PTC Therapeutics (NASDAQ:PTCT) Trading Up 4.8% Following Analyst Upgrade

PTC Therapeutics, Inc. (NASDAQ:PTCT)’s share price rose 4.8% on Tuesday 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 $45.43 and last traded at $45.04. Approximately 271,542 shares traded hands during trading, a decline of 68% from the average daily volume of 839,291 shares. The stock had previously closed at $42.99.

A number of other brokerages have also recently weighed in on PTCT. StockNews.com cut PTC Therapeutics from a “buy” rating to a “hold” rating in a research report on Tuesday, November 19th. Barclays boosted their target price on PTC Therapeutics from $31.00 to $43.00 and gave the stock an “equal weight” rating in a report on Monday, November 11th. Cantor Fitzgerald reiterated an “overweight” rating and set a $64.00 price target on shares of PTC Therapeutics in a report on Tuesday, September 17th. Baird R W upgraded shares of PTC Therapeutics to a “strong-buy” rating in a research note on Wednesday, September 4th. Finally, JPMorgan Chase & Co. upped their price objective on shares of PTC Therapeutics from $51.00 to $62.00 and gave the stock an “overweight” rating in a report on Tuesday, November 19th. Three research analysts have rated the stock with a sell rating, six have issued a hold rating, six have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $44.69.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in PTCT. Burney Co. bought a new position in PTC Therapeutics during the first quarter valued at about $1,223,000. Assenagon Asset Management S.A. increased its position in shares of PTC Therapeutics by 21.7% during the second quarter. Assenagon Asset Management S.A. now owns 372,827 shares of the biopharmaceutical company’s stock valued at $11,401,000 after purchasing an additional 66,596 shares during the period. Bank of New York Mellon Corp raised its stake in shares of PTC Therapeutics by 17.1% in the second quarter. Bank of New York Mellon Corp now owns 279,049 shares of the biopharmaceutical company’s stock valued at $8,533,000 after purchasing an additional 40,840 shares in the last quarter. Quest Partners LLC lifted its position in PTC Therapeutics by 433.9% in the third quarter. Quest Partners LLC now owns 22,359 shares of the biopharmaceutical company’s stock worth $830,000 after purchasing an additional 18,171 shares during the period. Finally, Renaissance Technologies LLC boosted its stake in PTC Therapeutics by 7.4% during the second quarter. Renaissance Technologies LLC now owns 818,100 shares of the biopharmaceutical company’s stock worth $25,017,000 after buying an additional 56,700 shares in the last quarter.

PTC Therapeutics Price Performance

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

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.