PTC Therapeutics (NASDAQ:PTCT) Reaches New 12-Month High After Analyst Upgrade

PTC Therapeutics, Inc. (NASDAQ:PTCT) shares hit a new 52-week high during mid-day trading 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 changing hands. The stock had previously closed at $42.99.

Several other equities research analysts have also issued reports on PTCT. Baird R W raised shares of PTC Therapeutics to a “strong-buy” rating in a report on Wednesday, September 4th. 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 restated an “overweight” rating and set a $64.00 target price on shares of PTC Therapeutics in a report on Tuesday, September 17th. Wells Fargo & Company increased their price objective on shares of PTC Therapeutics from $56.00 to $68.00 and gave the stock an “overweight” rating in a report on Tuesday. Finally, Raymond James initiated coverage on shares of PTC Therapeutics in a report on Thursday, October 10th. They set a “market perform” rating on the stock. Three research analysts have rated the stock with a sell rating, six have given a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $44.69.

Hedge Funds Weigh In On PTC Therapeutics

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Choreo LLC boosted its position 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 worth $356,000 after purchasing an additional 452 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its holdings in PTC Therapeutics by 21.5% during 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 last quarter. KBC Group NV grew its position in shares of PTC Therapeutics by 29.2% during the 3rd 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. Arizona State Retirement System grew its position in shares of PTC Therapeutics by 3.4% during the 2nd quarter. Arizona State Retirement System now owns 19,301 shares of the biopharmaceutical company’s stock worth $590,000 after buying an additional 636 shares during the period. Finally, Creative Planning raised its position in shares of PTC Therapeutics by 8.1% in the 3rd quarter. Creative Planning now owns 10,944 shares of the biopharmaceutical company’s stock valued at $406,000 after acquiring an additional 816 shares during the period.

PTC Therapeutics Stock Performance

The firm has a market capitalization of $3.48 billion, a price-to-earnings ratio of -7.59 and a beta of 0.63. The business’s 50-day moving average is $39.89 and its two-hundred day moving average is $36.12.

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.