PTC Therapeutics (NASDAQ:PTCT) Downgraded to Hold Rating by StockNews.com

StockNews.com cut shares of PTC Therapeutics (NASDAQ:PTCT) from a buy rating to a hold rating in a research note issued to investors on Monday morning.

Several other brokerages also recently commented on PTCT. UBS Group lifted their target price on PTC Therapeutics from $47.00 to $71.00 and gave the stock a “buy” rating in a report on Tuesday, December 3rd. Wells Fargo & Company boosted their price objective on PTC Therapeutics from $56.00 to $68.00 and gave the company an “overweight” rating in a research note on Tuesday, November 26th. Cantor Fitzgerald boosted their price objective on PTC Therapeutics from $76.00 to $113.00 and gave the company an “overweight” rating in a research note on Monday, February 3rd. The Goldman Sachs Group boosted their price objective on PTC Therapeutics from $32.00 to $42.00 and gave the company a “sell” rating in a research note on Wednesday, December 4th. Finally, Royal Bank of Canada raised PTC Therapeutics from a “sector perform” rating to an “outperform” rating and boosted their price objective for the company from $39.00 to $63.00 in a research note on Tuesday, December 3rd. Three equities research analysts have rated the stock with a sell rating, four have given a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, PTC Therapeutics presently has an average rating of “Hold” and an average price target of $58.85.

PTC Therapeutics Trading Up 4.3 %

Shares of PTCT opened at $51.82 on Monday. The company has a market capitalization of $4.00 billion, a PE ratio of -8.72 and a beta of 0.62. PTC Therapeutics has a 12 month low of $24.00 and a 12 month high of $54.16. The stock’s 50-day moving average price is $46.52 and its two-hundred day moving average price is $41.10.

Insider Activity

In other PTC Therapeutics news, CAO Christine Marie Utter sold 17,800 shares of the stock in a transaction on Monday, December 2nd. The stock was sold at an average price of $51.77, for a total transaction of $921,506.00. Following the completion of the transaction, the chief accounting officer now directly owns 52,428 shares of the company’s stock, valued at approximately $2,714,197.56. This represents a 25.35 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, VP Mark Elliott Boulding sold 85,600 shares of the stock in a transaction on Monday, December 2nd. The shares were sold at an average price of $52.26, for a total value of $4,473,456.00. Following the transaction, the vice president now directly owns 92,389 shares of the company’s stock, valued at approximately $4,828,249.14. This trade represents a 48.09 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 211,737 shares of company stock valued at $10,920,687 over the last three months. Corporate insiders own 5.50% of the company’s stock.

Hedge Funds Weigh In On PTC Therapeutics

Institutional investors and hedge funds have recently bought and sold shares of the company. Smartleaf Asset Management LLC grew its holdings in PTC Therapeutics by 78.7% during the fourth quarter. Smartleaf Asset Management LLC now owns 613 shares of the biopharmaceutical company’s stock valued at $28,000 after purchasing an additional 270 shares during the period. Sterling Capital Management LLC lifted its position in shares of PTC Therapeutics by 424.4% during the fourth quarter. Sterling Capital Management LLC now owns 645 shares of the biopharmaceutical company’s stock worth $29,000 after acquiring an additional 522 shares in the last quarter. Venturi Wealth Management LLC purchased a new stake in shares of PTC Therapeutics in the fourth quarter worth $68,000. Point72 Asia Singapore Pte. Ltd. purchased a new stake in shares of PTC Therapeutics in the fourth quarter worth $77,000. Finally, R Squared Ltd purchased a new stake in shares of PTC Therapeutics in the fourth quarter worth $79,000.

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.