PTC Therapeutics (NASDAQ:PTCT) Lifted to Equal Weight at Morgan Stanley

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

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

PTC Therapeutics Price Performance

Shares of NASDAQ:PTCT opened at $33.62 on Monday. PTC Therapeutics has a fifty-two week low of $17.53 and a fifty-two week high of $59.84. The stock has a market capitalization of $2.58 billion, a price-to-earnings ratio of -4.38 and a beta of 0.63. The business’s fifty day moving average price is $28.72 and its two-hundred day moving average price is $26.11.

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

Insider Activity

In other news, CEO Matthew B. Klein sold 3,361 shares of the firm’s stock in a transaction that occurred 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 owns 225,807 shares in the company, valued at approximately $5,620,336.23. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders have sold 4,674 shares of company stock worth $118,363 in the last quarter. Corporate insiders own 5.30% of the company’s stock.

Institutional Trading of PTC Therapeutics

Several institutional investors have recently modified their holdings of the stock. Hexagon Capital Partners LLC increased its holdings in shares of PTC Therapeutics by 132.0% in the 4th 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. China Universal Asset Management Co. Ltd. grew its holdings 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 valued at $43,000 after buying an additional 969 shares during the period. Allspring Global Investments Holdings LLC acquired a new position in PTC Therapeutics during the first quarter worth approximately $46,000. Nisa Investment Advisors LLC increased its holdings in shares of PTC Therapeutics by 317.0% during the 3rd quarter. Nisa Investment Advisors LLC now owns 2,656 shares of the biopharmaceutical company’s stock worth $60,000 after buying an additional 2,019 shares during the last quarter. Finally, Headlands Technologies LLC increased its stake in PTC Therapeutics by 248.0% during the fourth quarter. Headlands Technologies LLC now owns 4,684 shares of the biopharmaceutical company’s stock worth $129,000 after acquiring 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.