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

PTC Therapeutics, Inc. (NASDAQ:PTCT) reached 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 traded. The stock had previously closed at $42.99.

Other analysts have also issued reports about the company. UBS Group started coverage on PTC Therapeutics in a report on Monday, August 26th. They set a “buy” rating and a $47.00 price objective for the company. Baird R W raised PTC Therapeutics to a “strong-buy” rating in a research note on Wednesday, September 4th. Barclays boosted their price target on PTC Therapeutics from $31.00 to $43.00 and gave the company an “equal weight” rating in a research note on Monday, November 11th. Wells Fargo & Company raised their price objective on shares of PTC Therapeutics from $56.00 to $68.00 and gave the company an “overweight” rating in a research report on Tuesday. Finally, Morgan Stanley boosted 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. Three analysts have rated the stock with a sell rating, six have assigned a hold rating, six have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $44.69.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the company. Point72 Asset Management L.P. increased its stake 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 worth $21,364,000 after purchasing an additional 643,960 shares during the period. Vanguard Group Inc. increased its position in PTC Therapeutics by 6.5% in the 1st quarter. Vanguard Group Inc. now owns 9,369,014 shares of the biopharmaceutical company’s stock worth $272,545,000 after buying an additional 568,171 shares during the period. Armistice Capital LLC increased its position in PTC Therapeutics by 2.9% in the 2nd quarter. Armistice Capital LLC now owns 6,962,227 shares of the biopharmaceutical company’s stock worth $212,905,000 after buying an additional 198,227 shares during the period. Parkman Healthcare Partners LLC bought a new position in PTC Therapeutics in the 3rd quarter worth approximately $7,234,000. Finally, Ensign Peak Advisors Inc increased its position in PTC Therapeutics by 650.9% in the 2nd quarter. Ensign Peak Advisors Inc now owns 208,302 shares of the biopharmaceutical company’s stock worth $6,370,000 after buying an additional 180,561 shares during the period.

PTC Therapeutics Stock Down 2.0 %

The stock’s 50-day moving average is $39.89 and its 200-day moving average is $36.12. The firm has a market cap of $3.48 billion, a P/E ratio of -7.59 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.