PTC Therapeutics (NASDAQ:PTCT) Earns Sector Perform Rating from Analysts at Scotiabank

Scotiabank began coverage on shares of PTC Therapeutics (NASDAQ:PTCT) in a research report released on Friday morning, MarketBeat reports. The brokerage issued a sector perform rating and a $55.00 price objective on the biopharmaceutical company’s stock.

A number of other analysts have also issued reports on the company. Barclays increased their target price on PTC Therapeutics from $45.00 to $56.00 and gave the company an “equal weight” rating in a report on Tuesday, December 3rd. Citigroup increased their target price on PTC Therapeutics from $32.00 to $45.00 and gave the company a “sell” rating in a report on Wednesday, February 12th. Cantor Fitzgerald increased their target price on PTC Therapeutics from $76.00 to $113.00 and gave the company an “overweight” rating in a report on Monday, February 3rd. StockNews.com lowered PTC Therapeutics from a “buy” rating to a “hold” rating in a report on Monday, February 17th. Finally, Morgan Stanley upgraded PTC Therapeutics from an “equal weight” rating to an “overweight” rating and increased their target price for the company from $45.00 to $67.00 in a report on Friday, December 13th. Three equities research analysts have rated the stock with a sell rating, four have assigned a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $61.77.

PTC Therapeutics Stock Down 0.4 %

PTCT opened at $52.59 on Friday. The stock has a fifty day moving average of $47.85 and a 200-day moving average of $42.85. The firm has a market capitalization of $4.06 billion, a P/E ratio of -8.85 and a beta of 0.62. PTC Therapeutics has a 12-month low of $24.00 and a 12-month high of $55.60.

Insiders Place Their Bets

In related news, CEO Matthew B. Klein sold 8,279 shares of PTC Therapeutics stock in a transaction dated Tuesday, December 31st. The stock was sold at an average price of $45.16, for a total transaction of $373,879.64. Following the sale, the chief executive officer now directly owns 217,528 shares of the company’s stock, valued at $9,823,564.48. This trade represents a 3.67 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Allan Steven Jacobson sold 1,230 shares of PTC Therapeutics stock in a transaction dated Tuesday, March 4th. The stock was sold at an average price of $51.52, for a total value of $63,369.60. Following the sale, the director now directly owns 19,118 shares in the company, valued at approximately $984,959.36. This trade represents a 6.04 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 22,870 shares of company stock valued at $1,075,657 over the last three months. 5.50% of the stock is currently owned by insiders.

Institutional Investors Weigh In On PTC Therapeutics

A number of institutional investors have recently added to or reduced their stakes in the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in PTC Therapeutics by 0.3% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 65,681 shares of the biopharmaceutical company’s stock worth $2,967,000 after buying an additional 205 shares in the last quarter. Arizona State Retirement System grew its position in PTC Therapeutics by 1.1% during the fourth quarter. Arizona State Retirement System now owns 20,095 shares of the biopharmaceutical company’s stock worth $907,000 after buying an additional 219 shares in the last quarter. Choreo LLC lifted its stake in PTC Therapeutics by 2.0% during the fourth quarter. Choreo LLC now owns 11,961 shares of the biopharmaceutical company’s stock worth $541,000 after purchasing an additional 240 shares during the period. Summit Investment Advisors Inc. lifted its stake in PTC Therapeutics by 3.3% during the fourth quarter. Summit Investment Advisors Inc. now owns 7,968 shares of the biopharmaceutical company’s stock worth $360,000 after purchasing an additional 253 shares during the period. Finally, Smartleaf Asset Management LLC lifted its stake in PTC Therapeutics by 78.7% during the fourth quarter. Smartleaf Asset Management LLC now owns 613 shares of the biopharmaceutical company’s stock worth $28,000 after purchasing an additional 270 shares during the period.

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.