PTC Therapeutics (NASDAQ:PTCT) Rating Increased to Overweight at Morgan Stanley

Morgan Stanley upgraded shares of PTC Therapeutics (NASDAQ:PTCT - Free Report) from an equal weight rating to an overweight rating in a report published on Friday, Marketbeat.com reports. They currently have $67.00 price objective on the biopharmaceutical company's stock, up from their previous price objective of $45.00.

PTCT has been the subject of several other reports. Citigroup lifted their price target on shares of PTC Therapeutics from $26.00 to $32.00 and gave the company a "sell" rating in a report on Wednesday, December 4th. Cantor Fitzgerald restated an "overweight" rating and set a $64.00 price target on shares of PTC Therapeutics in a research report on Tuesday, September 17th. StockNews.com raised PTC Therapeutics from a "hold" rating to a "buy" rating in a report on Wednesday, December 4th. JPMorgan Chase & Co. boosted their price objective on PTC Therapeutics from $51.00 to $62.00 and gave the stock an "overweight" rating in a research note on Tuesday, November 19th. Finally, Raymond James started coverage on PTC Therapeutics in a research note on Thursday, October 10th. They issued a "market perform" rating for the company. Three investment analysts have rated the stock with a sell rating, three have given a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $54.08.

PTC Therapeutics Stock Down 2.1 %

PTC Therapeutics stock traded down $0.99 during mid-day trading on Friday, hitting $46.37. 631,408 shares of the company were exchanged, compared to its average volume of 851,424. PTC Therapeutics has a 1-year low of $23.58 and a 1-year high of $54.16. The business has a fifty day moving average of $42.49 and a 200 day moving average of $37.10. The company has a market capitalization of $3.58 billion, a PE ratio of -7.81 and a beta of 0.63.

Insider Transactions at PTC Therapeutics

In other news, insider Neil Gregory Almstead sold 69,550 shares of the business's stock in a transaction dated Monday, December 2nd. The stock was sold at an average price of $52.06, for a total transaction of $3,620,773.00. Following the completion of the transaction, the insider now directly owns 86,202 shares in the company, valued at approximately $4,487,676.12. The trade was a 44.65 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO Christine Marie Utter sold 17,800 shares of the company's stock in a transaction dated Monday, December 2nd. The shares were sold at an average price of $51.77, for a total value of $921,506.00. Following the completion of the sale, the chief accounting officer now directly owns 52,428 shares of the company's stock, valued at approximately $2,714,197.56. This trade represents a 25.35 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 196,950 shares of company stock worth $10,251,735 in the last quarter. 5.50% of the stock is owned by company insiders.

Institutional Trading of PTC Therapeutics

A number of large investors have recently bought and sold shares of PTCT. Choreo LLC boosted its stake in PTC Therapeutics by 4.1% in the 2nd quarter. Choreo LLC now owns 11,426 shares of the biopharmaceutical company's stock worth $356,000 after purchasing an additional 452 shares during the period. Mirae Asset Global Investments Co. Ltd. lifted its position in shares of PTC Therapeutics by 21.5% in 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 in the last quarter. KBC Group NV boosted its stake in shares of PTC Therapeutics by 29.2% during the 3rd quarter. KBC Group NV now owns 2,232 shares of the biopharmaceutical company's stock worth $83,000 after buying an additional 504 shares during the last quarter. Arizona State Retirement System grew its holdings in shares of PTC Therapeutics by 3.4% in the 2nd quarter. Arizona State Retirement System now owns 19,301 shares of the biopharmaceutical company's stock valued at $590,000 after acquiring an additional 636 shares in the last quarter. Finally, Creative Planning increased its position in shares of PTC Therapeutics by 8.1% in the third quarter. Creative Planning now owns 10,944 shares of the biopharmaceutical company's stock valued at $406,000 after acquiring an additional 816 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.