PTC Therapeutics (NASDAQ:PTCT) Price Target Raised to $63.00

PTC Therapeutics (NASDAQ:PTCT) had its price target hoisted by Royal Bank of Canada from $60.00 to $63.00 in a research note released on Tuesday morning,Benzinga reports. The firm currently has an outperform rating on the biopharmaceutical company’s stock.

Several other research firms have also recently weighed in on PTCT. Robert W. Baird increased their target price on shares of PTC Therapeutics from $52.00 to $70.00 and gave the company an “outperform” rating in a research note on Tuesday, December 3rd. UBS Group increased their target price on shares of PTC Therapeutics from $47.00 to $71.00 and gave the company a “buy” rating in a research note on Tuesday, December 3rd. StockNews.com cut shares of PTC Therapeutics from a “buy” rating to a “hold” rating in a research note on Monday. Cantor Fitzgerald increased their target price on shares of PTC Therapeutics from $76.00 to $113.00 and gave the company an “overweight” rating in a research note on Monday, February 3rd. Finally, Barclays increased their price target on shares of PTC Therapeutics from $45.00 to $56.00 and gave the stock an “equal weight” rating in a research report on Tuesday, December 3rd. Three equities research analysts have rated the stock with a sell rating, four have issued a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $58.85.

PTC Therapeutics Stock Performance

NASDAQ PTCT opened at $50.38 on Tuesday. The firm has a 50-day simple moving average of $46.58 and a 200 day simple moving average of $41.35. PTC Therapeutics has a twelve month low of $24.00 and a twelve month high of $54.16. The stock has a market cap of $3.89 billion, a PE ratio of -8.48 and a beta of 0.62.

Insider Transactions at PTC Therapeutics

In related news, VP Mark Elliott Boulding sold 85,600 shares of the firm’s stock in a transaction that occurred on Monday, December 2nd. The shares were sold at an average price of $52.26, for a total value of $4,473,456.00. Following the completion of the sale, the vice president now owns 92,389 shares of the company’s stock, valued at $4,828,249.14. This trade represents a 48.09 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP Lee Scott Golden sold 810 shares of the firm’s stock in a transaction that occurred on Tuesday, January 7th. The shares were sold at an average price of $45.34, for a total transaction of $36,725.40. Following the completion of the sale, the executive vice president now directly owns 79,849 shares of the company’s stock, valued at approximately $3,620,353.66. This represents a 1.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 211,737 shares of company stock valued at $10,920,687. Corporate insiders own 5.50% of the company’s stock.

Institutional Trading of PTC Therapeutics

Hedge funds and other institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. boosted its stake in PTC Therapeutics by 0.6% in the fourth quarter. Vanguard Group Inc. now owns 9,178,822 shares of the biopharmaceutical company’s stock valued at $414,332,000 after acquiring an additional 53,688 shares during the last quarter. Toronto Dominion Bank bought a new position in PTC Therapeutics in the fourth quarter valued at approximately $148,363,000. State Street Corp boosted its stake in PTC Therapeutics by 5.4% in the third quarter. State Street Corp now owns 2,899,040 shares of the biopharmaceutical company’s stock valued at $107,554,000 after acquiring an additional 149,700 shares during the last quarter. Janus Henderson Group PLC boosted its stake in PTC Therapeutics by 24.4% in the fourth quarter. Janus Henderson Group PLC now owns 2,325,915 shares of the biopharmaceutical company’s stock valued at $105,015,000 after acquiring an additional 455,698 shares during the last quarter. Finally, Geode Capital Management LLC boosted 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.