Bank of America Upgrades PTC Therapeutics (NASDAQ:PTCT) to “Neutral”

PTC Therapeutics (NASDAQ:PTCT) was upgraded by investment analysts at Bank of America from an “underperform” rating to a “neutral” rating in a research note issued to investors on Tuesday, Marketbeat.com reports. The firm currently has a $55.00 price target on the biopharmaceutical company’s stock, up from their previous price target of $41.00. Bank of America‘s target price points to a potential upside of 4.78% from the company’s current price.

Other research analysts also recently issued research reports about the stock. Royal Bank of Canada raised their target price on shares of PTC Therapeutics from $60.00 to $63.00 and gave the company an “outperform” rating in a research report on Tuesday, February 18th. Scotiabank initiated coverage on PTC Therapeutics in a report on Friday. They issued a “sector perform” rating and a $55.00 price objective for the company. Robert W. Baird upped their target price on PTC Therapeutics from $52.00 to $70.00 and gave the stock an “outperform” rating in a report on Tuesday, December 3rd. JPMorgan Chase & Co. decreased their price target on PTC Therapeutics from $74.00 to $72.00 and set an “overweight” rating for the company in a research note on Friday, February 28th. Finally, StockNews.com cut PTC Therapeutics from a “buy” rating to a “hold” rating in a research note on Monday, February 17th. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $63.54.

PTC Therapeutics Stock Down 0.2 %

NASDAQ:PTCT opened at $52.49 on Tuesday. The company has a market cap of $4.14 billion, a P/E ratio of -8.84 and a beta of 0.66. PTC Therapeutics has a twelve month low of $24.00 and a twelve month high of $55.60. The business has a 50 day moving average price of $47.99 and a two-hundred day moving average price of $43.11.

Insiders Place Their Bets

In other news, EVP Lee Scott Golden sold 795 shares of PTC Therapeutics stock in a transaction that occurred on Wednesday, February 19th. The shares were sold at an average price of $50.10, for a total value of $39,829.50. Following the completion of the sale, the executive vice president now directly owns 77,856 shares in the company, valued at approximately $3,900,585.60. The trade was a 1.01 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CAO Christine Marie Utter sold 1,291 shares of the 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 $58,533.94. Following the sale, the chief accounting officer now directly owns 65,983 shares in the company, valued at $2,991,669.22. This represents a 1.92 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 22,870 shares of company stock worth $1,075,657 in the last quarter. 5.50% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On PTC Therapeutics

Institutional investors and hedge funds have recently bought and sold shares of the company. State of New Jersey Common Pension Fund D raised its position in shares of PTC Therapeutics by 7.0% in the 3rd quarter. State of New Jersey Common Pension Fund D now owns 56,820 shares of the biopharmaceutical company’s stock valued at $2,108,000 after buying an additional 3,727 shares in the last quarter. Los Angeles Capital Management LLC raised its position in PTC Therapeutics by 40.0% during the third quarter. Los Angeles Capital Management LLC now owns 15,130 shares of the biopharmaceutical company’s stock valued at $561,000 after purchasing an additional 4,325 shares in the last quarter. KBC Group NV lifted its stake in PTC Therapeutics by 29.2% during the third quarter. KBC Group NV now owns 2,232 shares of the biopharmaceutical company’s stock worth $83,000 after purchasing an additional 504 shares during the last quarter. Thrivent Financial for Lutherans acquired a new stake in shares of PTC Therapeutics in the 3rd quarter valued at $1,450,000. Finally, Quest Partners LLC boosted its holdings in shares of PTC Therapeutics by 433.9% in the 3rd quarter. Quest Partners LLC now owns 22,359 shares of the biopharmaceutical company’s stock valued at $830,000 after purchasing an additional 18,171 shares in 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.