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

PTC Therapeutics, Inc. (NASDAQ:PTCT)’s share price rose 6.1% during mid-day 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 changed hands during trading, a decline of 86% from the average daily volume of 589,659 shares. The stock had previously closed at $45.88.

A number of other research firms also recently weighed in on PTCT. UBS Group increased their price target on shares of PTC Therapeutics from $47.00 to $71.00 and gave the stock a “buy” rating in a research note on Tuesday, December 3rd. Morgan Stanley raised shares of PTC Therapeutics from an “equal weight” rating to an “overweight” rating and raised their target price for the company from $45.00 to $67.00 in a research note on Friday, December 13th. The Goldman Sachs Group upped their price target on shares of PTC Therapeutics from $32.00 to $42.00 and gave the stock a “sell” rating in a research report on Wednesday, December 4th. 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 report on Tuesday, December 3rd. Finally, Citigroup upped their target price on PTC Therapeutics from $26.00 to $32.00 and gave the stock a “sell” rating in a research report on Wednesday, December 4th. Three equities research analysts have rated the stock with a sell rating, four have given a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $57.85.

Insider Transactions at PTC Therapeutics

In other news, insider Neil Gregory Almstead sold 69,550 shares of the business’s stock in a transaction dated Monday, December 2nd. The shares were sold at an average price of $52.06, for a total value of $3,620,773.00. Following the completion of the sale, the insider now owns 86,202 shares of the company’s stock, valued at approximately $4,487,676.12. The trade was a 44.65 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Mark Elliott Boulding sold 85,600 shares of the stock in a transaction dated Monday, December 2nd. The stock was sold at an average price of $52.26, for a total transaction of $4,473,456.00. Following the transaction, the vice president now directly owns 92,389 shares in the company, valued at $4,828,249.14. The trade was a 48.09 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 211,737 shares of company stock valued at $10,920,687. 5.50% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On PTC Therapeutics

Several institutional investors and hedge funds have recently made changes to their positions in the company. Point72 Asset Management L.P. increased its stake in PTC Therapeutics by 945.6% during 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 last quarter. Parkman Healthcare Partners LLC acquired a new position in shares of PTC Therapeutics in the 3rd quarter valued at about $7,234,000. Millennium Management LLC grew 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 buying an additional 175,289 shares during the last quarter. State Street Corp raised its stake in PTC Therapeutics by 5.4% during the third 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 during the period. Finally, Assenagon Asset Management S.A. raised its stake in PTC Therapeutics by 32.1% during the third 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 Price Performance

The stock has a market cap of $3.85 billion, a P/E ratio of -8.41 and a beta of 0.62. The stock’s fifty day simple moving average is $45.93 and its 200-day simple moving average is $39.81.

PTC Therapeutics (NASDAQ:PTCT) last released its quarterly earnings data on Thursday, November 7th. The biopharmaceutical company reported ($1.39) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($1.54) by $0.15. The company had revenue of $196.79 million for the quarter, compared to analyst estimates of $173.51 million. During the same quarter in the prior year, the firm earned ($1.76) EPS. 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.