Morgan Stanley Boosts PTC Therapeutics (NASDAQ:PTCT) Price Target to $45.00

PTC Therapeutics (NASDAQ:PTCT) had its target price upped by Morgan Stanley from $32.00 to $45.00 in a research report sent to investors on Friday morning, Benzinga reports. The firm currently has an equal weight rating on the biopharmaceutical company’s stock.

Other research analysts also recently issued reports about the stock. Bank of America upped their price target on shares of PTC Therapeutics from $25.00 to $32.00 and gave the stock an underperform rating in a report on Friday, June 21st. Royal Bank of Canada increased their target price on PTC Therapeutics from $32.00 to $34.00 and gave the company a sector perform rating in a research report on Friday, October 4th. JPMorgan Chase & Co. restated an overweight rating and set a $53.00 price target on shares of PTC Therapeutics in a report on Thursday, June 20th. Baird R W upgraded shares of PTC Therapeutics to a strong-buy rating in a report on Wednesday, September 4th. Finally, Robert W. Baird reissued an outperform rating and set a $44.00 target price on shares of PTC Therapeutics in a report on Tuesday, October 8th. Three investment analysts have rated the stock with a sell rating, five have assigned a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of Hold and an average price target of $40.08.

PTC Therapeutics Stock Up 1.3 %

Shares of PTCT stock opened at $39.00 on Friday. The business has a fifty day simple moving average of $34.59 and a 200 day simple moving average of $33.19. The company has a market cap of $2.99 billion, a P/E ratio of -5.08 and a beta of 0.65. PTC Therapeutics has a twelve month low of $17.53 and a twelve month high of $41.81.

PTC Therapeutics (NASDAQ:PTCT) last posted its earnings results on Thursday, August 8th. The biopharmaceutical company reported ($1.16) EPS for the quarter, missing analysts’ consensus estimates of ($1.00) by ($0.16). The firm had revenue of $186.70 million for the quarter, compared to analysts’ expectations of $192.12 million. As a group, equities research analysts anticipate that PTC Therapeutics will post -5.09 earnings per share for the current fiscal year.

Insider Buying and Selling at PTC Therapeutics

In other news, CFO Pierre Gravier sold 2,269 shares of the business’s stock in a transaction dated Tuesday, July 16th. The stock was sold at an average price of $34.02, for a total value of $77,191.38. Following the transaction, the chief financial officer now directly owns 53,531 shares of the company’s stock, valued at $1,821,124.62. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders own 5.50% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of PTCT. Wellington Management Group LLP boosted its holdings in PTC Therapeutics by 4.0% in the fourth quarter. Wellington Management Group LLP now owns 9,816,603 shares of the biopharmaceutical company’s stock worth $270,546,000 after acquiring an additional 380,415 shares in the last quarter. Vanguard Group Inc. lifted its holdings in shares of PTC Therapeutics by 10.8% in the 4th quarter. Vanguard Group Inc. now owns 8,800,843 shares of the biopharmaceutical company’s stock worth $242,551,000 after purchasing an additional 855,354 shares in the last quarter. Los Angeles Capital Management LLC lifted its holdings in shares of PTC Therapeutics by 23.1% in the 1st quarter. Los Angeles Capital Management LLC now owns 10,800 shares of the biopharmaceutical company’s stock worth $314,000 after purchasing an additional 2,024 shares in the last quarter. Allspring Global Investments Holdings LLC acquired a new stake in PTC Therapeutics in the 1st quarter valued at $46,000. Finally, China Universal Asset Management Co. Ltd. increased its stake in PTC Therapeutics by 69.0% during the 1st quarter. China Universal Asset Management Co. Ltd. now owns 14,752 shares of the biopharmaceutical company’s stock valued at $429,000 after purchasing an additional 6,025 shares in 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.