Royal Bank of Canada Increases PTC Therapeutics (NASDAQ:PTCT) Price Target to $34.00

PTC Therapeutics (NASDAQ:PTCT) had its price objective boosted by investment analysts at Royal Bank of Canada from $32.00 to $34.00 in a note issued to investors on Friday, Benzinga reports. The brokerage presently has a “sector perform” rating on the biopharmaceutical company’s stock. Royal Bank of Canada’s price objective points to a potential downside of 3.13% from the company’s previous close.

Other equities analysts also recently issued research reports about the stock. Bank of America raised their price objective on shares of PTC Therapeutics from $25.00 to $32.00 and gave the stock an “underperform” rating in a report on Friday, June 21st. Cantor Fitzgerald reissued an “overweight” rating and set a $64.00 price objective on shares of PTC Therapeutics in a research report on Tuesday, September 17th. Morgan Stanley raised their target price on PTC Therapeutics from $30.00 to $32.00 and gave the stock an “equal weight” rating in a report on Friday, July 12th. JPMorgan Chase & Co. reiterated an “overweight” rating and set a $53.00 target price on shares of PTC Therapeutics in a research report on Thursday, June 20th. Finally, Robert W. Baird started coverage on PTC Therapeutics in a research report on Wednesday, September 4th. They issued an “outperform” rating and a $44.00 price target for the company. Three analysts have rated the stock with a sell rating, five have assigned a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $39.08.

PTC Therapeutics Trading Down 0.8 %

Shares of PTCT opened at $35.10 on Friday. The firm has a fifty day simple moving average of $34.01 and a two-hundred day simple moving average of $32.86. The firm has a market cap of $2.69 billion, a PE ratio of -4.57 and a beta of 0.65. PTC Therapeutics has a 1-year low of $17.53 and a 1-year high of $40.69.

PTC Therapeutics (NASDAQ:PTCT) last posted its quarterly earnings data on Thursday, August 8th. The biopharmaceutical company reported ($1.16) EPS for the quarter, missing analysts’ consensus estimates of ($1.00) by ($0.16). The company had revenue of $186.70 million during the quarter, compared to the consensus estimate of $192.12 million. As a group, research analysts forecast that PTC Therapeutics will post -5.09 EPS for the current fiscal year.

Insider Buying and Selling

In other PTC Therapeutics news, CFO Pierre Gravier sold 2,269 shares of the stock in a transaction that occurred on Tuesday, July 16th. The shares were sold at an average price of $34.02, for a total transaction of $77,191.38. Following the completion of the sale, the chief financial officer now directly owns 53,531 shares of the company’s stock, valued at $1,821,124.62. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 5.50% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Janus Henderson Group PLC boosted its stake in PTC Therapeutics by 40.5% during the first quarter. Janus Henderson Group PLC now owns 3,669,816 shares of the biopharmaceutical company’s stock valued at $106,744,000 after buying an additional 1,057,223 shares during the last quarter. Vanguard Group Inc. boosted its position in shares of PTC Therapeutics by 10.8% during the 4th quarter. Vanguard Group Inc. now owns 8,800,843 shares of the biopharmaceutical company’s stock valued at $242,551,000 after acquiring an additional 855,354 shares during the last quarter. Wellington Management Group LLP grew its holdings in shares of PTC Therapeutics by 4.0% in the fourth quarter. Wellington Management Group LLP now owns 9,816,603 shares of the biopharmaceutical company’s stock valued at $270,546,000 after purchasing an additional 380,415 shares in the last quarter. Jacobs Levy Equity Management Inc. increased its position in PTC Therapeutics by 21.3% in the first quarter. Jacobs Levy Equity Management Inc. now owns 1,605,841 shares of the biopharmaceutical company’s stock worth $46,714,000 after purchasing an additional 282,422 shares during the last quarter. Finally, Armistice Capital LLC raised its stake in PTC Therapeutics by 2.9% during the second quarter. Armistice Capital LLC now owns 6,962,227 shares of the biopharmaceutical company’s stock valued at $212,905,000 after purchasing an additional 198,227 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.