Barclays Issues Positive Forecast for PTC Therapeutics (NASDAQ:PTCT) Stock Price

PTC Therapeutics (NASDAQ:PTCT) had its price objective boosted by research analysts at Barclays from $45.00 to $56.00 in a note issued to investors on Tuesday,Benzinga reports. The firm presently has an “equal weight” rating on the biopharmaceutical company’s stock. Barclays‘s price target would indicate a potential upside of 12.31% from the stock’s previous close.

Several other analysts have also issued reports on PTCT. UBS Group started coverage on PTC Therapeutics in a report on Monday, August 26th. They set a “buy” rating and a $47.00 price objective for the company. Raymond James assumed coverage on PTC Therapeutics in a report on Thursday, October 10th. They set a “market perform” rating for the company. Cantor Fitzgerald restated an “overweight” rating and issued a $64.00 price objective on shares of PTC Therapeutics in a report on Tuesday, September 17th. Baird R W raised shares of PTC Therapeutics to a “strong-buy” rating in a research report on Wednesday, September 4th. Finally, Wells Fargo & Company boosted their target price on shares of PTC Therapeutics from $56.00 to $68.00 and gave the stock an “overweight” rating in a research report on Tuesday, November 26th. Three analysts have rated the stock with a sell rating, four have issued a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $52.38.

PTC Therapeutics Stock Performance

PTC Therapeutics stock opened at $49.86 on Tuesday. The firm’s 50 day moving average price is $41.06 and its two-hundred day moving average price is $36.66. The firm has a market cap of $3.85 billion, a PE ratio of -8.39 and a beta of 0.63. PTC Therapeutics has a twelve month low of $23.58 and a twelve month high of $54.16.

Insider Activity at PTC Therapeutics

In other PTC Therapeutics news, insider Neil Gregory Almstead sold 69,550 shares of the stock in a transaction on Monday, December 2nd. The shares were sold at an average price of $52.06, for a total value of $3,620,773.00. Following the completion of the sale, the insider now directly owns 86,202 shares of the company’s stock, valued at $4,487,676.12. This represents a 44.65 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CAO Christine Marie Utter sold 17,800 shares of the business’s stock in a transaction dated Monday, December 2nd. The stock was sold at an average price of $51.77, for a total transaction of $921,506.00. Following the transaction, the chief accounting officer now owns 52,428 shares in the company, valued at approximately $2,714,197.56. The trade was a 25.35 % decrease in their position. 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 90 days. 5.50% of the stock is owned by company insiders.

Hedge Funds Weigh In On PTC Therapeutics

Several large investors have recently added to or reduced their stakes in the company. Assenagon Asset Management S.A. increased its position in shares of PTC Therapeutics by 21.7% during the second quarter. Assenagon Asset Management S.A. now owns 372,827 shares of the biopharmaceutical company’s stock valued at $11,401,000 after purchasing an additional 66,596 shares during the period. Intech Investment Management LLC bought a new stake in PTC Therapeutics in the 3rd quarter valued at $698,000. Bank of New York Mellon Corp raised its stake in shares of PTC Therapeutics by 17.1% in the 2nd quarter. Bank of New York Mellon Corp now owns 279,049 shares of the biopharmaceutical company’s stock valued at $8,533,000 after buying an additional 40,840 shares in the last quarter. Quest Partners LLC lifted its holdings in shares of PTC Therapeutics by 433.9% during the 3rd quarter. Quest Partners LLC now owns 22,359 shares of the biopharmaceutical company’s stock worth $830,000 after acquiring an additional 18,171 shares during the period. Finally, Renaissance Technologies LLC lifted its holdings in shares of PTC Therapeutics by 7.4% during the 2nd quarter. Renaissance Technologies LLC now owns 818,100 shares of the biopharmaceutical company’s stock worth $25,017,000 after acquiring an additional 56,700 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.