PTC Therapeutics (NASDAQ:PTCT) Reaches New 1-Year High on Analyst Upgrade

PTC Therapeutics, Inc. (NASDAQ:PTCT) reached a new 52-week high on Wednesday after Robert W. Baird raised their price target on the stock from $48.00 to $52.00. Robert W. Baird currently has an outperform rating on the stock. PTC Therapeutics traded as high as $47.24 and last traded at $46.01, with a volume of 1497603 shares trading hands. The stock had previously closed at $42.99.

Other equities analysts also recently issued research reports about the stock. Royal Bank of Canada raised their target price on shares of PTC Therapeutics from $32.00 to $34.00 and gave the company a “sector perform” rating in a research note on Friday, October 4th. Wells Fargo & Company increased their target price on PTC Therapeutics from $56.00 to $68.00 and gave the company an “overweight” rating in a research note on Tuesday. UBS Group began coverage on PTC Therapeutics in a research report on Monday, August 26th. They set a “buy” rating and a $47.00 price target on the stock. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $64.00 price objective on shares of PTC Therapeutics in a research report on Tuesday, September 17th. Finally, Raymond James started coverage on shares of PTC Therapeutics in a research report on Thursday, October 10th. They set a “market perform” rating on the stock. Three investment analysts have rated the stock with a sell rating, six have issued a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $44.69.

Institutional Trading of PTC Therapeutics

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. KBC Group NV boosted its position in shares of 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 buying an additional 504 shares during the period. CWM LLC boosted its stake in PTC Therapeutics by 354.7% during the 3rd quarter. CWM LLC now owns 2,687 shares of the biopharmaceutical company’s stock valued at $100,000 after purchasing an additional 2,096 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. increased its position in shares of PTC Therapeutics by 21.5% during 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 purchasing an additional 492 shares during the period. Quest Partners LLC bought a new stake in shares of PTC Therapeutics in the 2nd quarter worth $128,000. Finally, Quarry LP boosted its stake in PTC Therapeutics by 100.0% during the second quarter. Quarry LP now owns 5,000 shares of the biopharmaceutical company’s stock valued at $153,000 after buying an additional 2,500 shares in the last quarter.

PTC Therapeutics Price Performance

The business has a fifty day moving average of $40.07 and a 200-day moving average of $36.18. The stock has a market capitalization of $3.48 billion, a price-to-earnings ratio of -7.59 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.