PTC Therapeutics (NASDAQ:PTCT) Trading 4.8% Higher After Analyst Upgrade

PTC Therapeutics, Inc. (NASDAQ:PTCT)’s share price was up 4.8% during trading on Tuesday after Wells Fargo & Company raised their price target on the stock from $56.00 to $68.00. Wells Fargo & Company currently has an overweight rating on the stock. PTC Therapeutics traded as high as $45.43 and last traded at $45.04. Approximately 271,542 shares traded hands during trading, a decline of 68% from the average daily volume of 839,291 shares. The stock had previously closed at $42.99.

A number of other equities analysts have also weighed in on the stock. Royal Bank of Canada boosted their price target on shares of PTC Therapeutics from $32.00 to $34.00 and gave the stock a “sector perform” rating in a research report on Friday, October 4th. StockNews.com cut PTC Therapeutics from a “buy” rating to a “hold” rating in a report on Tuesday, November 19th. JPMorgan Chase & Co. increased their price target on PTC Therapeutics from $51.00 to $62.00 and gave the company an “overweight” rating in a report on Tuesday, November 19th. Baird R W upgraded shares of PTC Therapeutics to a “strong-buy” rating in a research report on Wednesday, September 4th. Finally, Barclays lifted their target price on PTC Therapeutics from $31.00 to $43.00 and gave the company an “equal weight” rating in a research report on Monday, November 11th. Three analysts have rated the stock with a sell rating, six have assigned a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $44.38.

Institutional Investors Weigh In On PTC Therapeutics

Hedge funds have recently added to or reduced their stakes in the business. Janus Henderson Group PLC increased its stake in PTC Therapeutics by 40.5% in the first quarter. Janus Henderson Group PLC now owns 3,669,816 shares of the biopharmaceutical company’s stock valued at $106,744,000 after purchasing an additional 1,057,223 shares during the last quarter. Point72 Asset Management L.P. lifted its position in PTC Therapeutics by 945.6% in the third quarter. Point72 Asset Management L.P. now owns 575,860 shares of the biopharmaceutical company’s stock valued at $21,364,000 after acquiring an additional 643,960 shares during the last quarter. Vanguard Group Inc. boosted its stake in PTC Therapeutics by 6.5% in the first quarter. Vanguard Group Inc. now owns 9,369,014 shares of the biopharmaceutical company’s stock valued at $272,545,000 after acquiring an additional 568,171 shares in the last quarter. Armistice Capital LLC grew its holdings in shares of PTC Therapeutics by 2.9% during the second quarter. Armistice Capital LLC now owns 6,962,227 shares of the biopharmaceutical company’s stock worth $212,905,000 after purchasing an additional 198,227 shares during the last quarter. Finally, Parkman Healthcare Partners LLC purchased a new position in shares of PTC Therapeutics during the third quarter worth about $7,234,000.

PTC Therapeutics Price Performance

The stock has a 50-day moving average price of $39.48 and a 200 day moving average price of $35.96. The firm has a market cap of $3.47 billion, a price-to-earnings ratio of -7.24 and a beta of 0.63.

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.