PTC Therapeutics (NASDAQ:PTCT) Upgraded by Bank of America to Neutral Rating

Bank of America upgraded shares of PTC Therapeutics (NASDAQ:PTCT) from an underperform rating to a neutral rating in a research report sent to investors on Tuesday, MarketBeat.com reports. They currently have $55.00 price target on the biopharmaceutical company’s stock, up from their prior price target of $41.00.

PTCT has been the topic of a number of other research reports. The Goldman Sachs Group boosted their price target on shares of PTC Therapeutics from $32.00 to $42.00 and gave the company a “sell” rating in a report on Wednesday, December 4th. Barclays boosted their target price on shares of PTC Therapeutics from $45.00 to $56.00 and gave the company an “equal weight” rating in a research note on Tuesday, December 3rd. Morgan Stanley reissued an “overweight” rating and set a $70.00 target price (up from $67.00) on shares of PTC Therapeutics in a research note on Friday, March 7th. Cantor Fitzgerald upped their price target on PTC Therapeutics from $76.00 to $113.00 and gave the company an “overweight” rating in a research report on Monday, February 3rd. Finally, Wells Fargo & Company upped their price target on PTC Therapeutics from $56.00 to $68.00 and gave the company an “overweight” rating in a research report on Tuesday, November 26th. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $63.54.

PTC Therapeutics Stock Up 0.2 %

Shares of PTC Therapeutics stock opened at $52.59 on Tuesday. The stock’s fifty day moving average is $48.14 and its 200-day moving average is $43.24. The firm has a market capitalization of $4.15 billion, a PE ratio of -8.85 and a beta of 0.66. PTC Therapeutics has a 12-month low of $24.00 and a 12-month high of $55.60.

Insider Transactions at PTC Therapeutics

In other news, CEO Matthew B. Klein sold 8,279 shares of the stock in a transaction dated Tuesday, December 31st. The stock was sold at an average price of $45.16, for a total transaction of $373,879.64. Following the transaction, the chief executive officer now owns 217,528 shares of the company’s stock, valued at approximately $9,823,564.48. This represents a 3.67 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CAO Christine Marie Utter sold 1,291 shares of the stock in a transaction dated Tuesday, January 7th. The shares were sold at an average price of $45.34, for a total value of $58,533.94. Following the transaction, the chief accounting officer now directly owns 65,983 shares in the company, valued at approximately $2,991,669.22. This represents a 1.92 % decrease in their position. 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 90 days. 5.50% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Universal Beteiligungs und Servicegesellschaft mbH acquired a new position in PTC Therapeutics in the 4th quarter valued at $4,891,000. Mackenzie Financial Corp grew its position in shares of PTC Therapeutics by 132.2% in the fourth quarter. Mackenzie Financial Corp now owns 22,776 shares of the biopharmaceutical company’s stock valued at $1,028,000 after purchasing an additional 12,967 shares during the last quarter. Toronto Dominion Bank acquired a new stake in shares of PTC Therapeutics in the fourth quarter valued at about $148,363,000. GF Fund Management CO. LTD. acquired a new stake in PTC Therapeutics in the 4th 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% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 160,251 shares of the biopharmaceutical company’s stock valued at $7,234,000 after buying an additional 26,274 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.