PTC Therapeutics (NASDAQ:PTCT) Upgraded by Royal Bank of Canada to “Outperform” Rating

PTC Therapeutics (NASDAQ:PTCT) was upgraded by analysts at Royal Bank of Canada from a “sector perform” rating to an “outperform” rating in a note issued to investors on Tuesday, Marketbeat Ratings reports. The firm presently has a $63.00 target price on the biopharmaceutical company’s stock, up from their previous target price of $39.00. Royal Bank of Canada’s target price suggests a potential upside of 20.99% from the company’s current price.

A number of other research analysts have also recently issued reports on PTCT. Morgan Stanley lifted their price objective on PTC Therapeutics from $32.00 to $45.00 and gave the company an “equal weight” rating in a research note on Friday, October 11th. Raymond James assumed coverage on PTC Therapeutics in a research note on Thursday, October 10th. They issued a “market perform” rating for the company. StockNews.com cut PTC Therapeutics from a “buy” rating to a “hold” rating in a report on Tuesday, November 19th. JPMorgan Chase & Co. boosted their price target on shares of PTC Therapeutics from $51.00 to $62.00 and gave the stock an “overweight” rating in a research note on Tuesday, November 19th. Finally, Wells Fargo & Company raised their price objective on shares of PTC Therapeutics from $56.00 to $68.00 and gave the company an “overweight” rating in a research report on Tuesday, November 26th. Three analysts have rated the stock with a sell rating, five have assigned a hold rating, seven have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, PTC Therapeutics currently has an average rating of “Hold” and a consensus price target of $49.31.

PTC Therapeutics Stock Performance

Shares of PTCT opened at $52.07 on Tuesday. The firm has a market cap of $4.02 billion, a PE ratio of -8.77 and a beta of 0.63. PTC Therapeutics has a 52-week low of $23.58 and a 52-week high of $52.97. The business’s 50 day moving average price is $40.52 and its two-hundred day moving average price is $36.45.

Institutional Investors Weigh In On PTC Therapeutics

Several large investors have recently modified their holdings of PTCT. Choreo LLC lifted its stake in shares of PTC Therapeutics by 4.1% in the 2nd quarter. Choreo LLC now owns 11,426 shares of the biopharmaceutical company’s stock valued at $356,000 after purchasing an additional 452 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its holdings in shares of PTC Therapeutics by 21.5% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,782 shares of the biopharmaceutical company’s stock worth $104,000 after buying an additional 492 shares during the period. KBC Group NV increased its position in PTC Therapeutics by 29.2% in the 3rd 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. Arizona State Retirement System grew its position in shares of PTC Therapeutics by 3.4% in the second quarter. Arizona State Retirement System now owns 19,301 shares of the biopharmaceutical company’s stock valued at $590,000 after purchasing an additional 636 shares during the last quarter. Finally, Creative Planning lifted its position in PTC Therapeutics by 8.1% in the third quarter. Creative Planning now owns 10,944 shares of the biopharmaceutical company’s stock worth $406,000 after purchasing an additional 816 shares during the period.

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.