Analysts Set PTC Therapeutics, Inc. (NASDAQ:PTCT) Price Target at $58.85

PTC Therapeutics, Inc. (NASDAQ:PTCT) has been assigned a consensus recommendation of “Hold” from the fifteen ratings firms that are presently covering the firm, MarketBeat Ratings reports. Three research analysts have rated the stock with a sell recommendation, three have given a hold recommendation, eight have issued a buy recommendation and one has assigned a strong buy recommendation to the company. The average 1 year price target among brokers that have issued ratings on the stock in the last year is $58.85.

Several research firms have issued reports on PTCT. Morgan Stanley upgraded shares of PTC Therapeutics from an “equal weight” rating to an “overweight” rating and upped their target price for the company from $45.00 to $67.00 in a research note on Friday, December 13th. JPMorgan Chase & Co. upped their target price on shares of PTC Therapeutics from $51.00 to $62.00 and gave the company an “overweight” rating in a research note on Tuesday, November 19th. Royal Bank of Canada upped their target price on shares of PTC Therapeutics from $60.00 to $63.00 and gave the company an “outperform” rating in a research note on Tuesday. Cantor Fitzgerald upped their target price on shares of PTC Therapeutics from $76.00 to $113.00 and gave the company an “overweight” rating in a research note on Monday, February 3rd. Finally, Citigroup upped their target price on shares of PTC Therapeutics from $32.00 to $45.00 and gave the company a “sell” rating in a research note on Wednesday, February 12th.

PTC Therapeutics Price Performance

Shares of PTC Therapeutics stock opened at $50.42 on Monday. The stock has a market cap of $3.89 billion, a price-to-earnings ratio of -8.49 and a beta of 0.62. The firm’s 50-day moving average is $46.52 and its 200 day moving average is $41.29. PTC Therapeutics has a 1 year low of $24.00 and a 1 year high of $54.16.

Insider Buying and Selling

In other PTC Therapeutics news, insider Neil Gregory Almstead sold 69,550 shares of the firm’s stock in a transaction that occurred on Monday, December 2nd. The shares were sold at an average price of $52.06, for a total transaction of $3,620,773.00. Following the sale, the insider now owns 86,202 shares in the company, valued at approximately $4,487,676.12. This trade represents a 44.65 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Mark Elliott Boulding sold 85,600 shares of the firm’s stock in a transaction that occurred on 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 sale, the vice president now owns 92,389 shares in the company, valued at approximately $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 have sold 211,737 shares of company stock valued at $10,920,687. 5.50% of the stock is owned by insiders.

Institutional Investors Weigh In On PTC Therapeutics

A number of institutional investors and hedge funds have recently added to or reduced their stakes in PTCT. Toronto Dominion Bank bought a new stake in PTC Therapeutics during the 4th quarter worth approximately $148,363,000. Driehaus Capital Management LLC bought a new stake in shares of PTC Therapeutics during the fourth quarter valued at approximately $46,993,000. Point72 Asset Management L.P. raised its position in shares of PTC Therapeutics by 150.6% during the fourth quarter. Point72 Asset Management L.P. now owns 1,443,362 shares of the biopharmaceutical company’s stock valued at $65,153,000 after buying an additional 867,502 shares during the last quarter. Janus Henderson Group PLC raised its position in shares of PTC Therapeutics by 24.4% during the fourth quarter. Janus Henderson Group PLC now owns 2,325,915 shares of the biopharmaceutical company’s stock valued at $105,015,000 after buying an additional 455,698 shares during the last quarter. Finally, Pictet Asset Management Holding SA raised its position in shares of PTC Therapeutics by 107.4% during 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 buying an additional 381,319 shares during the last quarter.

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.