Citigroup Issues Positive Forecast for PTC Therapeutics (NASDAQ:PTCT) Stock Price

PTC Therapeutics (NASDAQ:PTCT) had its price target increased by Citigroup from $32.00 to $45.00 in a research note issued to investors on Wednesday morning,Benzinga reports. They currently have a sell rating on the biopharmaceutical company’s stock.

Several other research firms have also recently commented on PTCT. The Goldman Sachs Group boosted their price target on shares of PTC Therapeutics from $32.00 to $42.00 and gave the company a “sell” rating in a report on Wednesday, December 4th. UBS Group upped their price objective on shares of PTC Therapeutics from $47.00 to $71.00 and gave the stock a “buy” rating in a report on Tuesday, December 3rd. Royal Bank of Canada upgraded shares of PTC Therapeutics from a “sector perform” rating to an “outperform” rating and upped their price objective for the stock from $39.00 to $63.00 in a report on Tuesday, December 3rd. Wells Fargo & Company upped their price objective on shares of PTC Therapeutics from $56.00 to $68.00 and gave the stock an “overweight” rating in a report on Tuesday, November 26th. Finally, StockNews.com upgraded shares of PTC Therapeutics from a “hold” rating to a “buy” rating in a report on Friday, February 7th. Three equities research analysts have rated the stock with a sell rating, three have issued a hold rating, nine have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $58.85.

PTC Therapeutics Stock Performance

PTC Therapeutics stock opened at $48.93 on Wednesday. The company’s fifty day simple moving average is $46.36 and its 200-day simple moving average is $40.61. PTC Therapeutics has a 12 month low of $23.58 and a 12 month high of $54.16.

Insider Activity

In other news, insider Neil Gregory Almstead sold 1,265 shares of the stock in a transaction that occurred on Tuesday, January 7th. The shares were sold at an average price of $45.34, for a total transaction of $57,355.10. Following the sale, the insider now directly owns 104,783 shares of the company’s stock, valued at $4,750,861.22. This represents a 1.19 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CAO Christine Marie Utter sold 17,800 shares of the stock in a transaction that occurred on Monday, December 2nd. The shares were sold at an average price of $51.77, for a total transaction of $921,506.00. Following the sale, the chief accounting officer now directly owns 52,428 shares in the company, valued at $2,714,197.56. This trade represents a 25.35 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 211,737 shares of company stock valued at $10,920,687. Insiders own 5.50% of the company’s stock.

Institutional Trading of PTC Therapeutics

Several hedge funds have recently modified their holdings of PTCT. Point72 Asset Management L.P. boosted its stake in 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 acquiring an additional 643,960 shares during the last quarter. Pictet Asset Management Holding SA boosted its stake in 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 acquiring an additional 381,319 shares during the last quarter. Parkman Healthcare Partners LLC bought a new position in PTC Therapeutics in the third quarter valued at approximately $7,234,000. State Street Corp raised its holdings in PTC Therapeutics by 5.4% in the third quarter. State Street Corp now owns 2,899,040 shares of the biopharmaceutical company’s stock worth $107,554,000 after purchasing an additional 149,700 shares during the period. Finally, Alliancebernstein L.P. raised its holdings in PTC Therapeutics by 62.9% in the fourth quarter. Alliancebernstein L.P. now owns 361,644 shares of the biopharmaceutical company’s stock worth $16,325,000 after purchasing an additional 139,596 shares during the period.

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.