PTC Therapeutics (NASDAQ:PTCT) Price Target Raised to $45.00

PTC Therapeutics (NASDAQ:PTCT) had its target price lifted by Citigroup from $32.00 to $45.00 in a research note released on Wednesday,Benzinga reports. They currently have a sell rating on the biopharmaceutical company’s stock.

Other equities analysts have also issued reports about the stock. The Goldman Sachs Group lifted their price objective on shares of PTC Therapeutics from $32.00 to $42.00 and gave the company a “sell” rating in a research report on Wednesday, December 4th. Barclays lifted their target price on shares of PTC Therapeutics from $45.00 to $56.00 and gave the company an “equal weight” rating in a report on Tuesday, December 3rd. JPMorgan Chase & Co. increased their price target on shares of PTC Therapeutics from $51.00 to $62.00 and gave the stock an “overweight” rating in a report on Tuesday, November 19th. Wells Fargo & Company raised their price objective on shares of PTC Therapeutics from $56.00 to $68.00 and gave the company an “overweight” rating in a research report on Tuesday, November 26th. Finally, Cantor Fitzgerald boosted their target price on PTC Therapeutics from $76.00 to $113.00 and gave the stock an “overweight” rating in a research report on Monday, February 3rd. Three research analysts have rated the stock with a sell rating, three have given a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, PTC Therapeutics has a consensus rating of “Moderate Buy” and an average target price of $58.85.

PTC Therapeutics Trading Up 4.3 %

Shares of PTCT stock opened at $51.82 on Wednesday. The company has a market capitalization of $4.00 billion, a P/E ratio of -8.72 and a beta of 0.62. The business’s 50 day moving average is $46.44 and its two-hundred day moving average is $40.87. PTC Therapeutics has a twelve month low of $24.00 and a twelve month high of $54.16.

Insiders Place Their Bets

In other news, VP Mark Elliott Boulding sold 85,600 shares of the firm’s 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 completion of the transaction, the vice president now directly owns 92,389 shares of the company’s stock, valued at $4,828,249.14. This trade represents a 48.09 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Neil Gregory Almstead sold 1,265 shares of PTC Therapeutics stock in a transaction that occurred on Tuesday, January 7th. The stock was sold at an average price of $45.34, for a total value of $57,355.10. Following the transaction, the insider now owns 104,783 shares of the company’s stock, valued at $4,750,861.22. This represents a 1.19 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 211,737 shares of company stock worth $10,920,687. 5.50% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On PTC Therapeutics

Hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. boosted its stake in shares of PTC Therapeutics by 0.6% during the fourth quarter. Vanguard Group Inc. now owns 9,178,822 shares of the biopharmaceutical company’s stock valued at $414,332,000 after acquiring an additional 53,688 shares during the last quarter. State Street Corp lifted its holdings in PTC Therapeutics by 5.4% in the 3rd quarter. State Street Corp now owns 2,899,040 shares of the biopharmaceutical company’s stock valued at $107,554,000 after purchasing an additional 149,700 shares in the last quarter. Geode Capital Management LLC boosted its stake in shares of PTC Therapeutics by 0.6% during the 3rd quarter. Geode Capital Management LLC now owns 1,798,666 shares of the biopharmaceutical company’s stock worth $66,743,000 after purchasing an additional 10,886 shares during the last quarter. Pictet Asset Management Holding SA boosted its stake in shares of PTC Therapeutics by 107.4% during the 4th quarter. Pictet Asset Management Holding SA now owns 736,388 shares of the biopharmaceutical company’s stock worth $33,241,000 after purchasing an additional 381,319 shares during the last quarter. Finally, Northern Trust Corp grew its holdings in shares of PTC Therapeutics by 7.8% during the fourth quarter. Northern Trust Corp now owns 727,976 shares of the biopharmaceutical company’s stock worth $32,861,000 after buying an additional 52,714 shares in the last quarter.

PTC Therapeutics Company Profile

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.