PTC Therapeutics (NASDAQ:PTCT) Shares Gap Up Following Strong Earnings

PTC Therapeutics, Inc. (NASDAQ:PTCT - Get Free Report) shares gapped up prior to trading on Wednesday following a better than expected earnings announcement. The stock had previously closed at $36.19, but opened at $39.40. PTC Therapeutics shares last traded at $39.92, with a volume of 455,281 shares changing hands.

The biopharmaceutical company reported $10.04 earnings per share for the quarter, beating analysts' consensus estimates of $0.85 by $9.19. The business had revenue of $1.18 billion for the quarter, compared to analyst estimates of $437.16 million. During the same period last year, the firm earned ($1.20) earnings per share. The company's quarterly revenue was down 9.6% on a year-over-year basis.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on PTCT shares. Scotiabank started coverage on PTC Therapeutics in a research note on Friday, March 7th. They issued a "sector perform" rating and a $55.00 target price for the company. Morgan Stanley reaffirmed an "overweight" rating and issued a $70.00 price objective (up previously from $67.00) on shares of PTC Therapeutics in a research report on Friday, March 7th. Bank of America upgraded PTC Therapeutics from an "underperform" rating to a "neutral" rating and lifted their price objective for the stock from $41.00 to $55.00 in a report on Tuesday, March 11th. Citigroup raised shares of PTC Therapeutics from a "sell" rating to a "neutral" rating and decreased their price objective for the stock from $50.00 to $40.00 in a report on Wednesday. Finally, Cantor Fitzgerald dropped their target price on shares of PTC Therapeutics from $113.00 to $112.00 and set an "overweight" rating on the stock in a report on Wednesday. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $62.85.

Insiders Place Their Bets

In other news, CFO Pierre Gravier sold 1,168 shares of the stock in a transaction that occurred on Wednesday, February 19th. The shares were sold at an average price of $50.10, for a total value of $58,516.80. Following the completion of the sale, the chief financial officer now directly owns 75,603 shares of the company's stock, valued at $3,787,710.30. This represents a 1.52 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Mark Elliott Boulding sold 15,521 shares of the firm's stock in a transaction that occurred on Wednesday, March 12th. The stock was sold at an average price of $53.30, for a total transaction of $827,269.30. Following the sale, the vice president now owns 103,901 shares of the company's stock, valued at approximately $5,537,923.30. This represents a 13.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 32,305 shares of company stock worth $1,682,755. Company insiders own 5.50% of the company's stock.

Institutional Investors Weigh In On PTC Therapeutics

A number of institutional investors have recently modified their holdings of PTCT. Smartleaf Asset Management LLC increased its position in PTC Therapeutics by 78.7% in the 4th quarter. Smartleaf Asset Management LLC now owns 613 shares of the biopharmaceutical company's stock worth $28,000 after purchasing an additional 270 shares during the last quarter. Sterling Capital Management LLC increased its holdings in shares of PTC Therapeutics by 424.4% during the 4th quarter. Sterling Capital Management LLC now owns 645 shares of the biopharmaceutical company's stock valued at $29,000 after acquiring an additional 522 shares during the last quarter. GAMMA Investing LLC boosted its position in PTC Therapeutics by 86.3% during the first quarter. GAMMA Investing LLC now owns 952 shares of the biopharmaceutical company's stock worth $49,000 after purchasing an additional 441 shares during the period. Venturi Wealth Management LLC acquired a new stake in shares of PTC Therapeutics in the fourth quarter worth $68,000. Finally, GF Fund Management CO. LTD. bought a new position in PTC Therapeutics in the 4th quarter worth $73,000.

PTC Therapeutics Price Performance

The firm has a market capitalization of $3.13 billion, a P/E ratio of -6.68 and a beta of 0.52. The business has a 50 day moving average price of $49.51 and a 200 day moving average price of $46.97.

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.

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