PTC Therapeutics (NASDAQ:PTCT) Given New $63.00 Price Target at Royal Bank of Canada

PTC Therapeutics (NASDAQ:PTCT) had its price target raised by Royal Bank of Canada from $60.00 to $63.00 in a report issued on Tuesday morning,Benzinga reports. The firm currently has an outperform rating on the biopharmaceutical company’s stock.

A number of other research firms have also recently issued reports on PTCT. Morgan Stanley raised PTC Therapeutics from an “equal weight” rating to an “overweight” rating and increased their target price for the stock from $45.00 to $67.00 in a research note on Friday, December 13th. Citigroup increased their target price on PTC Therapeutics from $32.00 to $45.00 and gave the stock a “sell” rating in a research note on Wednesday, February 12th. Cantor Fitzgerald increased their target price on PTC Therapeutics from $76.00 to $113.00 and gave the stock an “overweight” rating in a research note on Monday, February 3rd. UBS Group increased their target price on PTC Therapeutics from $47.00 to $71.00 and gave the stock a “buy” rating in a research note on Tuesday, December 3rd. Finally, The Goldman Sachs Group increased their target price on PTC Therapeutics from $32.00 to $42.00 and gave the stock a “sell” rating in a research note on Wednesday, December 4th. Three equities research analysts have rated the stock with a sell rating, four have assigned a hold rating, eight have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, PTC Therapeutics presently has an average rating of “Hold” and an average target price of $58.85.

PTC Therapeutics Stock Performance

Shares of PTCT opened at $50.38 on Tuesday. The stock has a 50 day simple moving average of $46.58 and a 200 day simple moving average of $41.35. PTC Therapeutics has a 52-week low of $24.00 and a 52-week high of $54.16. The firm has a market capitalization of $3.89 billion, a PE ratio of -8.48 and a beta of 0.62.

Insider Activity

In other news, insider Neil Gregory Almstead sold 69,550 shares of the stock in a transaction that occurred on Monday, December 2nd. The stock was sold at an average price of $52.06, for a total value of $3,620,773.00. Following the completion of the sale, the insider now owns 86,202 shares of the company’s stock, valued at approximately $4,487,676.12. This represents a 44.65 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, VP Mark Elliott Boulding sold 85,600 shares of the stock in a transaction that occurred on Monday, December 2nd. The shares were sold at an average price of $52.26, for a total value of $4,473,456.00. Following the completion of the sale, the vice president now directly owns 92,389 shares of the company’s stock, valued at approximately $4,828,249.14. The trade was a 48.09 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 211,737 shares of company stock valued at $10,920,687. 5.50% of the stock is owned by insiders.

Institutional Investors Weigh In On PTC Therapeutics

Hedge funds have recently added to or reduced their stakes in the business. Smartleaf Asset Management LLC lifted its holdings in PTC Therapeutics by 78.7% during the 4th quarter. Smartleaf Asset Management LLC now owns 613 shares of the biopharmaceutical company’s stock valued at $28,000 after purchasing an additional 270 shares during the last quarter. Sterling Capital Management LLC lifted its holdings in PTC Therapeutics by 424.4% during the 4th quarter. Sterling Capital Management LLC now owns 645 shares of the biopharmaceutical company’s stock valued at $29,000 after purchasing an additional 522 shares during the last quarter. Venturi Wealth Management LLC acquired a new stake in PTC Therapeutics during the 4th quarter valued at $68,000. GF Fund Management CO. LTD. acquired a new stake in PTC Therapeutics during the 4th quarter valued at $73,000. Finally, Point72 Asia Singapore Pte. Ltd. acquired a new stake in PTC Therapeutics during the 4th quarter valued at $77,000.

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.