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

Morgan Stanley restated their overweight rating on shares of PTC Therapeutics (NASDAQ:PTCT) in a research note issued to investors on Friday,Benzinga reports. They currently have a $70.00 price objective on the biopharmaceutical company’s stock, up from their prior price objective of $67.00.

Other equities research analysts have also issued research reports about the company. Robert W. Baird boosted their price target on PTC Therapeutics from $52.00 to $70.00 and gave the stock an “outperform” rating in a research note on Tuesday, December 3rd. JPMorgan Chase & Co. dropped their price target on PTC Therapeutics from $74.00 to $72.00 and set an “overweight” rating on the stock in a research note on Friday, February 28th. The Goldman Sachs Group boosted their price target on PTC Therapeutics from $32.00 to $42.00 and gave the stock a “sell” rating in a research note on Wednesday, December 4th. Cantor Fitzgerald boosted their price target on PTC Therapeutics from $76.00 to $113.00 and gave the stock an “overweight” rating in a research note on Monday, February 3rd. Finally, Royal Bank of Canada boosted their price target on PTC Therapeutics from $60.00 to $63.00 and gave the stock an “outperform” rating in a research note on Tuesday, February 18th. Three analysts have rated the stock with a sell rating, four have issued a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, PTC Therapeutics currently has a consensus rating of “Hold” and a consensus target price of $61.77.

PTC Therapeutics Stock Performance

Shares of PTCT stock opened at $52.59 on Friday. PTC Therapeutics has a fifty-two week low of $24.00 and a fifty-two week high of $55.60. The firm has a market capitalization of $4.15 billion, a price-to-earnings ratio of -8.85 and a beta of 0.66. The stock’s 50-day simple moving average is $47.85 and its 200-day simple moving average is $42.97.

Insiders Place Their Bets

In other PTC Therapeutics news, CEO Matthew B. Klein sold 8,279 shares of the company’s stock in a transaction that occurred on Tuesday, December 31st. The stock was sold at an average price of $45.16, for a total value of $373,879.64. Following the sale, the chief executive officer now owns 217,528 shares in the company, valued at approximately $9,823,564.48. This represents a 3.67 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO Eric Pauwels sold 1,599 shares of the company’s stock in a transaction that occurred on Tuesday, January 7th. The stock was sold at an average price of $45.34, for a total value of $72,498.66. Following the completion of the sale, the chief executive officer now owns 88,941 shares in the company, valued at approximately $4,032,584.94. This represents a 1.77 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 22,870 shares of company stock worth $1,075,657. Corporate insiders own 5.50% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in shares of PTC Therapeutics by 0.3% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 65,681 shares of the biopharmaceutical company’s stock worth $2,967,000 after buying an additional 205 shares during the period. Arizona State Retirement System raised its stake in shares of PTC Therapeutics by 1.1% during the 4th quarter. Arizona State Retirement System now owns 20,095 shares of the biopharmaceutical company’s stock worth $907,000 after buying an additional 219 shares during the period. Choreo LLC raised its stake in shares of PTC Therapeutics by 2.0% during the 4th quarter. Choreo LLC now owns 11,961 shares of the biopharmaceutical company’s stock worth $541,000 after buying an additional 240 shares during the period. Summit Investment Advisors Inc. raised its stake in shares of PTC Therapeutics by 3.3% during the 4th quarter. Summit Investment Advisors Inc. now owns 7,968 shares of the biopharmaceutical company’s stock worth $360,000 after buying an additional 253 shares during the period. Finally, Smartleaf Asset Management LLC raised its stake in shares of PTC Therapeutics by 78.7% during the 4th quarter. Smartleaf Asset Management LLC now owns 613 shares of the biopharmaceutical company’s stock worth $28,000 after buying an additional 270 shares during the period.

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.