PTC Therapeutics (NASDAQ:PTCT) Price Target Raised to $45.00 at Citigroup

PTC Therapeutics (NASDAQ:PTCT) had its price objective increased by Citigroup from $32.00 to $45.00 in a research report report published on Wednesday morning,Benzinga reports. The brokerage currently has a sell rating on the biopharmaceutical company’s stock.

Other equities analysts also recently issued reports about the company. Barclays raised their price objective on PTC Therapeutics from $45.00 to $56.00 and gave the company an “equal weight” rating in a research note on Tuesday, December 3rd. Cantor Fitzgerald increased their target price on PTC Therapeutics from $76.00 to $113.00 and gave the company an “overweight” rating in a report on Monday, February 3rd. UBS Group increased their target price on PTC Therapeutics from $47.00 to $71.00 and gave the company a “buy” rating in a report on Tuesday, December 3rd. Royal Bank of Canada upgraded PTC Therapeutics from a “sector perform” rating to an “outperform” rating and increased their target price for the company from $39.00 to $63.00 in a report on Tuesday, December 3rd. Finally, The Goldman Sachs Group increased their target price on PTC Therapeutics from $32.00 to $42.00 and gave the company a “sell” rating in a report on Wednesday, December 4th. Three investment analysts have rated the stock with a sell rating, three have assigned a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, PTC Therapeutics has an average rating of “Moderate Buy” and an average price target of $58.85.

PTC Therapeutics Price Performance

Shares of PTCT stock opened at $48.93 on Wednesday. PTC Therapeutics has a 12-month low of $23.58 and a 12-month high of $54.16. The stock has a 50 day simple moving average of $46.36 and a 200-day simple moving average of $40.61.

Insider Buying and Selling at PTC Therapeutics

In other news, CEO Matthew B. Klein sold 8,279 shares of PTC Therapeutics stock in a transaction dated Tuesday, December 31st. The stock was sold at an average price of $45.16, for a total transaction of $373,879.64. Following the sale, the chief executive officer now directly owns 217,528 shares of the company’s stock, valued at approximately $9,823,564.48. The trade was a 3.67 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Mark Elliott Boulding sold 85,600 shares of PTC Therapeutics stock in a transaction dated 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 completion of the transaction, 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 disclosure for this sale can be found here. Insiders have sold 211,737 shares of company stock valued at $10,920,687 over the last three months. 5.50% of the stock is owned by company insiders.

Hedge Funds Weigh In On PTC Therapeutics

A number of hedge funds have recently bought and sold shares of PTCT. Wells Fargo & Company MN boosted its stake in PTC Therapeutics by 43.1% in the fourth quarter. Wells Fargo & Company MN now owns 38,148 shares of the biopharmaceutical company’s stock valued at $1,722,000 after acquiring an additional 11,499 shares during the period. Trexquant Investment LP raised its holdings in PTC Therapeutics by 43.8% during the fourth quarter. Trexquant Investment LP now owns 313,417 shares of the biopharmaceutical company’s stock worth $14,148,000 after purchasing an additional 95,418 shares in the last quarter. Headlands Technologies LLC increased its holdings in shares of PTC Therapeutics by 843.6% in the fourth quarter. Headlands Technologies LLC now owns 7,228 shares of the biopharmaceutical company’s stock valued at $326,000 after buying an additional 6,462 shares in the last quarter. Alliancebernstein L.P. increased its holdings in shares of PTC Therapeutics by 62.9% in the fourth quarter. Alliancebernstein L.P. now owns 361,644 shares of the biopharmaceutical company’s stock valued at $16,325,000 after buying an additional 139,596 shares in the last quarter. Finally, Pictet Asset Management Holding SA increased its holdings in shares of PTC Therapeutics by 107.4% in the fourth quarter. Pictet Asset Management Holding SA now owns 736,388 shares of the biopharmaceutical company’s stock valued at $33,241,000 after buying an additional 381,319 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.