Morgan Stanley Reiterates Overweight Rating for PTC Therapeutics (NASDAQ:PTCT)

PTC Therapeutics (NASDAQ:PTCT)‘s stock had its “overweight” rating restated by research analysts at Morgan Stanley in a research report issued on Friday,Benzinga reports. They presently have a $70.00 price objective on the biopharmaceutical company’s stock, up from their previous price objective of $67.00. Morgan Stanley’s price target suggests a potential upside of 33.11% from the stock’s previous close.

Other research analysts have also issued research reports about the stock. Cantor Fitzgerald increased their target price on shares of PTC Therapeutics from $76.00 to $113.00 and gave the stock an “overweight” rating in a research note on Monday, February 3rd. Citigroup lifted their price target 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. UBS Group lifted their price target on shares of PTC Therapeutics from $47.00 to $71.00 and gave the stock a “buy” rating in a research note on Tuesday, December 3rd. StockNews.com cut shares of PTC Therapeutics from a “buy” rating to a “hold” rating in a report on Monday, February 17th. Finally, Robert W. Baird raised their price objective on shares of PTC Therapeutics from $52.00 to $70.00 and gave the stock an “outperform” rating in a report on Tuesday, December 3rd. Three analysts have rated the stock with a sell rating, four have assigned a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $61.77.

PTC Therapeutics Price Performance

Shares of PTCT stock opened at $52.59 on Friday. The firm has a market cap of $4.15 billion, a PE ratio of -8.85 and a beta of 0.66. The company has a 50-day moving average of $47.85 and a two-hundred day moving average of $42.91. PTC Therapeutics has a 1-year low of $24.00 and a 1-year high of $55.60.

Insider Activity at PTC Therapeutics

In related news, insider Neil Gregory Almstead sold 1,265 shares of the business’s stock in a transaction dated Tuesday, January 7th. The shares were sold at an average price of $45.34, for a total value of $57,355.10. Following the sale, the insider now directly owns 104,783 shares in the company, valued at $4,750,861.22. The trade was a 1.19 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Mark Elliott Boulding sold 1,543 shares of the business’s stock in a transaction dated Tuesday, January 7th. The stock was sold at an average price of $45.34, for a total transaction 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 ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 22,870 shares of company stock worth $1,075,657 in the last three months. Insiders own 5.50% of the company’s stock.

Institutional Investors Weigh In On PTC Therapeutics

Several institutional investors and hedge funds have recently made changes to their positions in PTCT. Creative Planning boosted its position in shares of PTC Therapeutics by 8.1% in the 3rd quarter. Creative Planning now owns 10,944 shares of the biopharmaceutical company’s stock worth $406,000 after buying an additional 816 shares in the last quarter. State of New Jersey Common Pension Fund D raised its stake in PTC Therapeutics by 7.0% in the 3rd quarter. State of New Jersey Common Pension Fund D now owns 56,820 shares of the biopharmaceutical company’s stock valued at $2,108,000 after purchasing an additional 3,727 shares during the last quarter. Los Angeles Capital Management LLC raised its stake in PTC Therapeutics by 40.0% in the 3rd quarter. Los Angeles Capital Management LLC now owns 15,130 shares of the biopharmaceutical company’s stock valued at $561,000 after purchasing an additional 4,325 shares during the last quarter. KBC Group NV raised its stake in PTC Therapeutics by 29.2% in the 3rd quarter. KBC Group NV now owns 2,232 shares of the biopharmaceutical company’s stock valued at $83,000 after purchasing an additional 504 shares during the last quarter. Finally, Thrivent Financial for Lutherans acquired a new position in PTC Therapeutics in the 3rd quarter valued at about $1,450,000.

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.