Morgan Stanley Increases PTC Therapeutics (NASDAQ:PTCT) Price Target to $32.00

PTC Therapeutics (NASDAQ:PTCT) had its target price boosted by equities researchers at Morgan Stanley from $30.00 to $32.00 in a report issued on Friday, Benzinga reports. The brokerage presently has an “equal weight” rating on the biopharmaceutical company’s stock. Morgan Stanley’s target price indicates a potential downside of 3.82% from the stock’s previous close.

Several other research firms have also recently weighed in on PTCT. JPMorgan Chase & Co. reaffirmed an “overweight” rating and set a $53.00 target price on shares of PTC Therapeutics in a research note on Thursday, June 20th. Bank of America lifted their target price on PTC Therapeutics from $25.00 to $32.00 and gave the stock an “underperform” rating in a report on Friday, June 21st. Cantor Fitzgerald increased their price target on PTC Therapeutics from $52.00 to $62.00 and gave the company an “overweight” rating in a research note on Monday, July 1st. Citigroup raised their price target on PTC Therapeutics from $18.00 to $26.00 and gave the company a “sell” rating in a report on Tuesday, May 21st. Finally, Raymond James raised PTC Therapeutics from an “underperform” rating to a “market perform” rating in a report on Monday, May 20th. Three equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $37.53.

PTC Therapeutics Stock Up 0.2 %

Shares of NASDAQ:PTCT opened at $33.27 on Friday. The stock has a market capitalization of $2.55 billion, a PE ratio of -4.33 and a beta of 0.65. The firm’s 50 day moving average price is $34.64 and its 200-day moving average price is $30.31. PTC Therapeutics has a twelve month low of $17.53 and a twelve month high of $42.14.

PTC Therapeutics (NASDAQ:PTCT) last released its earnings results on Thursday, April 25th. The biopharmaceutical company reported ($1.20) earnings per share for the quarter, beating the consensus estimate of ($1.21) by $0.01. The company had revenue of $210.12 million for the quarter, compared to analysts’ expectations of $160.27 million. Analysts expect that PTC Therapeutics will post -4.9 earnings per share for the current fiscal year.

Insider Activity

In other PTC Therapeutics news, CEO Matthew B. Klein sold 3,361 shares of the firm’s stock in a transaction on Friday, April 19th. The stock was sold at an average price of $24.89, for a total transaction of $83,655.29. Following the transaction, the chief executive officer now directly owns 225,807 shares in the company, valued at approximately $5,620,336.23. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other news, Director Jerome B. Zeldis sold 20,000 shares of the business’s stock in a transaction dated Wednesday, May 22nd. The shares were sold at an average price of $38.24, for a total value of $764,800.00. Following the completion of the sale, the director now owns 14,500 shares in the company, valued at approximately $554,480. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Matthew B. Klein sold 3,361 shares of PTC Therapeutics stock in a transaction that occurred on Friday, April 19th. The shares were sold at an average price of $24.89, for a total transaction of $83,655.29. Following the transaction, the chief executive officer now directly owns 225,807 shares in the company, valued at $5,620,336.23. The disclosure for this sale can be found here. Over the last quarter, insiders sold 24,323 shares of company stock valued at $873,984. Corporate insiders own 5.50% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. Vise Technologies Inc. grew its holdings in shares of PTC Therapeutics by 20.1% during the fourth quarter. Vise Technologies Inc. now owns 12,808 shares of the biopharmaceutical company’s stock valued at $353,000 after buying an additional 2,140 shares during the last quarter. Trexquant Investment LP acquired a new stake in PTC Therapeutics during the 4th quarter worth about $6,412,000. Wellington Management Group LLP grew its stake in PTC Therapeutics by 4.0% during the 4th quarter. Wellington Management Group LLP now owns 9,816,603 shares of the biopharmaceutical company’s stock valued at $270,546,000 after purchasing an additional 380,415 shares during the last quarter. Walleye Capital LLC increased its holdings in shares of PTC Therapeutics by 958.6% in the third quarter. Walleye Capital LLC now owns 72,030 shares of the biopharmaceutical company’s stock valued at $1,614,000 after purchasing an additional 65,226 shares during the period. Finally, Vanguard Group Inc. raised its stake in shares of PTC Therapeutics by 5.2% in the third quarter. Vanguard Group Inc. now owns 7,945,489 shares of the biopharmaceutical company’s stock worth $178,058,000 after purchasing an additional 393,012 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.