PTC Therapeutics (NASDAQ:PTCT) Price Target Raised to $82.00 at Royal Bank Of Canada

Key Points

• Royal Bank of Canada raised its price target on PTC Therapeutics to $82 (from $81) and keeps a "sector perform" rating, implying about a 7.95% upside from the then-current price; the Street consensus is a "Moderate Buy" with an average target of $88.36.
• Shares jumped 17.8% to $75.96 after PTC reported stronger-than-expected quarterly results — EPS of -$0.03 vs. -$0.45 expected and revenue of $272.6M (up 43.5% year-over-year) with a net margin of 39.44%.
• Insiders have been net sellers recently, offloading 126,492 shares worth about $8.63M in the last 90 days; company insiders now own 5.50% of the stock.

PTC Therapeutics (NASDAQ:PTCT - Get Free Report) had its price target increased by analysts at Royal Bank Of Canada from $81.00 to $82.00 in a research report issued on Friday,Benzinga reports. The firm currently has a "sector perform" rating on the biopharmaceutical company's stock. Royal Bank Of Canada's target price would indicate a potential upside of 7.95% from the stock's current price.

Several other research analysts have also issued reports on the company. Wall Street Zen lowered PTC Therapeutics from a "buy" rating to a "hold" rating in a report on Saturday, February 21st. Wells Fargo & Company upped their target price on PTC Therapeutics from $86.00 to $95.00 and gave the stock an "overweight" rating in a research report on Friday. Jefferies Financial Group cut PTC Therapeutics from a "buy" rating to a "hold" rating and cut their target price for the stock from $91.00 to $76.00 in a report on Monday, March 30th. Morgan Stanley reissued an "overweight" rating and issued a $94.00 price target on shares of PTC Therapeutics in a research report on Friday. Finally, Barclays restated an "overweight" rating and set a $120.00 price target on shares of PTC Therapeutics in a research note on Monday, February 23rd. One 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 given a Sell rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $88.36.

PTC Therapeutics Trading Up 17.8%

NASDAQ PTCT traded up $11.47 on Friday, hitting $75.96. 3,309,087 shares of the company were exchanged, compared to its average volume of 1,219,549. The company has a market cap of $6.30 billion, a PE ratio of 9.78 and a beta of 0.53. The stock has a fifty day moving average of $67.69 and a 200-day moving average of $72.07. PTC Therapeutics has a 12 month low of $43.17 and a 12 month high of $87.50.

PTC Therapeutics (NASDAQ:PTCT - Get Free Report) last announced its quarterly earnings data on Thursday, May 7th. The biopharmaceutical company reported ($0.03) earnings per share for the quarter, beating the consensus estimate 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 net margin of 39.44% and a negative return on equity of 362.45%. The business's quarterly revenue was up 43.5% compared to the same quarter last year. During the same quarter in the prior year, the business earned $10.04 earnings per share. On average, analysts expect that PTC Therapeutics will post -1.1 earnings per share for the current year.

Insider Transactions at PTC Therapeutics

In other PTC Therapeutics news, Director Stephanie Okey sold 15,167 shares of PTC Therapeutics stock in a transaction that occurred on Tuesday, March 10th. The shares were 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 of the company's stock, valued at $560,000. This trade represents a 65.47% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Mark Elliott Boulding sold 2,265 shares of the business's stock in a transaction that occurred on Monday, April 6th. The stock was sold at an average price of $69.45, for a total value of $157,304.25. Following the completion of the transaction, the vice president owned 105,212 shares in the company, valued at $7,306,973.40. The trade was a 2.11% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders have sold 126,492 shares of company stock worth $8,634,621. Company insiders own 5.50% of the company's stock.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. UMB Bank n.a. bought a new stake in shares of PTC Therapeutics during the 4th quarter worth $26,000. Smartleaf Asset Management LLC grew its position in PTC Therapeutics by 101.3% during the third quarter. Smartleaf Asset Management LLC now owns 469 shares of the biopharmaceutical company's stock valued at $28,000 after buying an additional 236 shares during the period. Optiver Holding B.V. increased its holdings in PTC Therapeutics by 96.5% during the third 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. Comerica Bank raised its position in PTC Therapeutics by 868.5% in the third quarter. Comerica Bank now owns 523 shares of the biopharmaceutical company's stock worth $32,000 after acquiring an additional 469 shares during the period. Finally, Salomon & Ludwin LLC bought a new stake in PTC Therapeutics in the fourth quarter worth about $41,000.

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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