PTC Therapeutics (NASDAQ:PTCT) Stock Price Up 5.7%

PTC Therapeutics, Inc. (NASDAQ:PTCT - Get Free Report)'s share price was up 5.7% during mid-day trading on Friday . The stock traded as high as $34.69 and last traded at $34.56. Approximately 45,235 shares changed hands during mid-day trading, a decline of 95% from the average daily volume of 858,549 shares. The stock had previously closed at $32.70.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on the stock. Citigroup increased their price target on shares of PTC Therapeutics from $18.00 to $26.00 and gave the company a "sell" rating in a research report on Tuesday, May 21st. 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 research note on Friday, July 12th. Cantor Fitzgerald restated an "overweight" rating and set a $64.00 price target on shares of PTC Therapeutics in a report on Wednesday, August 21st. Bank of America increased their price objective on PTC Therapeutics from $25.00 to $32.00 and gave the stock an "underperform" rating in a report on Friday, June 21st. Finally, Jefferies Financial Group boosted their target price on PTC Therapeutics from $35.00 to $46.00 and gave the company a "buy" rating in a research note on Monday, May 20th. Three analysts have rated the stock with a sell rating, seven have issued a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus target price of $37.13.

PTC Therapeutics Stock Performance

The business's 50-day moving average is $33.04 and its 200-day moving average is $32.17. The company has a market capitalization of $2.61 billion, a PE ratio of -4.45 and a beta of 0.64.

PTC Therapeutics (NASDAQ:PTCT - Get Free Report) last issued its quarterly earnings results 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 firm had revenue of $186.70 million during the quarter, compared to analysts' expectations of $192.12 million. Analysts expect that PTC Therapeutics, Inc. will post -5.09 EPS for the current year.

Insider Buying and Selling

In other 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 sale, the chief financial officer now owns 53,531 shares in the company, valued at $1,821,124.62. The transaction was disclosed in a filing with the SEC, which is available at this link. 5.50% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On PTC Therapeutics

Several institutional investors have recently modified their holdings of the business. Victory Capital Management Inc. purchased a new stake in PTC Therapeutics in the fourth quarter worth approximately $271,000. Charles Schwab Investment Management Inc. boosted its stake in shares of PTC Therapeutics by 2.4% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 610,918 shares of the biopharmaceutical company's stock worth $16,837,000 after buying an additional 14,155 shares during the last quarter. BNP Paribas Financial Markets grew its holdings in shares of PTC Therapeutics by 263.3% in the fourth quarter. BNP Paribas Financial Markets now owns 371,580 shares of the biopharmaceutical company's stock worth $10,241,000 after acquiring an additional 269,292 shares during the period. Jump Financial LLC increased its position in PTC Therapeutics by 70.4% during the fourth quarter. Jump Financial LLC now owns 26,256 shares of the biopharmaceutical company's stock valued at $724,000 after acquiring an additional 10,846 shares during the last quarter. Finally, Norges Bank bought a new position in PTC Therapeutics in the fourth quarter valued at about $15,058,000.

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.