Royal Bank of Canada Increases PTC Therapeutics (NASDAQ:PTCT) Price Target to $63.00

PTC Therapeutics (NASDAQ:PTCT - Free Report) had its price objective raised by Royal Bank of Canada from $60.00 to $63.00 in a research note issued to investors on Tuesday morning,Benzinga reports. They currently have an outperform rating on the biopharmaceutical company's stock.

PTCT has been the topic of a number of other research reports. StockNews.com cut shares of PTC Therapeutics from a "buy" rating to a "hold" rating in a report on Monday. The Goldman Sachs Group upped their price target on shares of PTC Therapeutics from $32.00 to $42.00 and gave the stock a "sell" rating in a report on Wednesday, December 4th. JPMorgan Chase & Co. upped their price target on shares of PTC Therapeutics from $51.00 to $62.00 and gave the stock an "overweight" rating in a report on Tuesday, November 19th. Wells Fargo & Company upped their price target on shares of PTC Therapeutics from $56.00 to $68.00 and gave the stock an "overweight" rating in a report on Tuesday, November 26th. Finally, Morgan Stanley raised shares of PTC Therapeutics from an "equal weight" rating to an "overweight" rating and upped their price target for the stock from $45.00 to $67.00 in a report on Friday, December 13th. Three investment analysts have rated the stock with a sell rating, four have issued a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus target price of $58.85.

PTC Therapeutics Stock Performance

PTCT stock traded up $0.31 during midday trading on Tuesday, reaching $50.69. 422,380 shares of the company's stock traded hands, compared to its average volume of 680,946. The company has a 50-day moving average price of $46.58 and a two-hundred day moving average price of $41.35. PTC Therapeutics has a 52 week low of $24.00 and a 52 week high of $54.16. The firm has a market capitalization of $3.91 billion, a PE ratio of -8.53 and a beta of 0.62.

Insider Buying and Selling

In other PTC Therapeutics news, CEO Matthew B. Klein sold 8,279 shares of the company's stock in a transaction dated Tuesday, December 31st. The shares were sold at an average price of $45.16, for a total transaction of $373,879.64. Following the completion of the sale, the chief executive officer now directly owns 217,528 shares in the company, valued at $9,823,564.48. This represents a 3.67 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Neil Gregory Almstead sold 69,550 shares of the company's stock in a transaction dated Monday, December 2nd. The shares were sold at an average price of $52.06, for a total transaction of $3,620,773.00. Following the sale, the insider now owns 86,202 shares of the company's stock, valued at approximately $4,487,676.12. The trade was a 44.65 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 211,737 shares of company stock worth $10,920,687. Corporate insiders own 5.50% of the company's stock.

Institutional Trading of PTC Therapeutics

Several institutional investors have recently added to or reduced their stakes in PTCT. CWM LLC boosted its position in PTC Therapeutics by 354.7% during the third quarter. CWM LLC now owns 2,687 shares of the biopharmaceutical company's stock valued at $100,000 after buying an additional 2,096 shares during the period. Creative Planning boosted its position in PTC Therapeutics by 8.1% during the third quarter. Creative Planning now owns 10,944 shares of the biopharmaceutical company's stock valued at $406,000 after buying an additional 816 shares during the period. Assenagon Asset Management S.A. boosted its position in PTC Therapeutics by 32.1% during the third quarter. Assenagon Asset Management S.A. now owns 492,464 shares of the biopharmaceutical company's stock valued at $18,270,000 after buying an additional 119,637 shares during the period. Mirae Asset Global Investments Co. Ltd. boosted its holdings in shares of PTC Therapeutics by 21.5% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,782 shares of the biopharmaceutical company's stock worth $104,000 after purchasing an additional 492 shares during the period. Finally, China Universal Asset Management Co. Ltd. boosted its holdings in shares of PTC Therapeutics by 64.2% during the third quarter. China Universal Asset Management Co. Ltd. now owns 14,795 shares of the biopharmaceutical company's stock worth $549,000 after purchasing an additional 5,783 shares during the period.

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.