PTC Therapeutics (NASDAQ:PTCT) Upgraded to Buy at StockNews.com

StockNews.com upgraded shares of PTC Therapeutics (NASDAQ:PTCT) from a hold rating to a buy rating in a report issued on Friday.

PTCT has been the topic of several other research reports. Cantor Fitzgerald upped their price target on PTC Therapeutics from $76.00 to $113.00 and gave the stock an “overweight” rating in a research note on Monday, February 3rd. JPMorgan Chase & Co. raised their price target on PTC Therapeutics from $51.00 to $62.00 and gave the company an “overweight” rating in a report on Tuesday, November 19th. The Goldman Sachs Group upped their price target on shares of PTC Therapeutics from $32.00 to $42.00 and gave the stock a “sell” rating in a research note on Wednesday, December 4th. Royal Bank of Canada upgraded shares of PTC Therapeutics from a “sector perform” rating to an “outperform” rating and raised their price objective for the company from $39.00 to $63.00 in a research note on Tuesday, December 3rd. Finally, Morgan Stanley upgraded shares of PTC Therapeutics from an “equal weight” rating to an “overweight” rating and upped their target price for the stock from $45.00 to $67.00 in a research note on Friday, December 13th. Three investment analysts have rated the stock with a sell rating, three have issued a hold rating, nine have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $57.85.

PTC Therapeutics Stock Performance

Shares of PTCT stock opened at $49.47 on Friday. The company’s fifty day moving average price is $46.33 and its 200-day moving average price is $40.19. PTC Therapeutics has a 12 month low of $23.58 and a 12 month high of $54.16.

PTC Therapeutics (NASDAQ:PTCT) last announced its quarterly earnings data on Thursday, November 7th. The biopharmaceutical company reported ($1.39) earnings per share for the quarter, topping analysts’ consensus estimates of ($1.54) by $0.15. The business had revenue of $196.79 million during the quarter, compared to analysts’ expectations of $173.51 million. During the same quarter last year, the company posted ($1.76) EPS. As a group, research analysts expect that PTC Therapeutics will post -4.56 earnings per share for the current year.

Insider Transactions at PTC Therapeutics

In other PTC Therapeutics news, insider Neil Gregory Almstead sold 69,550 shares of the stock in a transaction that occurred on Monday, December 2nd. The shares were sold at an average price of $52.06, for a total value of $3,620,773.00. Following the transaction, the insider now directly owns 86,202 shares in the company, valued at approximately $4,487,676.12. This trade represents a 44.65 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO Christine Marie Utter sold 1,291 shares of the business’s stock in a transaction on Tuesday, January 7th. The shares were sold at an average price of $45.34, for a total transaction of $58,533.94. Following the sale, the chief accounting officer now directly owns 65,983 shares of the company’s stock, valued at approximately $2,991,669.22. The trade was a 1.92 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 211,737 shares of company stock worth $10,920,687 in the last ninety days. Insiders own 5.50% of the company’s stock.

Institutional Trading of PTC Therapeutics

Several hedge funds have recently bought and sold shares of the stock. Point72 Asset Management L.P. lifted its position in shares of PTC Therapeutics by 945.6% during the 3rd quarter. Point72 Asset Management L.P. now owns 575,860 shares of the biopharmaceutical company’s stock valued at $21,364,000 after buying an additional 643,960 shares in the last quarter. Parkman Healthcare Partners LLC purchased a new position in PTC Therapeutics during the third quarter valued at approximately $7,234,000. State Street Corp lifted its holdings in PTC Therapeutics by 5.4% during the third quarter. State Street Corp now owns 2,899,040 shares of the biopharmaceutical company’s stock valued at $107,554,000 after purchasing an additional 149,700 shares in the last quarter. Assenagon Asset Management S.A. boosted its position in shares of PTC Therapeutics by 32.1% in the third quarter. Assenagon Asset Management S.A. now owns 492,464 shares of the biopharmaceutical company’s stock worth $18,270,000 after purchasing an additional 119,637 shares during the period. Finally, Raymond James Financial Inc. purchased a new stake in shares of PTC Therapeutics in the fourth quarter worth $2,200,000.

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.