PTC Therapeutics (NASDAQ:PTCT) Trading Up 6.1% on Analyst Upgrade

PTC Therapeutics, Inc. (NASDAQ:PTCT) shares rose 6.1% during trading on Monday after Cantor Fitzgerald raised their price target on the stock from $76.00 to $113.00. Cantor Fitzgerald currently has an overweight rating on the stock. PTC Therapeutics traded as high as $48.44 and last traded at $48.70. Approximately 85,379 shares were traded during trading, a decline of 86% from the average daily volume of 589,659 shares. The stock had previously closed at $45.88.

Other equities research analysts have also issued reports about the stock. UBS Group raised their price objective on shares of PTC Therapeutics from $47.00 to $71.00 and gave the company a “buy” rating in a report on Tuesday, December 3rd. Morgan Stanley raised shares of PTC Therapeutics from an “equal weight” rating to an “overweight” rating and raised their price objective for the stock from $45.00 to $67.00 in a report on Friday, December 13th. Robert W. Baird upped their target price on shares of PTC Therapeutics from $52.00 to $70.00 and gave the company an “outperform” rating in a report on Tuesday, December 3rd. Barclays lifted 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 note on Tuesday, December 3rd. Finally, The Goldman Sachs Group upped their price objective on shares of PTC Therapeutics from $32.00 to $42.00 and gave the company a “sell” rating in a research note on Wednesday, December 4th. Three equities research analysts have rated the stock with a sell rating, four have assigned a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $57.85.

Insider Buying and Selling

In other PTC Therapeutics news, CAO Christine Marie Utter sold 17,800 shares of PTC Therapeutics stock in a transaction that occurred on Monday, December 2nd. The stock was sold at an average price of $51.77, for a total value of $921,506.00. Following the sale, the chief accounting officer now owns 52,428 shares of the company’s stock, valued at approximately $2,714,197.56. The trade was a 25.35 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Lee Scott Golden sold 810 shares of the business’s stock in a transaction that occurred on Tuesday, January 7th. The stock was sold at an average price of $45.34, for a total value of $36,725.40. Following the transaction, the executive vice president now owns 79,849 shares in the company, valued at $3,620,353.66. The trade was a 1.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 211,737 shares of company stock valued at $10,920,687 over the last three months. 5.50% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On PTC Therapeutics

Institutional investors have recently made changes to their positions in the stock. Point72 Asset Management L.P. lifted its stake in shares of PTC Therapeutics by 945.6% in the third quarter. Point72 Asset Management L.P. now owns 575,860 shares of the biopharmaceutical company’s stock valued at $21,364,000 after purchasing an additional 643,960 shares during the period. Parkman Healthcare Partners LLC purchased a new position in PTC Therapeutics in the third quarter valued at about $7,234,000. Millennium Management LLC lifted its position in shares of PTC Therapeutics by 123.2% during the 2nd quarter. Millennium Management LLC now owns 317,579 shares of the biopharmaceutical company’s stock valued at $9,712,000 after acquiring an additional 175,289 shares during the period. State Street Corp boosted its stake in shares of PTC Therapeutics by 5.4% during the 3rd quarter. State Street Corp now owns 2,899,040 shares of the biopharmaceutical company’s stock worth $107,554,000 after acquiring an additional 149,700 shares in the last quarter. Finally, Assenagon Asset Management S.A. grew its holdings in shares of PTC Therapeutics by 32.1% in the 3rd quarter. Assenagon Asset Management S.A. now owns 492,464 shares of the biopharmaceutical company’s stock worth $18,270,000 after acquiring an additional 119,637 shares during the period.

PTC Therapeutics Trading Up 8.9 %

The firm has a 50 day moving average of $45.93 and a two-hundred day moving average of $39.81. The stock has a market capitalization of $3.85 billion, a PE ratio of -8.41 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 research analysts forecast that PTC Therapeutics, Inc. will post -4.56 EPS for the current year.

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.