Bank of America Upgrades PTC Therapeutics (NASDAQ:PTCT) to Neutral

PTC Therapeutics (NASDAQ:PTCT) was upgraded by Bank of America from an “underperform” rating to a “neutral” rating in a note issued to investors on Tuesday, MarketBeat reports. The brokerage presently has a $55.00 target price on the biopharmaceutical company’s stock, up from their prior target price of $41.00. Bank of America‘s target price would suggest a potential upside of 2.59% from the company’s previous close.

Several other brokerages also recently weighed in on PTCT. Scotiabank began coverage on shares of PTC Therapeutics in a research note on Friday, March 7th. They set a “sector perform” rating and a $55.00 target price on the stock. Royal Bank of Canada boosted their price target on shares of PTC Therapeutics from $60.00 to $63.00 and gave the stock an “outperform” rating in a report on Tuesday, February 18th. Morgan Stanley reiterated an “overweight” rating and set a $70.00 price target (up previously from $67.00) on shares of PTC Therapeutics in a report on Friday, March 7th. Barclays boosted their price target on shares of PTC Therapeutics from $45.00 to $56.00 and gave the stock an “equal weight” rating in a report on Tuesday, December 3rd. Finally, UBS Group boosted their price target on shares of PTC Therapeutics from $47.00 to $71.00 and gave the stock a “buy” rating in a report on Tuesday, December 3rd. Two analysts have rated the stock with a sell rating, five have given a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, PTC Therapeutics presently has an average rating of “Moderate Buy” and a consensus target price of $63.54.

PTC Therapeutics Stock Up 1.9 %

Shares of PTCT opened at $53.61 on Tuesday. PTC Therapeutics has a fifty-two week low of $24.00 and a fifty-two week high of $55.60. The firm’s 50 day moving average price is $48.31 and its 200 day moving average price is $43.31. The company has a market cap of $4.23 billion, a P/E ratio of -9.03 and a beta of 0.66.

Insider Activity

In other news, CEO Matthew B. Klein sold 8,279 shares of the company’s stock in a transaction on Tuesday, December 31st. The shares were sold at an average price of $45.16, for a total value of $373,879.64. Following the completion of the transaction, 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 sale was disclosed in a filing with the SEC, which is accessible through this link. Also, 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 transaction of $63,369.60. Following the sale, the director now owns 19,118 shares of the company’s stock, valued at approximately $984,959.36. This represents a 6.04 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 22,870 shares of company stock worth $1,075,657. Corporate insiders own 5.50% of the company’s stock.

Institutional Trading of PTC Therapeutics

Large investors have recently bought and sold shares of the business. Smartleaf Asset Management LLC boosted its stake in 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 purchasing an additional 270 shares during the period. Sterling Capital Management LLC boosted its stake in PTC Therapeutics by 424.4% during the 4th quarter. Sterling Capital Management LLC now owns 645 shares of the biopharmaceutical company’s stock worth $29,000 after purchasing an additional 522 shares during the period. Venturi Wealth Management LLC acquired a new stake in PTC Therapeutics during the 4th quarter worth $68,000. GF Fund Management CO. LTD. acquired a new stake in PTC Therapeutics during the 4th quarter worth $73,000. Finally, Point72 Asia Singapore Pte. Ltd. acquired a new stake in PTC Therapeutics during the 4th quarter worth $77,000.

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.