PTC Therapeutics (NASDAQ:PTCT) Price Target Raised to $45.00

PTC Therapeutics (NASDAQ:PTCT - Free Report) had its price objective upped by Citigroup from $32.00 to $45.00 in a report issued on Wednesday morning,Benzinga reports. They currently have a sell rating on the biopharmaceutical company's stock.

A number of other analysts have also recently commented on PTCT. Barclays lifted their price objective on PTC Therapeutics from $45.00 to $56.00 and gave the stock an "equal weight" rating in a research report on Tuesday, December 3rd. Morgan Stanley upgraded PTC Therapeutics from an "equal weight" rating to an "overweight" rating and lifted their price objective for the stock from $45.00 to $67.00 in a research report on Friday, December 13th. Cantor Fitzgerald lifted their price objective on PTC Therapeutics from $76.00 to $113.00 and gave the stock an "overweight" rating in a research report on Monday, February 3rd. JPMorgan Chase & Co. lifted their price target on PTC Therapeutics from $51.00 to $62.00 and gave the company an "overweight" rating in a report on Tuesday, November 19th. Finally, Royal Bank of Canada upgraded PTC Therapeutics from a "sector perform" rating to an "outperform" rating and lifted their price target for the company from $39.00 to $63.00 in a report on Tuesday, December 3rd. Three research analysts have rated the stock with a sell rating, three have given a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $58.85.

PTC Therapeutics Stock Performance

PTC Therapeutics stock traded up $2.15 during midday trading on Wednesday, reaching $51.82. 795,586 shares of the company were exchanged, compared to its average volume of 727,904. The company has a market capitalization of $4.00 billion, a price-to-earnings ratio of -8.72 and a beta of 0.62. The firm's 50-day simple moving average is $46.44 and its 200-day simple moving average is $40.87. PTC Therapeutics has a 1 year low of $24.00 and a 1 year high of $54.16.

Insider Buying and Selling

In related news, CEO Matthew B. Klein sold 8,279 shares of the business's stock in a transaction that occurred on 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 directly owns 217,528 shares of the company's stock, valued at approximately $9,823,564.48. The trade was a 3.67 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CAO Christine Marie Utter sold 1,291 shares of the company's stock in a transaction that occurred on Tuesday, January 7th. The shares were sold at an average price of $45.34, for a total value of $58,533.94. Following the completion of the transaction, the chief accounting officer now directly owns 65,983 shares in the company, valued at approximately $2,991,669.22. The trade was a 1.92 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 211,737 shares of company stock valued at $10,920,687. Corporate insiders own 5.50% of the company's stock.

Hedge Funds Weigh In On PTC Therapeutics

Institutional investors have recently made changes to their positions in the business. Charles Schwab Investment Management Inc. raised its position in shares of PTC Therapeutics by 7.3% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 706,730 shares of the biopharmaceutical company's stock valued at $26,220,000 after purchasing an additional 47,902 shares in the last quarter. Two Sigma Advisers LP raised its position in shares of PTC Therapeutics by 10.3% in the 3rd quarter. Two Sigma Advisers LP now owns 429,842 shares of the biopharmaceutical company's stock valued at $15,947,000 after purchasing an additional 40,300 shares in the last quarter. Intech Investment Management LLC acquired a new position in shares of PTC Therapeutics in the 3rd quarter valued at approximately $698,000. Quest Partners LLC raised its position in shares of PTC Therapeutics by 433.9% in the 3rd quarter. Quest Partners LLC now owns 22,359 shares of the biopharmaceutical company's stock valued at $830,000 after purchasing an additional 18,171 shares in the last quarter. Finally, State Street Corp raised its position in shares of PTC Therapeutics by 5.4% in the 3rd quarter. State Street Corp now owns 2,899,040 shares of the biopharmaceutical company's stock valued at $107,554,000 after purchasing an additional 149,700 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.