the sale, the vice president owned 103,901 shares in the company, valued at approximately $4,781,524.02. This trade represents a 0.84% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 5,328 shares of company stock worth $254,158. Company insiders own 5.50% of the company's stock.

Institutional Trading of PTC Therapeutics

Hedge funds have recently modified their holdings of the business. Wealth Enhancement Advisory Services LLC bought a new position in PTC Therapeutics in the 1st quarter worth about $595,000. Allspring Global Investments Holdings LLC purchased a new stake in shares of PTC Therapeutics during the 1st quarter valued at about $524,000. Cerity Partners LLC bought a new stake in shares of PTC Therapeutics in the first quarter worth approximately $641,000. Edgestream Partners L.P. purchased a new position in shares of PTC Therapeutics during the first quarter valued at approximately $418,000. Finally, OCONNOR A Distinct Business Unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in shares of PTC Therapeutics by 49.2% during the fourth quarter. OCONNOR A Distinct Business Unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 46,894 shares of the biopharmaceutical company's stock valued at $2,117,000 after purchasing an additional 15,459 shares during the last quarter.

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.