PTC Therapeutics (NASDAQ:PTCT) Upgraded at Royal Bank of Canada

Royal Bank of Canada upgraded shares of PTC Therapeutics (NASDAQ:PTCT) from a sector perform rating to an outperform rating in a research note issued to investors on Tuesday morning, Marketbeat.com reports. The brokerage currently has $63.00 target price on the biopharmaceutical company’s stock, up from their previous target price of $39.00.

Several other equities research analysts have also recently weighed in on the company. UBS Group began coverage on PTC Therapeutics in a research report on Monday, August 26th. They issued a “buy” rating and a $47.00 price objective for the company. Cantor Fitzgerald reissued an “overweight” rating and issued a $64.00 price objective on shares of PTC Therapeutics in a research report on Tuesday, September 17th. Morgan Stanley increased their price objective on PTC Therapeutics from $32.00 to $45.00 and gave the company an “equal weight” rating in a research report on Friday, October 11th. 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 raised PTC Therapeutics to a “strong-buy” rating in a research report 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 stock currently has a consensus rating of “Hold” and a consensus price target of $51.15.

PTC Therapeutics Stock Down 3.4 %

Shares of PTC Therapeutics stock opened at $50.29 on Tuesday. The stock has a market capitalization of $3.88 billion, a P/E ratio of -8.47 and a beta of 0.63. The stock has a 50 day moving average price of $40.80 and a two-hundred day moving average price of $36.57. PTC Therapeutics has a 12-month low of $23.58 and a 12-month high of $54.16.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the business. Geode Capital Management LLC raised its holdings in shares of PTC Therapeutics by 0.6% in the third quarter. Geode Capital Management LLC now owns 1,798,666 shares of the biopharmaceutical company’s stock valued at $66,743,000 after buying an additional 10,886 shares during the last quarter. Two Sigma Advisers LP raised its holdings in shares of PTC Therapeutics by 10.3% in the third quarter. Two Sigma Advisers LP now owns 429,842 shares of the biopharmaceutical company’s stock valued at $15,947,000 after buying an additional 40,300 shares during the last quarter. Sphera Funds Management LTD. raised its holdings in shares of PTC Therapeutics by 25.5% in the third quarter. Sphera Funds Management LTD. now owns 118,345 shares of the biopharmaceutical company’s stock valued at $4,391,000 after buying an additional 24,027 shares during the last quarter. State Street Corp raised its holdings in shares of PTC Therapeutics by 5.4% in the third quarter. State Street Corp now owns 2,899,040 shares of the biopharmaceutical company’s stock valued at $107,554,000 after buying an additional 149,700 shares during the last quarter. Finally, Point72 Asset Management L.P. raised its holdings in shares of PTC Therapeutics by 945.6% in the third quarter. Point72 Asset Management L.P. now owns 575,860 shares of the biopharmaceutical company’s stock valued at $21,364,000 after buying an additional 643,960 shares during the last quarter.

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.