PTC Therapeutics (NASDAQ:PTCT) Hits New 52-Week High After Analyst Upgrade

PTC Therapeutics, Inc. (NASDAQ:PTCT) hit a new 52-week high during mid-day trading on Tuesday after UBS Group raised their price target on the stock from $47.00 to $71.00. UBS Group currently has a buy rating on the stock. PTC Therapeutics traded as high as $54.16 and last traded at $50.44, with a volume of 914090 shares changing hands. The stock had previously closed at $52.07.

A number of other equities analysts have also issued reports on PTCT. Morgan Stanley raised their target price on PTC Therapeutics from $32.00 to $45.00 and gave the stock an “equal weight” rating in a research note on Friday, October 11th. Robert W. Baird raised their target price on PTC Therapeutics from $52.00 to $70.00 and gave the stock an “outperform” rating in a research note on Tuesday. Cantor Fitzgerald restated an “overweight” rating and issued a $64.00 target price on shares of PTC Therapeutics in a research note on Tuesday, September 17th. StockNews.com lowered PTC Therapeutics from a “buy” rating to a “hold” rating in a research note on Tuesday, November 19th. Finally, Baird R W upgraded PTC Therapeutics to a “strong-buy” rating in a research note on Wednesday, September 4th. Three investment analysts have rated the stock with a sell rating, five have assigned a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $51.15.

Hedge Funds Weigh In On PTC Therapeutics

Several institutional investors have recently modified their holdings of PTCT. KBC Group NV boosted its stake in PTC Therapeutics by 29.2% in the third quarter. KBC Group NV now owns 2,232 shares of the biopharmaceutical company’s stock valued at $83,000 after acquiring an additional 504 shares in the last quarter. CWM LLC raised its holdings in PTC Therapeutics by 354.7% during the third quarter. CWM LLC now owns 2,687 shares of the biopharmaceutical company’s stock worth $100,000 after purchasing an additional 2,096 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. raised 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 purchasing an additional 492 shares in the last quarter. Quest Partners LLC purchased a new position in PTC Therapeutics during the second quarter worth about $128,000. Finally, Quarry LP raised its holdings in PTC Therapeutics by 100.0% during the second quarter. Quarry LP now owns 5,000 shares of the biopharmaceutical company’s stock worth $153,000 after purchasing an additional 2,500 shares in the last quarter.

PTC Therapeutics Stock Down 3.4 %

The firm’s fifty day moving average is $40.80 and its 200-day moving average is $36.57. The stock has a market capitalization of $3.88 billion, a PE ratio of -8.47 and a beta of 0.63.

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.