PTC Therapeutics (NASDAQ:PTCT) Trading 6.1% Higher Following Analyst Upgrade

PTC Therapeutics, Inc. (NASDAQ:PTCT - Get Free Report)'s share price was up 6.1% during trading on Monday after Cantor Fitzgerald raised their price target on the stock from $76.00 to $113.00. Cantor Fitzgerald currently has an overweight rating on the stock. PTC Therapeutics traded as high as $48.44 and last traded at $48.70. Approximately 85,379 shares changed hands during mid-day trading, a decline of 86% from the average daily volume of 589,659 shares. The stock had previously closed at $45.88.

Other equities analysts have also issued research reports about the company. Barclays lifted their price target on PTC Therapeutics from $45.00 to $56.00 and gave the company an "equal weight" rating in a research note on Tuesday, December 3rd. Citigroup upped their target price on PTC Therapeutics from $26.00 to $32.00 and gave the stock a "sell" rating in a research note on Wednesday, December 4th. Raymond James began coverage on PTC Therapeutics in a research report on Thursday, October 10th. They set a "market perform" rating on the stock. The Goldman Sachs Group boosted 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. Finally, Royal Bank of Canada raised shares of PTC Therapeutics from a "sector perform" rating to an "outperform" rating and increased their price objective 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, four have issued a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company has an average rating of "Hold" and a consensus target price of $57.85.

Insider Transactions at PTC Therapeutics

In other news, CAO Christine Marie Utter sold 1,291 shares of the company's stock in a transaction on Tuesday, January 7th. The stock was sold at an average price of $45.34, for a total value of $58,533.94. Following the transaction, the chief accounting officer now owns 65,983 shares of the company's stock, valued at $2,991,669.22. This represents a 1.92 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Neil Gregory Almstead sold 69,550 shares of PTC Therapeutics 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. This represents a 44.65 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 211,737 shares of company stock worth $10,920,687 in the last quarter. Company insiders own 5.50% of the company's stock.

Institutional Trading of PTC Therapeutics

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Charles Schwab Investment Management Inc. boosted its position in shares of PTC Therapeutics by 7.3% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 706,730 shares of the biopharmaceutical company's stock worth $26,220,000 after acquiring an additional 47,902 shares in the last quarter. Two Sigma Advisers LP boosted its holdings in PTC Therapeutics by 10.3% in the third 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 PTC Therapeutics in the third quarter valued at approximately $698,000. Quest Partners LLC increased its stake in PTC Therapeutics by 433.9% in the third 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 during the last quarter. Finally, State Street Corp raised its holdings in PTC Therapeutics by 5.4% during the third quarter. State Street Corp now owns 2,899,040 shares of the biopharmaceutical company's stock worth $107,554,000 after purchasing an additional 149,700 shares in the last quarter.

PTC Therapeutics Stock Performance

The firm's 50-day moving average price is $46.23 and its two-hundred day moving average price is $40.12. The firm has a market cap of $3.84 billion, a PE ratio of -8.38 and a beta of 0.62.

PTC Therapeutics (NASDAQ:PTCT - Get Free Report) last announced its quarterly earnings results on Thursday, November 7th. The biopharmaceutical company reported ($1.39) earnings per share for the quarter, beating analysts' consensus estimates of ($1.54) by $0.15. The company had revenue of $196.79 million during the quarter, compared to analysts' expectations of $173.51 million. During the same period last year, the firm earned ($1.76) earnings per share. As a group, sell-side analysts predict that PTC Therapeutics, Inc. will post -4.56 earnings per share for the current fiscal year.

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.