PTC Therapeutics (NASDAQ:PTCT) Coverage Initiated by Analysts at Scotiabank

Scotiabank assumed coverage on shares of PTC Therapeutics (NASDAQ:PTCT) in a research note published on Friday, MarketBeat Ratings reports. The firm issued a sector perform rating and a $55.00 target price on the biopharmaceutical company’s stock.

A number of other analysts have also recently weighed in on PTCT. UBS Group increased their price target on PTC Therapeutics from $47.00 to $71.00 and gave the stock a “buy” rating in a research report on Tuesday, December 3rd. Wells Fargo & Company increased their price target on PTC Therapeutics from $56.00 to $68.00 and gave the stock an “overweight” rating in a research report on Tuesday, November 26th. JPMorgan Chase & Co. dropped their price target on PTC Therapeutics from $74.00 to $72.00 and set an “overweight” rating on the stock in a research report on Friday, February 28th. StockNews.com cut PTC Therapeutics from a “buy” rating to a “hold” rating in a research report on Monday, February 17th. Finally, Cantor Fitzgerald increased their price target on PTC Therapeutics from $76.00 to $113.00 and gave the stock an “overweight” rating in a research report on Monday, February 3rd. Three analysts have rated the stock with a sell rating, four have issued a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $61.77.

PTC Therapeutics Stock Down 0.4 %

Shares of NASDAQ PTCT opened at $52.59 on Friday. The stock’s 50 day moving average price is $47.85 and its two-hundred day moving average price is $42.85. PTC Therapeutics has a 52-week low of $24.00 and a 52-week high of $55.60. The stock has a market capitalization of $4.06 billion, a P/E ratio of -8.85 and a beta of 0.62.

Insider Buying and Selling at PTC Therapeutics

In other PTC Therapeutics news, CEO Matthew B. Klein sold 8,279 shares of the stock in a transaction on Tuesday, December 31st. The stock was sold at an average price of $45.16, for a total transaction of $373,879.64. Following the completion of the transaction, the chief executive officer now directly owns 217,528 shares of the company’s stock, valued at approximately $9,823,564.48. This trade represents a 3.67 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Allan Steven Jacobson sold 1,230 shares of the stock in a transaction on Tuesday, March 4th. The shares were sold at an average price of $51.52, for a total value of $63,369.60. Following the transaction, the director now directly owns 19,118 shares of the company’s stock, valued at approximately $984,959.36. The trade was a 6.04 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 22,870 shares of company stock valued at $1,075,657. 5.50% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On PTC Therapeutics

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Creative Planning boosted its stake in shares of PTC Therapeutics by 8.1% during the 3rd quarter. Creative Planning now owns 10,944 shares of the biopharmaceutical company’s stock worth $406,000 after acquiring an additional 816 shares in the last quarter. State of New Jersey Common Pension Fund D boosted its stake in shares of PTC Therapeutics by 7.0% during the 3rd quarter. State of New Jersey Common Pension Fund D now owns 56,820 shares of the biopharmaceutical company’s stock worth $2,108,000 after acquiring an additional 3,727 shares in the last quarter. Los Angeles Capital Management LLC boosted its stake in shares of PTC Therapeutics by 40.0% during the 3rd quarter. Los Angeles Capital Management LLC now owns 15,130 shares of the biopharmaceutical company’s stock worth $561,000 after acquiring an additional 4,325 shares in the last quarter. 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 acquiring an additional 504 shares in the last quarter. Finally, Thrivent Financial for Lutherans bought a new stake in shares of PTC Therapeutics during the 3rd quarter worth $1,450,000.

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.