PTC Therapeutics (NASDAQ:PTCT) Shares Gap Up – What’s Next?

PTC Therapeutics, Inc. (NASDAQ:PTCT)’s stock price gapped up before the market opened on Tuesday . The stock had previously closed at $48.06, but opened at $50.00. PTC Therapeutics shares last traded at $50.53, with a volume of 109,429 shares.

Analyst Ratings Changes

PTCT has been the topic of a number of recent analyst reports. StockNews.com upgraded PTC Therapeutics from a “hold” rating to a “buy” rating in a report on Wednesday, December 4th. Wells Fargo & Company raised their price objective 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. Raymond James assumed coverage on shares of PTC Therapeutics in a report on Thursday, October 10th. They issued a “market perform” rating for the company. Morgan Stanley lifted their price target on shares of PTC Therapeutics from $32.00 to $45.00 and gave the stock an “equal weight” rating in a research note on Friday, October 11th. Finally, Royal Bank of Canada upgraded shares of PTC Therapeutics from a “sector perform” rating to an “outperform” rating and upped their price objective for the company from $39.00 to $63.00 in a research note on Tuesday, December 3rd. Three investment analysts have rated the stock with a sell rating, four have given a hold rating, eight have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $52.38.

PTC Therapeutics Stock Performance

The stock’s 50-day moving average price is $41.71 and its 200-day moving average price is $36.85. The company has a market capitalization of $3.88 billion, a price-to-earnings ratio of -8.75 and a beta of 0.63.

Insider Buying and Selling at PTC Therapeutics

In other news, CAO Christine Marie Utter sold 17,800 shares of the business’s stock in a transaction on Monday, December 2nd. The stock was sold at an average price of $51.77, for a total value of $921,506.00. Following the completion of the transaction, the chief accounting officer now directly owns 52,428 shares of the company’s stock, valued at $2,714,197.56. The trade was a 25.35 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, VP Mark Elliott Boulding sold 85,600 shares of the stock in a transaction 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 sale, the vice president now directly owns 92,389 shares in the company, 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. Over the last 90 days, insiders have sold 196,950 shares of company stock valued at $10,251,735. Insiders own 5.50% of the company’s stock.

Institutional Investors Weigh In On PTC Therapeutics

Hedge funds have recently modified their holdings of the company. KBC Group NV boosted its position in PTC Therapeutics by 29.2% during the third quarter. KBC Group NV now owns 2,232 shares of the biopharmaceutical company’s stock worth $83,000 after acquiring an additional 504 shares during the last quarter. CWM LLC increased its stake in PTC Therapeutics by 354.7% in the third quarter. CWM LLC now owns 2,687 shares of the biopharmaceutical company’s stock valued at $100,000 after purchasing an additional 2,096 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. increased its stake in PTC Therapeutics by 21.5% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,782 shares of the biopharmaceutical company’s stock valued at $104,000 after purchasing an additional 492 shares during the last quarter. Quest Partners LLC purchased a new position in PTC Therapeutics during the second quarter worth about $128,000. Finally, Quarry LP boosted its stake in PTC Therapeutics by 100.0% in the 2nd quarter. Quarry LP now owns 5,000 shares of the biopharmaceutical company’s stock worth $153,000 after buying an additional 2,500 shares during the last quarter.

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.