PTC Therapeutics (NASDAQ:PTCT) Upgraded at Morgan Stanley

Morgan Stanley upgraded shares of PTC Therapeutics (NASDAQ:PTCT) from an underweight rating to an equal weight rating in a research report report published on Monday morning, Benzinga reports. Morgan Stanley currently has $30.00 price objective on the biopharmaceutical company’s stock, up from their prior price objective of $28.00.

A number of other equities analysts have also weighed in on the stock. TD Cowen lowered their price objective on shares of PTC Therapeutics from $32.00 to $30.00 and set a market perform rating on the stock in a research report on Friday, March 1st. Jefferies Financial Group lifted their price objective on shares of PTC Therapeutics from $33.00 to $35.00 and gave the company a buy rating in a research report on Wednesday, March 20th. Cantor Fitzgerald reiterated an overweight rating and issued a $45.00 price objective on shares of PTC Therapeutics in a research report on Friday, April 12th. Finally, Royal Bank of Canada lifted their price objective on shares of PTC Therapeutics from $22.00 to $28.00 and gave the company a sector perform rating in a research report on Friday, March 1st. Four equities research analysts have rated the stock with a sell rating, seven have given a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of Hold and a consensus target price of $33.67.

PTC Therapeutics Trading Up 6.3 %

Shares of PTCT opened at $34.16 on Monday. The firm has a market cap of $2.62 billion, a PE ratio of -4.45 and a beta of 0.67. The company’s 50 day simple moving average is $28.57 and its 200-day simple moving average is $26.06. PTC Therapeutics has a 12-month low of $17.53 and a 12-month high of $59.84.

PTC Therapeutics (NASDAQ:PTCT) last posted its quarterly earnings data on Thursday, April 25th. The biopharmaceutical company reported ($1.20) earnings per share for the quarter, beating analysts’ consensus estimates of ($1.21) by $0.01. The firm had revenue of $210.12 million during the quarter, compared to analysts’ expectations of $160.27 million. As a group, equities research analysts forecast that PTC Therapeutics will post -5.03 EPS for the current fiscal year.

Insider Transactions at PTC Therapeutics

In other news, CEO Matthew B. Klein sold 3,361 shares of PTC Therapeutics stock in a transaction on Friday, April 19th. The stock was sold at an average price of $24.89, for a total transaction of $83,655.29. Following the completion of the transaction, the chief executive officer now owns 225,807 shares of the company’s stock, valued at approximately $5,620,336.23. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Insiders sold 4,674 shares of company stock valued at $118,363 in the last 90 days. 5.30% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in PTCT. Armistice Capital LLC raised its stake in shares of PTC Therapeutics by 90.0% during the 3rd quarter. Armistice Capital LLC now owns 6,150,000 shares of the biopharmaceutical company’s stock worth $137,822,000 after buying an additional 2,914,000 shares during the last quarter. Wellington Management Group LLP raised its stake in PTC Therapeutics by 39.0% in the 3rd quarter. Wellington Management Group LLP now owns 9,436,188 shares of the biopharmaceutical company’s stock valued at $211,465,000 after purchasing an additional 2,649,824 shares during the last quarter. Vanguard Group Inc. raised its stake in PTC Therapeutics by 10.8% in the 4th quarter. Vanguard Group Inc. now owns 8,800,843 shares of the biopharmaceutical company’s stock valued at $242,551,000 after purchasing an additional 855,354 shares during the last quarter. Norges Bank acquired a new position in PTC Therapeutics in the 4th quarter valued at about $15,058,000. Finally, BNP Paribas Financial Markets raised its stake in PTC Therapeutics by 263.3% in the 4th quarter. BNP Paribas Financial Markets now owns 371,580 shares of the biopharmaceutical company’s stock valued at $10,241,000 after purchasing an additional 269,292 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.