Wells Fargo & Company Issues Pessimistic Forecast for PTC Therapeutics (NASDAQ:PTCT) Stock Price

PTC Therapeutics (NASDAQ:PTCT) had its price target reduced by equities research analysts at Wells Fargo & Company from $95.00 to $93.00 in a report issued on Monday,Benzinga reports. The firm presently has an “overweight” rating on the biopharmaceutical company’s stock. Wells Fargo & Company‘s price objective would suggest a potential upside of 18.47% from the stock’s current price.

Several other equities research analysts also recently issued reports on the stock. Cantor Fitzgerald boosted their price objective on shares of PTC Therapeutics from $124.00 to $130.00 and gave the stock an “overweight” rating in a research note on Thursday, July 16th. Raymond James Financial initiated coverage on shares of PTC Therapeutics in a research note on Friday, April 10th. They issued an “outperform” rating and a $108.00 target price on the stock. Royal Bank Of Canada lifted their target price on shares of PTC Therapeutics from $82.00 to $85.00 and gave the company a “sector perform” rating in a report on Tuesday, July 7th. Citigroup raised shares of PTC Therapeutics from a “neutral” rating to a “buy” rating and upped their price target for the stock from $75.00 to $108.00 in a research report on Tuesday, June 9th. Finally, Weiss Ratings downgraded PTC Therapeutics from a “hold (c-)” rating to a “sell (d)” rating in a report on Monday, May 11th. Two research analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating, one has issued a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $92.29.

PTC Therapeutics Price Performance

PTC Therapeutics stock opened at $78.50 on Monday. The company has a market cap of $6.51 billion, a price-to-earnings ratio of -33.69, a price-to-earnings-growth ratio of 4.69 and a beta of 0.53. PTC Therapeutics has a 12 month low of $43.17 and a 12 month high of $90.87. The stock’s 50-day moving average is $76.87 and its 200-day moving average is $72.80.

PTC Therapeutics (NASDAQ:PTCT) last issued its earnings results on Thursday, May 7th. The biopharmaceutical company reported ($0.03) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.45) by $0.42. The business had revenue of $272.55 million during the quarter, compared to analysts’ expectations of $217.42 million. PTC Therapeutics had a negative return on equity of 362.45% and a negative net margin of 22.58%.During the same quarter in the previous year, the business earned $10.04 EPS. The company’s revenue for the quarter was up 43.5% on a year-over-year basis. Research analysts anticipate that PTC Therapeutics will post 0.6 EPS for the current year.

Insider Buying and Selling at PTC Therapeutics

In other news, Director Mary L. Smith sold 15,834 shares of the company’s stock in a transaction on Thursday, July 9th. The shares were sold at an average price of $90.00, for a total value of $1,425,060.00. Following the completion of the transaction, the director directly owned 21,813 shares in the company, valued at approximately $1,963,170. This represents a 42.06% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Neil Gregory Almstead sold 2,464 shares of the company’s stock in a transaction on Thursday, July 9th. The shares were sold at an average price of $90.25, for a total transaction of $222,376.00. Following the completion of the transaction, the insider owned 60,299 shares of the company’s stock, valued at $5,441,984.75. This trade represents a 3.93% decrease in their ownership of the stock. 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. Insiders sold 198,662 shares of company stock valued at $16,347,994 over the last 90 days. 5.50% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On PTC Therapeutics

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Teachers Retirement System of The State of Kentucky increased its position in shares of PTC Therapeutics by 86.9% during the fourth quarter. Teachers Retirement System of The State of Kentucky now owns 40,858 shares of the biopharmaceutical company’s stock worth $3,103,000 after acquiring an additional 19,000 shares during the last quarter. Thrivent Financial for Lutherans purchased a new position in PTC Therapeutics in the fourth quarter valued at about $4,191,000. Ritholtz Wealth Management purchased a new position in PTC Therapeutics in the fourth quarter valued at about $1,863,000. Royce & Associates LP boosted its holdings in PTC Therapeutics by 146.5% in the fourth quarter. Royce & Associates LP now owns 80,794 shares of the biopharmaceutical company’s stock valued at $6,137,000 after purchasing an additional 48,015 shares during the last quarter. Finally, Jefferies Financial Group Inc. grew its stake in PTC Therapeutics by 4.7% during the 4th quarter. Jefferies Financial Group Inc. now owns 1,658,481 shares of the biopharmaceutical company’s stock valued at $125,978,000 after purchasing an additional 73,803 shares in the last quarter.

PTC Therapeutics Company Profile

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.