PTC Therapeutics (NASDAQ:PTCT) Cut to Hold at StockNews.com

StockNews.com downgraded shares of PTC Therapeutics (NASDAQ:PTCT) from a buy rating to a hold rating in a research note released on Monday.

PTCT has been the subject of a number of other research reports. Royal Bank of Canada upgraded PTC Therapeutics from a “sector perform” rating to an “outperform” rating and increased their target price for the stock from $39.00 to $63.00 in a report on Tuesday, December 3rd. Robert W. Baird lifted their target price on PTC Therapeutics from $52.00 to $70.00 and gave the company an “outperform” rating in a research report on Tuesday, December 3rd. Cantor Fitzgerald upped their price target on PTC Therapeutics from $76.00 to $113.00 and gave the stock an “overweight” rating in a research report on Monday, February 3rd. The Goldman Sachs Group lifted their price objective on shares of PTC Therapeutics from $32.00 to $42.00 and gave the company a “sell” rating in a report on Wednesday, December 4th. Finally, Morgan Stanley upgraded shares of PTC Therapeutics from an “equal weight” rating to an “overweight” rating and increased their target price for the stock from $45.00 to $67.00 in a report on Friday, December 13th. Three analysts have rated the stock with a sell rating, four have assigned a hold rating, eight have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, PTC Therapeutics presently has an average rating of “Hold” and a consensus price target of $58.85.

PTC Therapeutics Stock Up 2.0 %

Shares of PTCT stock opened at $50.42 on Monday. PTC Therapeutics has a 12-month low of $24.00 and a 12-month high of $54.16. The firm has a fifty day moving average of $46.52 and a 200-day moving average of $41.29. The firm has a market capitalization of $3.89 billion, a price-to-earnings ratio of -8.49 and a beta of 0.62.

Insider Buying and Selling at PTC Therapeutics

In related news, CAO Christine Marie Utter sold 17,800 shares of PTC Therapeutics stock in a transaction on Monday, December 2nd. The stock was sold at an average price of $51.77, for a total transaction of $921,506.00. Following the sale, the chief accounting officer now directly owns 52,428 shares in the company, valued at approximately $2,714,197.56. This trade represents a 25.35 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, VP Mark Elliott Boulding sold 85,600 shares of the business’s stock in a transaction dated Monday, December 2nd. The stock was sold at an average price of $52.26, for a total transaction of $4,473,456.00. Following the completion of the transaction, the vice president now directly owns 92,389 shares in the company, valued at $4,828,249.14. This trade represents a 48.09 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 211,737 shares of company stock worth $10,920,687. 5.50% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On PTC Therapeutics

Large investors have recently modified their holdings of the business. CWM LLC lifted its stake in PTC Therapeutics by 354.7% in the 3rd quarter. CWM LLC now owns 2,687 shares of the biopharmaceutical company’s stock worth $100,000 after purchasing an additional 2,096 shares in the last quarter. Creative Planning raised 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 worth $406,000 after buying an additional 816 shares in the last quarter. Assenagon Asset Management S.A. boosted its stake 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. grew its position in 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 buying an additional 492 shares in the last quarter. Finally, China Universal Asset Management Co. Ltd. increased its stake in PTC Therapeutics by 64.2% in the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 14,795 shares of the biopharmaceutical company’s stock worth $549,000 after acquiring an additional 5,783 shares during the last quarter.

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.