PTC Therapeutics (NASDAQ:PTCT) Price Target Raised to $63.00

PTC Therapeutics (NASDAQ:PTCT) had its target price raised by equities researchers at Royal Bank of Canada from $60.00 to $63.00 in a research note issued to investors on Tuesday,Benzinga reports. The firm presently has an “outperform” rating on the biopharmaceutical company’s stock. Royal Bank of Canada’s price objective points to a potential upside of 27.22% from the stock’s current price.

PTCT has been the topic of a number of other reports. Cantor Fitzgerald boosted their price target on shares of PTC Therapeutics from $76.00 to $113.00 and gave the stock an “overweight” rating in a research report on Monday, February 3rd. Morgan Stanley raised PTC Therapeutics from an “equal weight” rating to an “overweight” rating and boosted their price objective for the stock from $45.00 to $67.00 in a research note on Friday, December 13th. JPMorgan Chase & Co. upped their price target on shares of PTC Therapeutics from $51.00 to $62.00 and gave the company an “overweight” rating in a report on Tuesday, November 19th. Wells Fargo & Company boosted their target price on shares of PTC Therapeutics from $56.00 to $68.00 and gave the stock an “overweight” rating in a report on Tuesday, November 26th. Finally, The Goldman Sachs Group raised their target price on shares of PTC Therapeutics from $32.00 to $42.00 and gave the stock a “sell” rating in a report on Wednesday, December 4th. Three equities research analysts have rated the stock with a sell rating, four have given a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $58.85.

PTC Therapeutics Price Performance

Shares of PTCT traded down $2.30 during trading hours on Tuesday, reaching $49.52. 527,746 shares of the company’s stock traded hands, compared to its average volume of 692,893. PTC Therapeutics has a twelve month low of $24.00 and a twelve month high of $54.16. The business’s fifty day simple moving average is $46.52 and its two-hundred day simple moving average is $41.10. The firm has a market capitalization of $3.82 billion, a price-to-earnings ratio of -8.34 and a beta of 0.62.

Insider Buying and Selling

In other PTC Therapeutics news, CEO Matthew B. Klein sold 8,279 shares of the company’s stock in a transaction on Tuesday, December 31st. The stock was sold at an average price of $45.16, for a total value of $373,879.64. Following the sale, the chief executive officer now directly owns 217,528 shares in the company, valued at $9,823,564.48. This represents a 3.67 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CAO Christine Marie Utter sold 1,291 shares of the company’s stock in a transaction dated Tuesday, January 7th. The stock was sold at an average price of $45.34, for a total transaction of $58,533.94. Following the completion of the sale, the chief accounting officer now directly owns 65,983 shares in the company, 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 sold a total of 211,737 shares of company stock valued at $10,920,687 over the last ninety days. 5.50% of the stock is owned by company insiders.

Hedge Funds Weigh In On PTC Therapeutics

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Vanguard Group Inc. lifted its position in PTC Therapeutics by 0.6% during the 4th quarter. Vanguard Group Inc. now owns 9,178,822 shares of the biopharmaceutical company’s stock worth $414,332,000 after buying an additional 53,688 shares in the last quarter. Toronto Dominion Bank acquired a new position in shares of PTC Therapeutics during the fourth quarter valued at $148,363,000. State Street Corp increased its position in PTC Therapeutics by 5.4% in the third quarter. State Street Corp now owns 2,899,040 shares of the biopharmaceutical company’s stock worth $107,554,000 after purchasing an additional 149,700 shares during the period. Janus Henderson Group PLC raised its holdings in PTC Therapeutics by 24.4% during the 4th quarter. Janus Henderson Group PLC now owns 2,325,915 shares of the biopharmaceutical company’s stock worth $105,015,000 after purchasing an additional 455,698 shares during the last quarter. Finally, Geode Capital Management LLC lifted its position in PTC Therapeutics by 0.6% during the 3rd quarter. Geode Capital Management LLC now owns 1,798,666 shares of the biopharmaceutical company’s stock valued at $66,743,000 after purchasing an additional 10,886 shares during the period.

About PTC Therapeutics

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.