PTC Therapeutics (NASDAQ:PTCT) Shares Gap Up Following Analyst Upgrade

Shares of PTC Therapeutics, Inc. (NASDAQ:PTCT) gapped up prior to trading on Friday after Robert W. Baird raised their price target on the stock from $44.00 to $48.00. The stock had previously closed at $42.96, but opened at $45.64. Robert W. Baird currently has an outperform rating on the stock. PTC Therapeutics shares last traded at $45.60, with a volume of 52,782 shares changing hands.

A number of other analysts have also recently weighed in on the company. Raymond James started coverage on PTC Therapeutics in a research report on Thursday, October 10th. They issued a “market perform” rating on the stock. Morgan Stanley increased their target price on shares of PTC Therapeutics from $32.00 to $45.00 and gave the stock an “equal weight” rating in a research report on Friday, October 11th. Cantor Fitzgerald restated an “overweight” rating and issued a $64.00 price target on shares of PTC Therapeutics in a research report on Tuesday, September 17th. Barclays raised their price objective on shares of PTC Therapeutics from $25.00 to $31.00 and gave the stock an “equal weight” rating in a report on Friday, August 9th. Finally, Royal Bank of Canada increased their price target on PTC Therapeutics from $32.00 to $34.00 and gave the stock a “sector perform” rating in a research report on Friday, October 4th. Three investment analysts have rated the stock with a sell rating, five have given a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, PTC Therapeutics presently has an average rating of “Hold” and an average target price of $40.38.

Institutional Investors Weigh In On PTC Therapeutics

Institutional investors and hedge funds have recently made changes to their positions in the company. Russell Investments Group Ltd. raised its holdings in PTC Therapeutics by 57.9% during the 1st quarter. Russell Investments Group Ltd. now owns 301,790 shares of the biopharmaceutical company’s stock worth $8,779,000 after purchasing an additional 110,670 shares during the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. lifted its holdings in PTC Therapeutics by 8.7% in the first quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 439,365 shares of the biopharmaceutical company’s stock valued at $12,782,000 after buying an additional 35,173 shares during the period. Edgestream Partners L.P. lifted its holdings in PTC Therapeutics by 49.3% in the first quarter. Edgestream Partners L.P. now owns 53,522 shares of the biopharmaceutical company’s stock valued at $1,557,000 after buying an additional 17,681 shares during the period. Burney Co. bought a new position in PTC Therapeutics in the first quarter valued at approximately $1,223,000. Finally, Assenagon Asset Management S.A. grew its holdings in PTC Therapeutics by 21.7% during the 2nd quarter. Assenagon Asset Management S.A. now owns 372,827 shares of the biopharmaceutical company’s stock worth $11,401,000 after acquiring an additional 66,596 shares during the period.

PTC Therapeutics Stock Performance

The firm’s 50-day simple moving average is $37.41 and its 200 day simple moving average is $34.99. The company has a market cap of $3.41 billion, a P/E ratio of -7.02 and a beta of 0.63.

PTC Therapeutics (NASDAQ:PTCT) last released its earnings results on Thursday, August 8th. The biopharmaceutical company reported ($1.16) earnings per share for the quarter, missing the consensus estimate of ($1.00) by ($0.16). The business had revenue of $186.70 million during the quarter, compared to analysts’ expectations of $192.12 million. As a group, research analysts forecast that PTC Therapeutics, Inc. will post -5.28 earnings per share for the current year.

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.