Royal Bank of Canada Issues Positive Forecast for PTC Therapeutics (NASDAQ:PTCT) Stock Price

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

Several other equities research analysts also recently issued reports on PTCT. Robert W. Baird increased their price objective on shares of PTC Therapeutics from $52.00 to $70.00 and gave the stock an “outperform” rating in a research report on Tuesday, December 3rd. Morgan Stanley raised shares of PTC Therapeutics from an “equal weight” rating to an “overweight” rating and boosted their price target for the stock from $45.00 to $67.00 in a research report on Friday, December 13th. StockNews.com downgraded PTC Therapeutics from a “buy” rating to a “hold” rating in a research report on Monday. Barclays upped their target price on PTC Therapeutics from $45.00 to $56.00 and gave the stock an “equal weight” rating in a report on Tuesday, December 3rd. Finally, Citigroup raised their price target on PTC Therapeutics from $32.00 to $45.00 and gave the company a “sell” rating in a research note on Wednesday, February 12th. Three investment analysts have rated the stock with a sell rating, four have issued a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, PTC Therapeutics currently has a consensus rating of “Hold” and a consensus target price of $58.85.

PTC Therapeutics Trading Down 4.4 %

Shares of NASDAQ:PTCT traded down $2.30 during mid-day trading on Tuesday, reaching $49.52. The stock had a trading volume of 527,746 shares, 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 firm has a market cap of $3.82 billion, a PE ratio of -8.34 and a beta of 0.62. The firm has a 50 day simple moving average of $46.52 and a two-hundred day simple moving average of $41.10.

Insider Buying and Selling

In related news, insider Neil Gregory Almstead sold 69,550 shares of PTC Therapeutics stock in a transaction that occurred on Monday, December 2nd. The stock was sold at an average price of $52.06, for a total transaction of $3,620,773.00. Following the completion of the sale, the insider now directly owns 86,202 shares of the company’s stock, valued at approximately $4,487,676.12. This trade represents a 44.65 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Jerome B. Zeldis sold 24,000 shares of the stock in a transaction on Monday, December 2nd. The stock was sold at an average price of $51.50, for a total value of $1,236,000.00. Following the transaction, the director now owns 14,500 shares in the company, valued at $746,750. The trade was a 62.34 % 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. Company insiders own 5.50% of the company’s stock.

Institutional Trading of PTC Therapeutics

Several large investors have recently modified their holdings of the stock. Vanguard Group Inc. grew its stake in PTC Therapeutics by 0.6% during the fourth 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 bought a new stake in shares of PTC Therapeutics during the 4th quarter worth approximately $148,363,000. State Street Corp boosted its position in shares of PTC Therapeutics by 5.4% during the 3rd quarter. State Street Corp now owns 2,899,040 shares of the biopharmaceutical company’s stock worth $107,554,000 after acquiring an additional 149,700 shares in the last quarter. Janus Henderson Group PLC boosted its position in shares of 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 acquiring an additional 455,698 shares in the last quarter. Finally, Geode Capital Management LLC increased its stake in PTC Therapeutics by 0.6% in the third quarter. Geode Capital Management LLC now owns 1,798,666 shares of the biopharmaceutical company’s stock valued at $66,743,000 after acquiring an additional 10,886 shares during the last quarter.

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.