PTC Therapeutics (NASDAQ:PTCT) Upgraded at Bank of America

by · The Cerbat Gem

Bank of America upgraded shares of PTC Therapeutics (NASDAQ:PTCT – Free Report) from an underperform rating to a neutral rating in a report issued on Tuesday morning, Marketbeat reports. The brokerage currently has $55.00 price objective on the biopharmaceutical company’s stock, up from their previous price objective of $41.00.

Several other research firms also recently issued reports on PTCT. UBS Group boosted their price objective on PTC Therapeutics from $47.00 to $71.00 and gave the company a “buy” rating in a report on Tuesday, December 3rd. Scotiabank started coverage on shares of PTC Therapeutics in a research note on Friday, March 7th. They set a “sector perform” rating and a $55.00 price target on the stock. Morgan Stanley reissued an “overweight” rating and issued a $70.00 price objective (up previously from $67.00) on shares of PTC Therapeutics in a research note on Friday, March 7th. Citigroup upped their target price on shares of PTC Therapeutics from $32.00 to $45.00 and gave the stock a “sell” rating in a research note on Wednesday, February 12th. Finally, JPMorgan Chase & Co. decreased their price target on shares of PTC Therapeutics from $74.00 to $72.00 and set an “overweight” rating for the company in a research report on Friday, February 28th. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $63.54.

View Our Latest Research Report on PTC Therapeutics

PTC Therapeutics Stock Performance

PTC Therapeutics stock opened at $52.76 on Tuesday. The firm has a 50 day moving average price of $48.44 and a 200 day moving average price of $43.37. PTC Therapeutics has a fifty-two week low of $24.00 and a fifty-two week high of $55.60. The company has a market capitalization of $4.16 billion, a PE ratio of -8.88 and a beta of 0.66.

Insider Activity at PTC Therapeutics

In related news, VP Mark Elliott Boulding sold 1,543 shares of the company’s stock in a transaction on Tuesday, January 7th. The shares were sold at an average price of $45.34, for a total value of $69,959.62. Following the completion of the sale, the vice president now owns 108,846 shares in the company, valued at $4,935,077.64. This represents a 1.40 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Allan Steven Jacobson sold 1,230 shares of the stock in a transaction dated Tuesday, March 4th. The stock was sold at an average price of $51.52, for a total transaction of $63,369.60. Following the sale, the director now owns 19,118 shares of the company’s stock, valued at $984,959.36. This trade represents a 6.04 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 22,870 shares of company stock valued at $1,075,657 over the last ninety days. Insiders own 5.50% of the company’s stock.

Institutional Trading of PTC Therapeutics

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Universal Beteiligungs und Servicegesellschaft mbH acquired a new stake in shares of PTC Therapeutics in the 4th quarter worth $4,891,000. Mackenzie Financial Corp raised its stake in shares of PTC Therapeutics by 132.2% during the 4th quarter. Mackenzie Financial Corp now owns 22,776 shares of the biopharmaceutical company’s stock worth $1,028,000 after buying an additional 12,967 shares in the last quarter. Toronto Dominion Bank acquired a new stake in shares of PTC Therapeutics in the 4th quarter valued at approximately $148,363,000. GF Fund Management CO. LTD. purchased a new stake in shares of PTC Therapeutics in the fourth quarter valued at approximately $73,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in PTC Therapeutics by 19.6% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 160,251 shares of the biopharmaceutical company’s stock worth $7,234,000 after acquiring an additional 26,274 shares during the period.

PTC Therapeutics Company Profile

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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.

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