PTC Therapeutics (NASDAQ:PTCT) Rating Increased to Equal Weight at Morgan Stanley

Morgan Stanley upgraded shares of PTC Therapeutics (NASDAQ:PTCT - Free Report) from an underweight rating to an equal weight rating in a research note released on Monday, Benzinga reports. They currently have $30.00 price objective on the biopharmaceutical company's stock, up from their previous price objective of $28.00.

A number of other research analysts also recently weighed in on PTCT. Royal Bank of Canada increased their price target on PTC Therapeutics from $22.00 to $28.00 and gave the company a sector perform rating in a research note on Friday, March 1st. TD Cowen reduced their price target on PTC Therapeutics from $32.00 to $30.00 and set a market perform rating for the company in a report on Friday, March 1st. Cantor Fitzgerald reaffirmed an overweight rating and set a $45.00 price target on shares of PTC Therapeutics in a report on Friday, April 12th. Finally, Jefferies Financial Group upped their target price on PTC Therapeutics from $33.00 to $35.00 and gave the company a buy rating in a research report on Wednesday, March 20th. Four equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and three have issued a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of Hold and an average target price of $33.67.

PTC Therapeutics Trading Up 12.5 %

NASDAQ:PTCT traded up $3.57 on Monday, hitting $32.14. 1,861,643 shares of the company's stock traded hands, compared to its average volume of 982,425. The company has a market cap of $2.47 billion, a PE ratio of -4.01 and a beta of 0.67. PTC Therapeutics has a 1 year low of $17.53 and a 1 year high of $59.84. The firm has a 50-day moving average price of $28.15 and a 200-day moving average price of $25.83.

PTC Therapeutics (NASDAQ:PTCT - Get Free Report) last announced its quarterly earnings data on Thursday, April 25th. The biopharmaceutical company reported ($1.20) earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.21) by $0.01. The firm had revenue of $210.12 million for the quarter, compared to analysts' expectations of $160.27 million. On average, research analysts forecast that PTC Therapeutics will post -5.87 EPS for the current fiscal year.

Insider Buying and Selling

In other news, CEO Matthew B. Klein sold 3,361 shares of the company's stock in a transaction that occurred on Friday, April 19th. The stock was sold at an average price of $24.89, for a total value of $83,655.29. Following the completion of the transaction, the chief executive officer now directly owns 225,807 shares of the company's stock, valued at $5,620,336.23. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Over the last ninety days, insiders have sold 6,404 shares of company stock worth $165,506. 5.30% of the stock is owned by insiders.

Institutional Investors Weigh In On PTC Therapeutics

Hedge funds have recently modified their holdings of the stock. Wellington Management Group LLP lifted its holdings in PTC Therapeutics by 4.0% during the fourth quarter. Wellington Management Group LLP now owns 9,816,603 shares of the biopharmaceutical company's stock valued at $270,546,000 after purchasing an additional 380,415 shares during the last quarter. Vanguard Group Inc. boosted its holdings in PTC Therapeutics by 10.8% in the 4th quarter. Vanguard Group Inc. now owns 8,800,843 shares of the biopharmaceutical company's stock worth $242,551,000 after buying an additional 855,354 shares during the period. RTW Investments LP grew its stake in PTC Therapeutics by 2.6% in the 4th quarter. RTW Investments LP now owns 7,423,970 shares of the biopharmaceutical company's stock valued at $204,605,000 after buying an additional 188,774 shares in the last quarter. Armistice Capital LLC raised its holdings in PTC Therapeutics by 11.6% during the 4th quarter. Armistice Capital LLC now owns 6,864,000 shares of the biopharmaceutical company's stock valued at $189,172,000 after acquiring an additional 714,000 shares during the period. Finally, Jacobs Levy Equity Management Inc. raised its holdings in PTC Therapeutics by 10.2% during the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 1,122,698 shares of the biopharmaceutical company's stock valued at $25,160,000 after acquiring an additional 104,024 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.