PTC Therapeutics (NASDAQ:PTCT) Upgraded to “Overweight” at Morgan Stanley

Morgan Stanley upgraded shares of PTC Therapeutics (NASDAQ:PTCT) from an equal weight rating to an overweight rating in a report issued on Friday, MarketBeat Ratings reports. Morgan Stanley currently has $67.00 price target on the biopharmaceutical company’s stock, up from their prior price target of $45.00.

Several other analysts also recently commented on the stock. Baird R W raised shares of PTC Therapeutics to a “strong-buy” rating in a research report on Wednesday, September 4th. JPMorgan Chase & Co. increased their price objective on shares of PTC Therapeutics from $51.00 to $62.00 and gave the company an “overweight” rating in a research report on Tuesday, November 19th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $64.00 price target on shares of PTC Therapeutics in a report on Tuesday, September 17th. Citigroup raised their price target on shares of PTC Therapeutics from $26.00 to $32.00 and gave the company a “sell” rating in a report on Wednesday, December 4th. Finally, Wells Fargo & Company raised their price target on shares of PTC Therapeutics from $56.00 to $68.00 and gave the company an “overweight” rating in a report on Tuesday, November 26th. Three investment analysts have rated the stock with a sell rating, three have given a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $54.08.

PTC Therapeutics Trading Down 2.1 %

Shares of PTC Therapeutics stock opened at $46.37 on Friday. The company has a 50-day moving average of $42.72 and a 200 day moving average of $37.18. PTC Therapeutics has a 1 year low of $23.58 and a 1 year high of $54.16.

Insider Activity

In other news, VP Mark Elliott Boulding sold 85,600 shares of PTC Therapeutics stock in a transaction that occurred on Monday, December 2nd. The shares were sold at an average price of $52.26, for a total transaction of $4,473,456.00. Following the sale, the vice president now owns 92,389 shares in the company, valued at $4,828,249.14. This trade represents a 48.09 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CAO Christine Marie Utter sold 17,800 shares of PTC Therapeutics stock in a transaction that occurred on Monday, December 2nd. The shares were sold at an average price of $51.77, for a total transaction of $921,506.00. Following the sale, 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 have sold a total of 196,950 shares of company stock worth $10,251,735 over the last quarter. Insiders own 5.50% of the company’s stock.

Institutional Investors Weigh In On PTC Therapeutics

Several large investors have recently bought and sold shares of PTCT. KBC Group NV increased its position in PTC Therapeutics by 29.2% in the third quarter. KBC Group NV now owns 2,232 shares of the biopharmaceutical company’s stock worth $83,000 after purchasing an additional 504 shares during the last quarter. CWM LLC increased its position in PTC Therapeutics by 354.7% in the third quarter. CWM LLC now owns 2,687 shares of the biopharmaceutical company’s stock worth $100,000 after purchasing an additional 2,096 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. increased its position in PTC Therapeutics by 21.5% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,782 shares of the biopharmaceutical company’s stock worth $104,000 after purchasing an additional 492 shares during the last quarter. Quest Partners LLC bought a new stake in PTC Therapeutics in the second quarter worth $128,000. Finally, Quarry LP increased its position in PTC Therapeutics by 100.0% in the second quarter. Quarry LP now owns 5,000 shares of the biopharmaceutical company’s stock worth $153,000 after purchasing an additional 2,500 shares during 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.