PTC Therapeutics (NASDAQ:PTCT) Rating Increased to Buy at StockNews.com

PTC Therapeutics (NASDAQ:PTCT) was upgraded by equities researchers at StockNews.com from a “hold” rating to a “buy” rating in a note issued to investors on Friday.

Several other research analysts also recently weighed in on PTCT. Morgan Stanley raised shares of PTC Therapeutics from an “equal weight” rating to an “overweight” rating and boosted their target price for the company from $45.00 to $67.00 in a research note on Friday, December 13th. JPMorgan Chase & Co. boosted their target price on shares of PTC Therapeutics from $51.00 to $62.00 and gave the company an “overweight” rating in a research note on Tuesday, November 19th. UBS Group boosted 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. Raymond James initiated coverage on shares of PTC Therapeutics in a research note on Thursday, October 10th. They issued a “market perform” rating for the company. Finally, Wells Fargo & Company boosted their target price on shares of PTC Therapeutics from $56.00 to $68.00 and gave the company an “overweight” rating in a research note on Tuesday, November 26th. Three analysts have rated the stock with a sell rating, three have assigned a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $57.85.

PTC Therapeutics Stock Performance

PTC Therapeutics stock traded down $0.32 during midday trading on Friday, reaching $49.47. The company’s stock had a trading volume of 425,361 shares, compared to its average volume of 704,350. PTC Therapeutics has a fifty-two week low of $23.58 and a fifty-two week high of $54.16. The stock’s 50 day simple moving average is $46.33 and its 200 day simple moving average is $40.19. The firm has a market capitalization of $3.82 billion, a PE ratio of -8.33 and a beta of 0.62.

PTC Therapeutics (NASDAQ:PTCT) last released its quarterly earnings results on Thursday, November 7th. The biopharmaceutical company reported ($1.39) earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.54) by $0.15. The firm had revenue of $196.79 million for the quarter, compared to analyst estimates of $173.51 million. During the same period last year, the firm earned ($1.76) EPS. Equities analysts predict that PTC Therapeutics will post -4.56 earnings per share for the current year.

Insiders Place Their Bets

In other PTC Therapeutics news, VP Mark Elliott Boulding sold 85,600 shares of the company’s stock in a transaction that occurred on Monday, December 2nd. The stock was sold at an average price of $52.26, for a total value of $4,473,456.00. Following the transaction, the vice president now directly owns 92,389 shares of the company’s stock, valued at $4,828,249.14. This represents a 48.09 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CAO Christine Marie Utter sold 1,291 shares of the company’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 value of $58,533.94. Following the sale, the chief accounting officer now directly owns 65,983 shares in the company, valued at approximately $2,991,669.22. This represents a 1.92 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 211,737 shares of company stock worth $10,920,687 in the last 90 days. 5.50% of the stock is owned by company insiders.

Institutional Investors Weigh In On PTC Therapeutics

Several institutional investors and hedge funds have recently made changes to their positions in PTCT. Smartleaf Asset Management LLC raised its position in shares of PTC Therapeutics by 78.7% during the 4th quarter. Smartleaf Asset Management LLC now owns 613 shares of the biopharmaceutical company’s stock valued at $28,000 after acquiring an additional 270 shares in the last quarter. Venturi Wealth Management LLC acquired a new stake in shares of PTC Therapeutics during the 4th quarter valued at approximately $68,000. R Squared Ltd bought a new position in PTC Therapeutics during the 4th quarter worth $79,000. KBC Group NV grew its stake in 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. Finally, CWM LLC grew its stake in PTC Therapeutics by 354.7% during the 3rd quarter. CWM LLC now owns 2,687 shares of the biopharmaceutical company’s stock worth $100,000 after buying an additional 2,096 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.