PTC Therapeutics (NASDAQ:PTCT) Price Target Raised to $74.00 at Wells Fargo & Company

PTC Therapeutics (NASDAQ:PTCT - Free Report) had its price target raised by Wells Fargo & Company from $68.00 to $74.00 in a report published on Tuesday,Benzinga reports. The brokerage currently has an overweight rating on the biopharmaceutical company's stock.

A number of other brokerages also recently weighed in on PTCT. Barclays dropped their target price on PTC Therapeutics from $56.00 to $42.00 and set an "equal weight" rating on the stock in a report on Thursday, May 8th. Citigroup upgraded shares of PTC Therapeutics from a "sell" rating to a "neutral" rating and cut their target price for the stock from $50.00 to $40.00 in a research report on Wednesday, May 7th. Morgan Stanley restated an "overweight" rating and set a $70.00 price target (up from $67.00) on shares of PTC Therapeutics in a report on Friday, March 7th. JPMorgan Chase & Co. cut their price objective on PTC Therapeutics from $75.00 to $67.00 and set an "overweight" rating for the company in a report on Wednesday, May 7th. Finally, Cantor Fitzgerald lowered their target price on PTC Therapeutics from $113.00 to $112.00 and set an "overweight" rating on the stock in a research note on Wednesday, May 7th. One analyst has rated the stock with a sell rating, four have assigned a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $63.75.

PTC Therapeutics Stock Down 0.1%

Shares of NASDAQ PTCT traded down $0.07 during mid-day trading on Tuesday, hitting $48.82. 790,857 shares of the company traded hands, compared to its average volume of 860,058. The business has a 50 day moving average of $46.48 and a two-hundred day moving average of $47.48. The stock has a market capitalization of $3.87 billion, a price-to-earnings ratio of -8.22 and a beta of 0.52. PTC Therapeutics has a 1 year low of $28.72 and a 1 year high of $58.38.

PTC Therapeutics (NASDAQ:PTCT - Get Free Report) last released its quarterly earnings results on Tuesday, May 6th. The biopharmaceutical company reported $10.04 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.85 by $9.19. The firm had revenue of $1.18 billion for the quarter, compared to analyst estimates of $437.16 million. The firm's revenue was down 9.6% compared to the same quarter last year. During the same quarter in the prior year, the firm earned ($1.20) EPS. As a group, research analysts anticipate that PTC Therapeutics will post -4.52 EPS for the current year.

Insider Buying and Selling

In related news, EVP Lee Scott Golden sold 897 shares of PTC Therapeutics stock in a transaction dated Wednesday, April 2nd. The stock was sold at an average price of $46.95, for a total transaction of $42,114.15. Following the sale, the executive vice president now directly owns 75,997 shares of the company's stock, valued at $3,568,059.15. This trade represents a 1.17% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Mark Elliott Boulding sold 15,521 shares of the company's stock in a transaction that occurred on Wednesday, March 12th. The shares were sold at an average price of $53.30, for a total value of $827,269.30. Following the completion of the transaction, the vice president now directly owns 103,901 shares of the company's stock, valued at approximately $5,537,923.30. This trade represents a 13.00% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 28,264 shares of company stock valued at $1,469,137. Insiders own 5.50% of the company's stock.

Institutional Trading of PTC Therapeutics

Institutional investors have recently modified their holdings of the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in PTC Therapeutics by 0.3% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 65,681 shares of the biopharmaceutical company's stock worth $2,967,000 after purchasing an additional 205 shares during the period. Arizona State Retirement System boosted its position in shares of PTC Therapeutics by 1.1% during the 4th quarter. Arizona State Retirement System now owns 20,095 shares of the biopharmaceutical company's stock valued at $907,000 after acquiring an additional 219 shares in the last quarter. Choreo LLC increased its stake in PTC Therapeutics by 2.0% in the fourth quarter. Choreo LLC now owns 11,961 shares of the biopharmaceutical company's stock valued at $541,000 after acquiring an additional 240 shares during the period. Summit Investment Advisors Inc. raised its position in PTC Therapeutics by 3.3% in the fourth quarter. Summit Investment Advisors Inc. now owns 7,968 shares of the biopharmaceutical company's stock worth $360,000 after purchasing an additional 253 shares in the last quarter. Finally, Smartleaf Asset Management LLC lifted its stake in PTC Therapeutics by 78.7% during the fourth 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 period.

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.