PTC Therapeutics' (PTCT) "Outperform" Rating Reaffirmed at Royal Bank of Canada

PTC Therapeutics (NASDAQ:PTCT - Get Free Report)'s stock had its "outperform" rating reissued by Royal Bank of Canada in a research report issued on Tuesday,Benzinga reports. They presently have a $65.00 target price on the biopharmaceutical company's stock. Royal Bank of Canada's price objective would suggest a potential upside of 33.19% from the stock's current price.

PTCT has been the topic of a number of other reports. StockNews.com lowered shares of PTC Therapeutics from a "buy" rating to a "hold" rating in a research note on Monday, February 17th. Cantor Fitzgerald increased 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. Morgan Stanley restated an "overweight" rating and set a $70.00 price target (up previously from $67.00) on shares of PTC Therapeutics in a research note on Friday, March 7th. Scotiabank started coverage on shares of PTC Therapeutics in a research note on Friday, March 7th. They issued a "sector perform" rating and a $55.00 price objective on the stock. Finally, JPMorgan Chase & Co. reduced their target price on shares of PTC Therapeutics from $78.00 to $75.00 and set an "overweight" rating for the company in a research note on Monday, March 31st. Two investment analysts have rated the stock with a sell rating, five have given a hold rating, eight have given a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $63.92.

PTC Therapeutics Stock Up 1.3 %

PTCT traded up $0.61 during trading on Tuesday, hitting $48.80. 100,226 shares of the stock were exchanged, compared to its average volume of 807,863. The firm has a market capitalization of $3.85 billion, a P/E ratio of -8.19 and a beta of 0.58. PTC Therapeutics has a 1-year low of $24.00 and a 1-year high of $58.38. The stock has a fifty day moving average price of $50.18 and a two-hundred day moving average price of $46.32.

Insider Buying and Selling

In related news, CAO Christine Marie Utter sold 879 shares of PTC Therapeutics stock in a transaction dated Wednesday, February 19th. The stock was sold at an average price of $50.10, for a total transaction of $44,037.90. Following the completion of the sale, the chief accounting officer now owns 63,442 shares in the company, valued at approximately $3,178,444.20. This trade represents a 1.37 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, VP Mark Elliott Boulding sold 15,521 shares of the business's stock in a transaction dated Wednesday, March 12th. The shares were sold at an average price of $53.30, for a total transaction of $827,269.30. Following the completion of the transaction, the vice president now directly owns 103,901 shares of the company's stock, valued at $5,537,923.30. The trade was a 13.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 29,501 shares of company stock worth $1,546,088 in the last three months. Corporate insiders own 5.50% of the company's stock.

Institutional Investors Weigh In On PTC Therapeutics

A number of hedge funds and other institutional investors have recently modified their holdings of PTCT. Wealth Enhancement Advisory Services LLC acquired a new position in PTC Therapeutics in the 1st quarter valued at $595,000. GAMMA Investing LLC boosted its stake in PTC Therapeutics by 86.3% in the 1st quarter. GAMMA Investing LLC now owns 952 shares of the biopharmaceutical company's stock worth $49,000 after buying an additional 441 shares during the last quarter. Pallas Capital Advisors LLC purchased a new stake in PTC Therapeutics in the 1st quarter valued at about $353,000. Merit Financial Group LLC purchased a new position in shares of PTC Therapeutics during the 1st quarter worth about $205,000. Finally, Universal Beteiligungs und Servicegesellschaft mbH acquired a new stake in shares of PTC Therapeutics in the fourth quarter worth approximately $4,891,000.

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.

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