PTC Therapeutics (NASDAQ:PTCT) Given New $45.00 Price Target at Citigroup

PTC Therapeutics (NASDAQ:PTCT) had its target price increased by investment analysts at Citigroup from $32.00 to $45.00 in a research note issued to investors on Wednesday,Benzinga reports. The firm presently has a “sell” rating on the biopharmaceutical company’s stock. Citigroup’s target price would suggest a potential downside of 7.46% from the stock’s current price.

A number of other research firms have also issued reports on PTCT. The Goldman Sachs Group raised their target price on PTC Therapeutics from $32.00 to $42.00 and gave the company a “sell” rating in a report on Wednesday, December 4th. StockNews.com raised PTC Therapeutics from a “hold” rating to a “buy” rating in a report on Friday, February 7th. JPMorgan Chase & Co. lifted their price objective on PTC Therapeutics from $51.00 to $62.00 and gave the stock an “overweight” rating in a report on Tuesday, November 19th. Wells Fargo & Company lifted their price objective on PTC Therapeutics from $56.00 to $68.00 and gave the stock an “overweight” rating in a report on Tuesday, November 26th. Finally, Robert W. Baird lifted their price objective on PTC Therapeutics from $52.00 to $70.00 and gave the stock an “outperform” rating in a report on Tuesday, December 3rd. Three investment analysts have rated the stock with a sell rating, three have issued a hold rating, nine have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $58.85.

PTC Therapeutics Stock Down 2.4 %

PTCT opened at $48.63 on Wednesday. The firm has a market capitalization of $3.75 billion, a P/E ratio of -8.19 and a beta of 0.62. The stock’s 50 day moving average price is $46.39 and its two-hundred day moving average price is $40.51. PTC Therapeutics has a 12-month low of $23.58 and a 12-month high of $54.16.

Insider Buying and Selling

In other PTC Therapeutics news, VP Mark Elliott Boulding sold 85,600 shares of PTC Therapeutics stock in a transaction on Monday, December 2nd. The stock was sold at an average price of $52.26, for a total value of $4,473,456.00. Following the completion of the transaction, the vice president now owns 92,389 shares in the company, valued at approximately $4,828,249.14. The trade was a 48.09 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Neil Gregory Almstead sold 69,550 shares of PTC Therapeutics stock in a transaction on Monday, December 2nd. The shares were sold at an average price of $52.06, for a total value of $3,620,773.00. Following the completion of the transaction, the insider now owns 86,202 shares of the company’s stock, valued at approximately $4,487,676.12. The trade was a 44.65 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 211,737 shares of company stock worth $10,920,687 in the last 90 days. 5.50% of the stock is owned by company insiders.

Institutional Investors Weigh In On PTC Therapeutics

Several hedge funds and other institutional investors have recently made changes to their positions in PTCT. Creative Planning increased its stake in shares of PTC Therapeutics by 19.0% in the 2nd quarter. Creative Planning now owns 10,128 shares of the biopharmaceutical company’s stock valued at $310,000 after buying an additional 1,619 shares during the period. CWM LLC increased its stake in shares of PTC Therapeutics by 354.7% in the 3rd quarter. CWM LLC now owns 2,687 shares of the biopharmaceutical company’s stock valued at $100,000 after buying an additional 2,096 shares during the period. Assenagon Asset Management S.A. increased its stake in shares of PTC Therapeutics by 32.1% in the 3rd quarter. Assenagon Asset Management S.A. now owns 492,464 shares of the biopharmaceutical company’s stock valued at $18,270,000 after buying an additional 119,637 shares during the period. Mirae Asset Global Investments Co. Ltd. increased its stake in shares of PTC Therapeutics by 21.5% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,782 shares of the biopharmaceutical company’s stock valued at $104,000 after buying an additional 492 shares during the period. Finally, China Universal Asset Management Co. Ltd. increased its stake in shares of PTC Therapeutics by 64.2% in the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 14,795 shares of the biopharmaceutical company’s stock valued at $549,000 after buying an additional 5,783 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.