PTC Therapeutics (NASDAQ:PTCT) Stock Rating Upgraded by Morgan Stanley

Morgan Stanley upgraded shares of PTC Therapeutics (NASDAQ:PTCT) from an underweight rating to an equal weight rating in a research note published on Monday morning, Benzinga reports. The firm currently has $30.00 target price on the biopharmaceutical company’s stock, up from their prior target price of $28.00.

PTCT has been the subject of several other research reports. Royal Bank of Canada increased their price target on PTC Therapeutics from $22.00 to $28.00 and gave the company a sector perform rating in a research note on Friday, March 1st. TD Cowen dropped their price objective on shares of PTC Therapeutics from $32.00 to $30.00 and set a market perform rating on the stock in a research note on Friday, March 1st. Jefferies Financial Group increased their price objective on shares of PTC Therapeutics from $33.00 to $35.00 and gave the company a buy rating in a research note on Wednesday, March 20th. Finally, Cantor Fitzgerald reissued an overweight rating and issued a $45.00 target price on shares of PTC Therapeutics in a research report on Friday, April 12th. Four equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of Hold and a consensus target price of $33.67.

PTC Therapeutics Stock Performance

PTC Therapeutics stock opened at $33.62 on Monday. The stock has a market capitalization of $2.58 billion, a P/E ratio of -4.38 and a beta of 0.63. PTC Therapeutics has a 52 week low of $17.53 and a 52 week high of $59.84. The stock has a fifty day moving average of $28.72 and a 200-day moving average of $26.11.

PTC Therapeutics (NASDAQ:PTCT) last announced its quarterly earnings results on Thursday, April 25th. The biopharmaceutical company reported ($1.20) EPS for the quarter, beating analysts’ consensus estimates of ($1.21) by $0.01. The firm had revenue of $210.12 million during the quarter, compared to the consensus estimate of $160.27 million. On average, research analysts forecast that PTC Therapeutics will post -5.21 earnings per share for the current year.

Insiders Place Their Bets

In related news, CEO Matthew B. Klein sold 3,361 shares of the company’s stock in a transaction on Friday, April 19th. The shares were sold at an average price of $24.89, for a total transaction of $83,655.29. Following the completion of the sale, the chief executive officer now directly owns 225,807 shares in the company, valued at approximately $5,620,336.23. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders sold a total of 4,674 shares of company stock valued at $118,363 over the last quarter. 5.30% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On PTC Therapeutics

A number of large investors have recently modified their holdings of PTCT. Hexagon Capital Partners LLC increased its stake in shares of PTC Therapeutics by 132.0% during the fourth quarter. Hexagon Capital Partners LLC now owns 979 shares of the biopharmaceutical company’s stock valued at $27,000 after purchasing an additional 557 shares in the last quarter. Allspring Global Investments Holdings LLC purchased a new position in PTC Therapeutics in the 1st quarter worth about $46,000. China Universal Asset Management Co. Ltd. grew its position in PTC Therapeutics by 99.7% in the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 1,941 shares of the biopharmaceutical company’s stock worth $43,000 after purchasing an additional 969 shares during the period. Nisa Investment Advisors LLC grew its holdings in shares of PTC Therapeutics by 317.0% in the third quarter. Nisa Investment Advisors LLC now owns 2,656 shares of the biopharmaceutical company’s stock worth $60,000 after acquiring an additional 2,019 shares during the period. Finally, Headlands Technologies LLC increased its position in shares of PTC Therapeutics by 248.0% during the 4th quarter. Headlands Technologies LLC now owns 4,684 shares of the biopharmaceutical company’s stock valued at $129,000 after purchasing an additional 3,338 shares during 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.