Truist Financial Begins Coverage on PTC Therapeutics (NASDAQ:PTCT)

Stock analysts at Truist Financial assumed coverage on shares of PTC Therapeutics (NASDAQ:PTCT - Get Free Report) in a research report issued to clients and investors on Tuesday,Briefing.com Automated Import reports. The brokerage set a "buy" rating and a $80.00 price target on the biopharmaceutical company's stock. Truist Financial's price target points to a potential upside of 54.23% from the stock's current price.

PTCT has been the subject of several other reports. Citigroup upgraded PTC Therapeutics from a "sell" rating to a "neutral" rating and reduced their price target for the company from $50.00 to $40.00 in a report on Wednesday, May 7th. Bank of America raised PTC Therapeutics from a "neutral" rating to a "buy" rating and boosted their target price for the stock from $55.00 to $68.00 in a research report on Friday, May 9th. Wall Street Zen lowered shares of PTC Therapeutics from a "strong-buy" rating to a "buy" rating in a research note on Friday, May 16th. Morgan Stanley reiterated an "overweight" rating and set a $70.00 target price (up from $67.00) on shares of PTC Therapeutics in a research note on Friday, March 7th. Finally, Barclays cut their price objective on PTC Therapeutics from $56.00 to $42.00 and set an "equal weight" rating for the company in a report on Thursday, May 8th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating, ten have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, PTC Therapeutics presently has an average rating of "Moderate Buy" and a consensus price target of $65.00.

PTC Therapeutics Trading Up 1.2%

Shares of NASDAQ:PTCT opened at $51.87 on Tuesday. The company has a 50 day moving average of $47.29 and a 200 day moving average of $48.20. The stock has a market cap of $4.11 billion, a P/E ratio of -8.73 and a beta of 0.51. PTC Therapeutics has a 12 month low of $28.72 and a 12 month high of $58.38.

PTC Therapeutics (NASDAQ:PTCT - Get Free Report) last announced its earnings results on Tuesday, May 6th. The biopharmaceutical company reported $10.04 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.85 by $9.19. The company had revenue of $1.18 billion during the quarter, compared to analysts' expectations of $437.16 million. During the same quarter last year, the firm posted ($1.20) earnings per share. The firm's revenue was down 9.6% on a year-over-year basis. On average, equities analysts forecast that PTC Therapeutics will post -4.52 earnings per share for the current fiscal year.

Insider Buying and Selling

In other PTC Therapeutics news, CEO Matthew B. Klein sold 2,804 shares of the business's stock in a transaction on Tuesday, April 22nd. The shares were sold at an average price of $48.74, for a total value of $136,666.96. Following the sale, the chief executive officer now owns 273,234 shares in the company, valued at $13,317,425.16. The trade was a 1.02% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Mark Elliott Boulding sold 883 shares of the business's stock in a transaction dated Friday, May 16th. The stock was sold at an average price of $46.02, for a total value of $40,635.66. Following the completion of the sale, the vice president now owns 103,901 shares in the company, valued at $4,781,524.02. This represents a 0.84% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 6,513 shares of company stock valued at $308,498. Company insiders own 5.50% of the company's stock.

Institutional Trading of PTC Therapeutics

A number of large investors have recently added to or reduced their stakes in the company. Toronto Dominion Bank purchased a new stake in PTC Therapeutics during the fourth quarter valued at $148,363,000. Driehaus Capital Management LLC purchased a new stake in shares of PTC Therapeutics during the 4th quarter valued at about $46,993,000. Nuveen LLC bought a new position in shares of PTC Therapeutics in the 1st quarter valued at about $51,427,000. Point72 Asset Management L.P. lifted its holdings in shares of PTC Therapeutics by 150.6% in the 4th quarter. Point72 Asset Management L.P. now owns 1,443,362 shares of the biopharmaceutical company's stock valued at $65,153,000 after acquiring an additional 867,502 shares during the last quarter. Finally, Wellington Management Group LLP grew its position in PTC Therapeutics by 13.2% in the first quarter. Wellington Management Group LLP now owns 5,419,172 shares of the biopharmaceutical company's stock worth $276,161,000 after acquiring an additional 632,049 shares in the last quarter.

About PTC Therapeutics

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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