PTC Therapeutics (NASDAQ:PTCT) Upgraded by Morgan Stanley to Equal Weight

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

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

PTC Therapeutics Stock Performance

Shares of PTC Therapeutics stock opened at $32.14 on Monday. The stock’s 50-day moving average is $28.28 and its 200 day moving average is $25.92. PTC Therapeutics has a one year low of $17.53 and a one year high of $59.84.

PTC Therapeutics (NASDAQ:PTCT) last posted its quarterly earnings results on Thursday, April 25th. The biopharmaceutical company reported ($1.20) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($1.21) by $0.01. The business had revenue of $210.12 million for the quarter, compared to the consensus estimate of $160.27 million. Analysts expect that PTC Therapeutics will post -5.87 EPS for the current fiscal year.

Insider Activity at PTC Therapeutics

In other PTC Therapeutics news, CEO Matthew B. Klein sold 3,361 shares of the company’s stock in a transaction dated Friday, April 19th. The shares were sold at an average price of $24.89, for a total value of $83,655.29. Following the completion of the sale, the chief executive officer now directly owns 225,807 shares of the company’s stock, valued at approximately $5,620,336.23. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders have sold 4,674 shares of company stock valued at $118,363 over the last ninety days. Corporate insiders own 5.30% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of PTCT. Rathbones Group PLC purchased a new position in PTC Therapeutics in the third quarter valued at about $532,000. Charles Schwab Investment Management Inc. grew its holdings in PTC Therapeutics by 4.1% during the third quarter. Charles Schwab Investment Management Inc. now owns 596,763 shares of the biopharmaceutical company’s stock valued at $13,373,000 after purchasing an additional 23,288 shares during the period. Walleye Capital LLC increased its position in PTC Therapeutics by 958.6% in the third quarter. Walleye Capital LLC now owns 72,030 shares of the biopharmaceutical company’s stock worth $1,614,000 after buying an additional 65,226 shares during the last quarter. Jacobs Levy Equity Management Inc. raised its stake in shares of PTC Therapeutics by 10.2% in the third quarter. Jacobs Levy Equity Management Inc. now owns 1,122,698 shares of the biopharmaceutical company’s stock valued at $25,160,000 after buying an additional 104,024 shares during the period. Finally, Vanguard Group Inc. lifted its position in shares of PTC Therapeutics by 5.2% during the 3rd quarter. Vanguard Group Inc. now owns 7,945,489 shares of the biopharmaceutical company’s stock valued at $178,058,000 after buying an additional 393,012 shares during 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.