Royal Bank of Canada Forecasts Strong Price Appreciation for PTC Therapeutics (NASDAQ:PTCT) Stock

PTC Therapeutics (NASDAQ:PTCT) had its price objective hoisted by Royal Bank of Canada from $60.00 to $63.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The brokerage currently has an “outperform” rating on the biopharmaceutical company’s stock. Royal Bank of Canada’s target price suggests a potential upside of 24.95% from the stock’s previous close.

PTCT has been the topic of several other research reports. Morgan Stanley upgraded shares of PTC Therapeutics from an “equal weight” rating to an “overweight” rating and lifted their price target for the stock from $45.00 to $67.00 in a research report on Friday, December 13th. Wells Fargo & Company lifted their price target on shares of PTC Therapeutics from $56.00 to $68.00 and gave the stock an “overweight” rating in a research report on Tuesday, November 26th. Cantor Fitzgerald lifted their price target on shares of PTC Therapeutics from $76.00 to $113.00 and gave the stock an “overweight” rating in a research report on Monday, February 3rd. Citigroup lifted their price target on shares of PTC Therapeutics from $32.00 to $45.00 and gave the stock a “sell” rating in a research report on Wednesday, February 12th. Finally, StockNews.com lowered shares of PTC Therapeutics from a “buy” rating to a “hold” rating in a research report on Monday. Three equities research analysts have rated the stock with a sell rating, four have given a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $58.85.

PTC Therapeutics Stock Performance

NASDAQ:PTCT opened at $50.42 on Tuesday. The company has a market capitalization of $3.89 billion, a price-to-earnings ratio of -8.49 and a beta of 0.62. PTC Therapeutics has a one year low of $24.00 and a one year high of $54.16. The stock has a 50-day simple moving average of $46.52 and a 200 day simple moving average of $41.29.

Insider Transactions at PTC Therapeutics

In other PTC Therapeutics news, EVP Lee Scott Golden sold 810 shares of the business’s stock in a transaction dated Tuesday, January 7th. The shares were sold at an average price of $45.34, for a total value of $36,725.40. Following the completion of the sale, the executive vice president now owns 79,849 shares of the company’s stock, valued at $3,620,353.66. The trade was a 1.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, VP Mark Elliott Boulding sold 85,600 shares of the business’s stock in a transaction dated 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 sale, the vice president now directly owns 92,389 shares of the company’s stock, valued at $4,828,249.14. This represents a 48.09 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 211,737 shares of company stock worth $10,920,687 in the last ninety days. Insiders own 5.50% of the company’s stock.

Institutional Trading of PTC Therapeutics

A number of institutional investors and hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. lifted its holdings in shares of PTC Therapeutics by 0.6% during the 4th quarter. Vanguard Group Inc. now owns 9,178,822 shares of the biopharmaceutical company’s stock worth $414,332,000 after acquiring an additional 53,688 shares during the period. Toronto Dominion Bank bought a new stake in shares of PTC Therapeutics during the 4th quarter worth approximately $148,363,000. State Street Corp lifted its holdings in shares of PTC Therapeutics by 5.4% during the 3rd quarter. State Street Corp now owns 2,899,040 shares of the biopharmaceutical company’s stock worth $107,554,000 after acquiring an additional 149,700 shares during the period. Janus Henderson Group PLC lifted its holdings in shares of PTC Therapeutics by 24.4% during the 4th quarter. Janus Henderson Group PLC now owns 2,325,915 shares of the biopharmaceutical company’s stock worth $105,015,000 after acquiring an additional 455,698 shares during the period. Finally, Geode Capital Management LLC lifted its holdings 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 acquiring an additional 10,886 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.