Morgan Stanley Increases PTC Therapeutics (NASDAQ:PTCT) Price Target to $45.00

PTC Therapeutics (NASDAQ:PTCT) had its target price raised by Morgan Stanley from $32.00 to $45.00 in a report issued on Friday morning, Benzinga reports. The brokerage currently has an equal weight rating on the biopharmaceutical company’s stock.

A number of other brokerages also recently issued reports on PTCT. Bank of America upped their price target on PTC Therapeutics from $25.00 to $32.00 and gave the company an underperform rating in a report on Friday, June 21st. JPMorgan Chase & Co. reissued an overweight rating and issued a $53.00 target price on shares of PTC Therapeutics in a report on Thursday, June 20th. Baird R W raised PTC Therapeutics to a strong-buy rating in a report on Wednesday, September 4th. Raymond James assumed coverage on PTC Therapeutics in a report on Thursday, October 10th. They issued a market perform rating on the stock. Finally, Robert W. Baird reissued an outperform rating and issued a $44.00 target price on shares of PTC Therapeutics in a report on Tuesday, October 8th. Three research analysts have rated the stock with a sell rating, five have assigned a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, PTC Therapeutics has a consensus rating of Hold and a consensus price target of $40.08.

PTC Therapeutics Price Performance

Shares of NASDAQ:PTCT opened at $39.14 on Friday. The company has a market cap of $3.00 billion, a P/E ratio of -5.12 and a beta of 0.65. PTC Therapeutics has a 1 year low of $17.53 and a 1 year high of $41.81. The stock’s fifty day moving average price is $34.59 and its 200-day moving average price is $33.22.

PTC Therapeutics (NASDAQ:PTCT) last announced its quarterly earnings results on Thursday, August 8th. The biopharmaceutical company reported ($1.16) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.00) by ($0.16). The firm had revenue of $186.70 million during the quarter, compared to analysts’ expectations of $192.12 million. On average, sell-side analysts anticipate that PTC Therapeutics will post -5.09 earnings per share for the current year.

Institutional Trading of PTC Therapeutics

Several institutional investors have recently made changes to their positions in PTCT. Wellington Management Group LLP grew its position in shares of 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 worth $270,546,000 after purchasing an additional 380,415 shares in the last quarter. Vanguard Group Inc. grew its position in shares of PTC Therapeutics by 10.8% during the fourth quarter. Vanguard Group Inc. now owns 8,800,843 shares of the biopharmaceutical company’s stock worth $242,551,000 after purchasing an additional 855,354 shares in the last quarter. Los Angeles Capital Management LLC grew its position in shares of PTC Therapeutics by 23.1% during the first quarter. Los Angeles Capital Management LLC now owns 10,800 shares of the biopharmaceutical company’s stock worth $314,000 after purchasing an additional 2,024 shares in the last quarter. Allspring Global Investments Holdings LLC purchased a new stake in shares of PTC Therapeutics during the first quarter worth about $46,000. Finally, China Universal Asset Management Co. Ltd. grew its position in shares of PTC Therapeutics by 69.0% during the first quarter. China Universal Asset Management Co. Ltd. now owns 14,752 shares of the biopharmaceutical company’s stock worth $429,000 after purchasing an additional 6,025 shares in the last quarter.

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.