PTC Therapeutics (NASDAQ:PTCT) Receives Overweight Rating from Morgan Stanley

PTC Therapeutics (NASDAQ:PTCT)‘s stock had its “overweight” rating reiterated by stock analysts at Morgan Stanley in a report issued on Friday,Benzinga reports. They currently have a $70.00 price objective on the biopharmaceutical company’s stock, up from their previous price objective of $67.00. Morgan Stanley’s price target would suggest a potential upside of 34.66% from the stock’s current price.

Several other equities research analysts have also recently issued reports on PTCT. StockNews.com cut shares of PTC Therapeutics from a “buy” rating to a “hold” rating in a research note on Monday, February 17th. UBS Group lifted their price objective on shares of PTC Therapeutics from $47.00 to $71.00 and gave the company a “buy” rating in a research note on Tuesday, December 3rd. Citigroup increased their target price on PTC Therapeutics from $32.00 to $45.00 and gave the stock a “sell” rating in a research note on Wednesday, February 12th. JPMorgan Chase & Co. dropped their price target on PTC Therapeutics from $74.00 to $72.00 and set an “overweight” rating for the company in a research report on Friday, February 28th. Finally, Scotiabank started coverage on shares of PTC Therapeutics in a report on Friday. They set a “sector perform” rating and a $55.00 price target for the company. Three research analysts have rated the stock with a sell rating, four have assigned a hold rating, eight have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $61.77.

PTC Therapeutics Price Performance

NASDAQ PTCT traded down $0.82 during trading on Friday, reaching $51.98. 294,318 shares of the company’s stock traded hands, compared to its average volume of 738,361. The firm has a market cap of $4.01 billion, a price-to-earnings ratio of -8.71 and a beta of 0.62. The company’s 50 day simple moving average is $47.71 and its two-hundred day simple moving average is $42.72. PTC Therapeutics has a 12-month low of $24.00 and a 12-month high of $55.60.

Insider Activity at PTC Therapeutics

In other news, Director Allan Steven Jacobson sold 1,230 shares of the stock in a transaction on Tuesday, March 4th. The stock was sold at an average price of $51.52, for a total value of $63,369.60. Following the sale, the director now directly owns 19,118 shares of the company’s stock, valued at approximately $984,959.36. This represents a 6.04 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Pierre Gravier sold 1,168 shares of the stock in a transaction that occurred on Wednesday, February 19th. The stock was sold at an average price of $50.10, for a total transaction of $58,516.80. Following the completion of the transaction, the chief financial officer now owns 75,603 shares in the company, valued at $3,787,710.30. This trade represents a 1.52 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 22,870 shares of company stock valued at $1,075,657. 5.50% of the stock is owned by insiders.

Institutional Investors Weigh In On PTC Therapeutics

Several large investors have recently added to or reduced their stakes in the stock. Toronto Dominion Bank acquired a new position in PTC Therapeutics during the 4th quarter valued at about $148,363,000. Driehaus Capital Management LLC acquired a new stake in shares of PTC Therapeutics in the fourth quarter valued at about $46,993,000. Point72 Asset Management L.P. grew its holdings in PTC Therapeutics by 150.6% in the 4th quarter. Point72 Asset Management L.P. now owns 1,443,362 shares of the biopharmaceutical company’s stock valued at $65,153,000 after buying an additional 867,502 shares in the last quarter. Janus Henderson Group PLC increased its position in shares of PTC Therapeutics by 24.4% during the 4th quarter. Janus Henderson Group PLC now owns 2,325,915 shares of the biopharmaceutical company’s stock worth $105,015,000 after purchasing an additional 455,698 shares during the last quarter. Finally, Pictet Asset Management Holding SA boosted its position in shares of PTC Therapeutics by 107.4% during the fourth quarter. Pictet Asset Management Holding SA now owns 736,388 shares of the biopharmaceutical company’s stock worth $33,241,000 after buying an additional 381,319 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.