PTC Therapeutics (NASDAQ:PTCT) Upgraded to “Buy” at StockNews.com

StockNews.com upgraded shares of PTC Therapeutics (NASDAQ:PTCT) from a hold rating to a buy rating in a research report sent to investors on Friday.

Several other research firms also recently commented on PTCT. The Goldman Sachs Group increased their price objective 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. Barclays increased their price target on PTC Therapeutics from $45.00 to $56.00 and gave the company an “equal weight” rating in a research note on Tuesday, December 3rd. JPMorgan Chase & Co. upped their price objective on PTC Therapeutics from $51.00 to $62.00 and gave the stock an “overweight” rating in a report on Tuesday, November 19th. Royal Bank of Canada raised shares of PTC Therapeutics from a “sector perform” rating to an “outperform” rating and raised their target price for the company from $39.00 to $63.00 in a report on Tuesday, December 3rd. Finally, Robert W. Baird increased their price objective on shares of PTC Therapeutics from $52.00 to $70.00 and gave the company an “outperform” rating in a research report on Tuesday, December 3rd. Three investment analysts have rated the stock with a sell rating, three have assigned a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, PTC Therapeutics presently has a consensus rating of “Moderate Buy” and a consensus price target of $57.85.

PTC Therapeutics Stock Performance

PTCT stock opened at $49.47 on Friday. PTC Therapeutics has a 1-year low of $23.58 and a 1-year high of $54.16. The business has a 50 day simple moving average of $46.33 and a two-hundred day simple moving average of $40.19.

PTC Therapeutics (NASDAQ:PTCT) last issued its earnings results on Thursday, November 7th. The biopharmaceutical company reported ($1.39) earnings per share for the quarter, topping analysts’ consensus estimates of ($1.54) by $0.15. The company had revenue of $196.79 million for the quarter, compared to the consensus estimate of $173.51 million. During the same quarter in the prior year, the company posted ($1.76) EPS. Equities analysts predict that PTC Therapeutics will post -4.56 EPS for the current year.

Insider Activity at PTC Therapeutics

In other news, CAO Christine Marie Utter sold 1,291 shares of PTC Therapeutics 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 $58,533.94. Following the completion of the sale, the chief accounting officer now owns 65,983 shares of the company’s stock, valued at approximately $2,991,669.22. The trade was a 1.92 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, VP Mark Elliott Boulding sold 85,600 shares of the stock in a transaction that occurred on Monday, December 2nd. The stock was sold at an average price of $52.26, for a total value of $4,473,456.00. Following the completion of the transaction, the vice president now directly owns 92,389 shares in the company, valued at approximately $4,828,249.14. This trade represents a 48.09 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 211,737 shares of company stock worth $10,920,687 in the last quarter. 5.50% of the stock is owned by company insiders.

Institutional Investors Weigh In On PTC Therapeutics

Several hedge funds have recently made changes to their positions in PTCT. GC Wealth Management RIA LLC bought a new stake in shares of PTC Therapeutics in the fourth quarter valued at about $363,000. SPX Gestao de Recursos Ltda purchased a new stake in shares of PTC Therapeutics in the 4th quarter worth approximately $1,128,000. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in shares of PTC Therapeutics by 22.4% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 18,863 shares of the biopharmaceutical company’s stock valued at $851,000 after purchasing an additional 3,450 shares in the last quarter. Raymond James Financial Inc. bought a new position in PTC Therapeutics in the fourth quarter worth approximately $2,200,000. Finally, Arizona State Retirement System lifted its holdings in PTC Therapeutics by 1.1% during the fourth quarter. Arizona State Retirement System now owns 20,095 shares of the biopharmaceutical company’s stock worth $907,000 after buying an additional 219 shares during the period.

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.