PTC Therapeutics (NASDAQ:PTCT) Given New $45.00 Price Target at Morgan Stanley

PTC Therapeutics (NASDAQ:PTCT) had its target price raised by research analysts at Morgan Stanley from $32.00 to $45.00 in a note issued to investors on Friday, Benzinga reports. The firm presently has an “equal weight” rating on the biopharmaceutical company’s stock. Morgan Stanley’s target price points to a potential upside of 15.38% from the company’s current price.

Other research analysts have also recently issued research reports about the stock. Raymond James initiated coverage on shares of PTC Therapeutics in a report on Thursday. They issued a “market perform” rating for the company. Baird R W upgraded shares of PTC Therapeutics to a “strong-buy” rating in a report on Wednesday, September 4th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $64.00 price target on shares of PTC Therapeutics in a report on Tuesday, September 17th. UBS Group initiated coverage on shares of PTC Therapeutics in a report on Monday, August 26th. They issued a “buy” rating and a $47.00 price target for the company. Finally, Robert W. Baird reiterated an “outperform” rating and issued a $44.00 price target on shares of PTC Therapeutics in a report on Tuesday, October 8th. Three investment analysts have rated the stock with a sell rating, five have assigned a hold rating, six have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, PTC Therapeutics currently has a consensus rating of “Hold” and an average target price of $40.08.

PTC Therapeutics Stock Performance

Shares of NASDAQ PTCT opened at $39.00 on Friday. The stock has a market cap of $2.99 billion, a P/E ratio of -5.08 and a beta of 0.65. The firm has a 50 day moving average price of $34.59 and a 200 day moving average price of $33.19. PTC Therapeutics has a 52-week low of $17.53 and a 52-week high of $41.81.

PTC Therapeutics (NASDAQ:PTCT) last issued its quarterly earnings data on Thursday, August 8th. The biopharmaceutical company reported ($1.16) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.00) by ($0.16). The company had revenue of $186.70 million for the quarter, compared to analysts’ expectations of $192.12 million. Analysts predict that PTC Therapeutics will post -5.09 earnings per share for the current fiscal year.

Insider Transactions at PTC Therapeutics

In other PTC Therapeutics news, CFO Pierre Gravier sold 2,269 shares of the company’s stock in a transaction on Tuesday, July 16th. The shares were sold at an average price of $34.02, for a total transaction of $77,191.38. Following the sale, the chief financial officer now directly owns 53,531 shares of the company’s stock, valued at approximately $1,821,124.62. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. 5.50% of the stock is currently owned by insiders.

Institutional Trading of PTC Therapeutics

Several institutional investors and hedge funds have recently added to or reduced their stakes in PTCT. Wellington Management Group LLP grew its stake in shares of PTC Therapeutics by 4.0% in the fourth quarter. Wellington Management Group LLP now owns 9,816,603 shares of the biopharmaceutical company’s stock valued at $270,546,000 after acquiring an additional 380,415 shares in the last quarter. Vanguard Group Inc. grew its stake in shares of PTC Therapeutics by 10.8% in the fourth quarter. Vanguard Group Inc. now owns 8,800,843 shares of the biopharmaceutical company’s stock valued at $242,551,000 after acquiring an additional 855,354 shares in the last quarter. Los Angeles Capital Management LLC grew its stake in shares of PTC Therapeutics by 23.1% in the first quarter. Los Angeles Capital Management LLC now owns 10,800 shares of the biopharmaceutical company’s stock valued at $314,000 after acquiring an additional 2,024 shares in the last quarter. Allspring Global Investments Holdings LLC acquired a new position in shares of PTC Therapeutics in the first quarter valued at about $46,000. Finally, China Universal Asset Management Co. Ltd. grew its stake in PTC Therapeutics by 69.0% during the first quarter. China Universal Asset Management Co. Ltd. now owns 14,752 shares of the biopharmaceutical company’s stock worth $429,000 after buying an additional 6,025 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.