PTC Therapeutics (NASDAQ:PTCT) Stock Rating Upgraded by Morgan Stanley

PTC Therapeutics (NASDAQ:PTCT) was upgraded by equities research analysts at Morgan Stanley from an “equal weight” rating to an “overweight” rating in a report issued on Friday, Marketbeat reports. The brokerage presently has a $67.00 target price on the biopharmaceutical company’s stock, up from their prior target price of $45.00. Morgan Stanley’s price target would indicate a potential upside of 44.49% from the company’s current price.

Other equities research analysts have also issued reports about the stock. Royal Bank of Canada upgraded shares of PTC Therapeutics from a “sector perform” rating to an “outperform” rating and boosted their target price for the company from $39.00 to $63.00 in a research note on Tuesday, December 3rd. Cantor Fitzgerald reissued an “overweight” rating and issued a $64.00 target price on shares of PTC Therapeutics in a report on Tuesday, September 17th. The Goldman Sachs Group raised their target price on PTC Therapeutics from $32.00 to $42.00 and gave the stock a “sell” rating in a research report on Wednesday, December 4th. StockNews.com raised shares of PTC Therapeutics from a “hold” rating to a “buy” rating in a research report on Wednesday, December 4th. Finally, Raymond James began coverage on shares of PTC Therapeutics in a report on Thursday, October 10th. They issued a “market perform” rating on the stock. Three analysts have rated the stock with a sell rating, three have assigned a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $54.08.

PTC Therapeutics Stock Down 2.1 %

PTCT opened at $46.37 on Friday. The stock has a market capitalization of $3.58 billion, a price-to-earnings ratio of -7.81 and a beta of 0.63. The firm has a 50 day moving average price of $42.72 and a 200-day moving average price of $37.17. PTC Therapeutics has a twelve month low of $23.58 and a twelve month high of $54.16.

Insider Activity

In other PTC Therapeutics news, insider Neil Gregory Almstead sold 69,550 shares of the company’s stock in a transaction that occurred on Monday, December 2nd. The stock was sold at an average price of $52.06, for a total value of $3,620,773.00. Following the completion of the transaction, the insider now directly owns 86,202 shares in the company, valued at $4,487,676.12. This represents a 44.65 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CAO Christine Marie Utter sold 17,800 shares of the stock in a transaction that occurred on Monday, December 2nd. The shares were sold at an average price of $51.77, for a total transaction of $921,506.00. Following the sale, the chief accounting officer now directly owns 52,428 shares of the company’s stock, valued at approximately $2,714,197.56. This trade represents a 25.35 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 196,950 shares of company stock worth $10,251,735 in the last three months. Company insiders own 5.50% of the company’s stock.

Hedge Funds Weigh In On PTC Therapeutics

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Geode Capital Management LLC increased its holdings in PTC Therapeutics by 0.6% in 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 acquiring an additional 10,886 shares during the last quarter. Two Sigma Advisers LP grew its position in shares of PTC Therapeutics by 10.3% during the third quarter. Two Sigma Advisers LP now owns 429,842 shares of the biopharmaceutical company’s stock valued at $15,947,000 after purchasing an additional 40,300 shares in the last quarter. Sphera Funds Management LTD. increased its holdings in shares of PTC Therapeutics by 25.5% in the third quarter. Sphera Funds Management LTD. now owns 118,345 shares of the biopharmaceutical company’s stock worth $4,391,000 after purchasing an additional 24,027 shares during the last quarter. State Street Corp lifted its position in shares of 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 buying an additional 149,700 shares in the last quarter. Finally, Point72 Asset Management L.P. lifted its position in shares of PTC Therapeutics by 945.6% in the third quarter. Point72 Asset Management L.P. now owns 575,860 shares of the biopharmaceutical company’s stock worth $21,364,000 after buying an additional 643,960 shares in 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.