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

PTC Therapeutics, Inc. (NASDAQ:PTCT) shares rose 4.8% during mid-day trading on Tuesday after Wells Fargo & Company raised their price target on the stock from $56.00 to $68.00. Wells Fargo & Company currently has an overweight 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.

Other equities research analysts also recently issued research reports about the stock. Royal Bank of Canada upped their price target on shares of PTC Therapeutics from $32.00 to $34.00 and gave the company a “sector perform” rating in a research note on Friday, October 4th. Cantor Fitzgerald restated an “overweight” rating and set a $64.00 target price on shares of PTC Therapeutics in a research report on Tuesday, September 17th. StockNews.com lowered PTC Therapeutics from a “buy” rating to a “hold” rating in a research report on Tuesday, November 19th. JPMorgan Chase & Co. boosted their price objective on PTC Therapeutics from $51.00 to $62.00 and gave the stock an “overweight” rating in a research note on Tuesday, November 19th. Finally, Baird R W raised PTC Therapeutics to a “strong-buy” rating in a research note on Wednesday, September 4th. Three research analysts have rated the stock with a sell rating, six have assigned a hold rating, six have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $44.38.

Institutional Trading of PTC Therapeutics

A number of hedge funds and other institutional investors have recently bought and sold shares of PTCT. KBC Group NV grew its holdings in shares of PTC Therapeutics by 29.2% in the third quarter. KBC Group NV now owns 2,232 shares of the biopharmaceutical company’s stock worth $83,000 after purchasing an additional 504 shares during the last quarter. CWM LLC grew its stake in PTC Therapeutics by 354.7% in the 3rd quarter. CWM LLC now owns 2,687 shares of the biopharmaceutical company’s stock worth $100,000 after acquiring an additional 2,096 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. grew its stake in PTC Therapeutics by 21.5% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,782 shares of the biopharmaceutical company’s stock worth $104,000 after acquiring an additional 492 shares in the last quarter. Quest Partners LLC purchased a new position in shares of PTC Therapeutics during the second quarter worth approximately $128,000. Finally, Quarry LP raised its stake in shares of PTC Therapeutics by 100.0% during the second quarter. Quarry LP now owns 5,000 shares of the biopharmaceutical company’s stock valued at $153,000 after acquiring an additional 2,500 shares in the last quarter.

PTC Therapeutics Price Performance

The business has a fifty day moving average of $39.48 and a 200-day moving average of $35.96. The stock has a market cap of $3.55 billion, a PE ratio of -7.75 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.