PTC Therapeutics (NASDAQ:PTCT) Upgraded at Royal Bank of Canada

Royal Bank of Canada upgraded shares of PTC Therapeutics (NASDAQ:PTCT) from a sector perform rating to an outperform rating in a research report released on Tuesday, Marketbeat.com reports. They currently have $63.00 target price on the biopharmaceutical company’s stock, up from their previous target price of $39.00.

Other analysts have also recently issued reports about the company. JPMorgan Chase & Co. boosted their price objective on PTC Therapeutics from $51.00 to $62.00 and gave the stock an “overweight” rating in a report on Tuesday, November 19th. StockNews.com cut shares of PTC Therapeutics from a “buy” rating to a “hold” rating in a research report on Tuesday, November 19th. Wells Fargo & Company increased their price objective on shares of PTC Therapeutics from $56.00 to $68.00 and gave the company an “overweight” rating in a report on Tuesday, November 26th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $64.00 target price on shares of PTC Therapeutics in a report on Tuesday, September 17th. Finally, Baird R W raised PTC Therapeutics to a “strong-buy” rating in a research note on Wednesday, September 4th. Three equities research analysts have rated the stock with a sell rating, four have assigned a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $52.38.

PTC Therapeutics Stock Performance

NASDAQ PTCT opened at $48.40 on Tuesday. The stock has a market capitalization of $3.73 billion, a P/E ratio of -8.15 and a beta of 0.63. PTC Therapeutics has a 52 week low of $23.58 and a 52 week high of $54.16. The stock has a fifty day moving average of $41.28 and a 200-day moving average of $36.74.

Insider Transactions at PTC Therapeutics

In other news, Director Jerome B. Zeldis sold 24,000 shares of the firm’s stock in a transaction that occurred on Monday, December 2nd. The shares were sold at an average price of $51.50, for a total transaction of $1,236,000.00. Following the completion of the transaction, the director now directly owns 14,500 shares of the company’s stock, valued at $746,750. This trade represents a 62.34 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, 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 transaction 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 represents a 25.35 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 196,950 shares of company stock valued at $10,251,735 over the last quarter. Corporate insiders own 5.50% of the company’s stock.

Institutional Investors Weigh In On PTC Therapeutics

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. KBC Group NV boosted its stake in shares of PTC Therapeutics by 29.2% during the 3rd quarter. KBC Group NV now owns 2,232 shares of the biopharmaceutical company’s stock worth $83,000 after buying an additional 504 shares during the last quarter. CWM LLC raised 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 worth $100,000 after acquiring an additional 2,096 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its position in PTC Therapeutics by 21.5% during 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 bought a new position in PTC Therapeutics in the second quarter valued at approximately $128,000. Finally, Quarry LP increased 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 worth $153,000 after purchasing an additional 2,500 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.