PTC Therapeutics (NASDAQ:PTCT) Upgraded by Bank of America to “Neutral” Rating

PTC Therapeutics (NASDAQ:PTCT) was upgraded by research analysts at Bank of America from an “underperform” rating to a “neutral” rating in a research note issued on Tuesday, Marketbeat Ratings reports. The brokerage currently has a $55.00 price objective on the biopharmaceutical company’s stock, up from their previous price objective of $41.00. Bank of America‘s price objective suggests a potential upside of 4.78% from the stock’s previous close.

Several other research firms have also commented on PTCT. Scotiabank started coverage on shares of PTC Therapeutics in a report on Friday. They issued a “sector perform” rating and a $55.00 price target on the stock. Royal Bank of Canada boosted their price target on PTC Therapeutics from $60.00 to $63.00 and gave the stock an “outperform” rating in a research report on Tuesday, February 18th. The Goldman Sachs Group lifted their price objective on PTC Therapeutics from $32.00 to $42.00 and gave the stock a “sell” rating in a research report on Wednesday, December 4th. UBS Group increased their price objective on PTC Therapeutics from $47.00 to $71.00 and gave the stock a “buy” rating in a research report on Tuesday, December 3rd. Finally, Cantor Fitzgerald boosted their price target on shares of PTC Therapeutics from $76.00 to $113.00 and gave the company an “overweight” rating in a research note on Monday, February 3rd. Two research analysts have rated the stock with a sell rating, five have issued a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $63.54.

PTC Therapeutics Trading Down 0.2 %

Shares of NASDAQ PTCT opened at $52.49 on Tuesday. The stock’s fifty day simple moving average is $47.99 and its two-hundred day simple moving average is $43.11. PTC Therapeutics has a 12-month low of $24.00 and a 12-month high of $55.60. The stock has a market capitalization of $4.14 billion, a PE ratio of -8.84 and a beta of 0.66.

Insider Activity at PTC Therapeutics

In other PTC Therapeutics news, Director Allan Steven Jacobson sold 1,230 shares of PTC Therapeutics stock in a transaction that occurred on Tuesday, March 4th. The stock was sold at an average price of $51.52, for a total transaction of $63,369.60. Following the sale, the director now directly owns 19,118 shares of the company’s stock, valued at approximately $984,959.36. The trade was a 6.04 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Christine Marie Utter sold 879 shares of the company’s stock in a transaction dated Wednesday, February 19th. The stock was sold at an average price of $50.10, for a total transaction of $44,037.90. Following the sale, the chief accounting officer now directly owns 63,442 shares in the company, valued at $3,178,444.20. This represents a 1.37 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 22,870 shares of company stock worth $1,075,657. 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 PTCT. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in PTC Therapeutics by 0.3% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 65,681 shares of the biopharmaceutical company’s stock worth $2,967,000 after acquiring an additional 205 shares during the last quarter. Arizona State Retirement System boosted its position in shares of PTC Therapeutics by 1.1% during the fourth quarter. Arizona State Retirement System now owns 20,095 shares of the biopharmaceutical company’s stock worth $907,000 after purchasing an additional 219 shares in the last quarter. Choreo LLC grew its holdings in shares of PTC Therapeutics by 2.0% in the 4th quarter. Choreo LLC now owns 11,961 shares of the biopharmaceutical company’s stock valued at $541,000 after buying an additional 240 shares during the period. Summit Investment Advisors Inc. increased its position in shares of PTC Therapeutics by 3.3% in the 4th quarter. Summit Investment Advisors Inc. now owns 7,968 shares of the biopharmaceutical company’s stock valued at $360,000 after buying an additional 253 shares in the last quarter. Finally, Smartleaf Asset Management LLC raised its stake in PTC Therapeutics by 78.7% during the 4th quarter. Smartleaf Asset Management LLC now owns 613 shares of the biopharmaceutical company’s stock worth $28,000 after buying an additional 270 shares during the period.

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.