PTC Therapeutics (NASDAQ:PTCT) Rating Increased to Overweight at Morgan Stanley

Morgan Stanley upgraded shares of PTC Therapeutics (NASDAQ:PTCT) from an equal weight rating to an overweight rating in a report published on Friday morning, MarketBeat reports. They currently have $67.00 price target on the biopharmaceutical company’s stock, up from their previous price target of $45.00.

Several other research analysts also recently commented on PTCT. JPMorgan Chase & Co. raised their target price on PTC Therapeutics from $51.00 to $62.00 and gave the stock an “overweight” rating in a research note on Tuesday, November 19th. Citigroup raised their price target on PTC Therapeutics from $26.00 to $32.00 and gave the company a “sell” rating in a report on Wednesday, December 4th. Raymond James assumed coverage on shares of PTC Therapeutics in a research report on Thursday, October 10th. They issued a “market perform” rating on the stock. Cantor Fitzgerald reiterated an “overweight” rating and set a $64.00 target price on shares of PTC Therapeutics in a research report on Tuesday, September 17th. Finally, StockNews.com raised shares of PTC Therapeutics from a “hold” rating to a “buy” rating in a report on Wednesday, December 4th. Three investment analysts have rated the stock with a sell rating, three have given a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, PTC Therapeutics currently has a consensus rating of “Moderate Buy” and a consensus price target of $54.08.

PTC Therapeutics Price Performance

NASDAQ:PTCT opened at $46.37 on Friday. PTC Therapeutics has a 1 year low of $23.58 and a 1 year high of $54.16. The stock’s fifty day moving average price is $42.49 and its two-hundred day moving average price is $37.10. The company has a market cap of $3.58 billion, a P/E ratio of -7.81 and a beta of 0.63.

Insider Transactions at PTC Therapeutics

In related news, CAO Christine Marie Utter sold 17,800 shares of PTC Therapeutics stock in a transaction dated 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 sale, the chief accounting officer now directly owns 52,428 shares in the company, valued at approximately $2,714,197.56. This trade represents a 25.35 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Mark Elliott Boulding sold 85,600 shares of the company’s stock in a transaction dated Monday, December 2nd. The shares were sold at an average price of $52.26, for a total transaction of $4,473,456.00. Following the transaction, the vice president now owns 92,389 shares in the company, valued at $4,828,249.14. This represents a 48.09 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 196,950 shares of company stock valued at $10,251,735. Insiders own 5.50% of the company’s stock.

Institutional Trading of PTC Therapeutics

A number of large investors have recently made changes to their positions in the stock. KBC Group NV lifted 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 valued at $83,000 after purchasing an additional 504 shares during the period. CWM LLC increased its holdings in PTC Therapeutics by 354.7% during the third quarter. CWM LLC now owns 2,687 shares of the biopharmaceutical company’s stock valued at $100,000 after buying an additional 2,096 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. raised its position 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 worth $104,000 after acquiring an additional 492 shares during the period. Quest Partners LLC purchased a new position in shares of PTC Therapeutics during the 2nd quarter worth $128,000. Finally, Quarry LP grew its position in shares of PTC Therapeutics by 100.0% during the 2nd quarter. Quarry LP now owns 5,000 shares of the biopharmaceutical company’s stock valued at $153,000 after acquiring an additional 2,500 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.