PTC Therapeutics (NASDAQ:PTCT) Shares Gap Up After Analyst Upgrade

PTC Therapeutics, Inc. (NASDAQ:PTCT)’s stock price gapped up prior to trading on Friday after Robert W. Baird raised their price target on the stock from $44.00 to $48.00. The stock had previously closed at $42.96, but opened at $45.64. Robert W. Baird currently has an outperform rating on the stock. PTC Therapeutics shares last traded at $45.60, with a volume of 52,782 shares trading hands.

Several other brokerages have also issued reports on PTCT. Royal Bank of Canada increased their target price on shares of PTC Therapeutics from $32.00 to $34.00 and gave the stock a “sector perform” rating in a research note on Friday, October 4th. Cantor Fitzgerald restated an “overweight” rating and set a $64.00 price objective on shares of PTC Therapeutics in a research note on Tuesday, September 17th. UBS Group assumed coverage on shares of PTC Therapeutics in a report on Monday, August 26th. They issued a “buy” rating and a $47.00 price target on the stock. Barclays increased their price objective on PTC Therapeutics from $25.00 to $31.00 and gave the company an “equal weight” rating in a report on Friday, August 9th. 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, six have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $40.38.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the business. Allspring Global Investments Holdings LLC bought a new position in shares of PTC Therapeutics during the 1st quarter valued at $46,000. KBC Group NV grew its stake in shares of PTC Therapeutics by 29.2% during the third quarter. KBC Group NV now owns 2,232 shares of the biopharmaceutical company’s stock valued at $83,000 after buying an additional 504 shares during the last quarter. CWM LLC increased its holdings in shares of PTC Therapeutics by 354.7% in the third quarter. CWM LLC now owns 2,687 shares of the biopharmaceutical company’s stock worth $100,000 after buying an additional 2,096 shares during the period. Mirae Asset Global Investments Co. Ltd. lifted its stake in shares of 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 valued at $104,000 after acquiring an additional 492 shares during the last quarter. Finally, Quest Partners LLC purchased a new stake in PTC Therapeutics during the 2nd quarter valued at about $128,000.

PTC Therapeutics Stock Performance

The firm has a 50-day moving average of $37.23 and a 200-day moving average of $34.86. The firm has a market capitalization of $3.51 billion, a P/E ratio of -6.81 and a beta of 0.63.

PTC Therapeutics (NASDAQ:PTCT) last released its quarterly earnings data on Thursday, August 8th. The biopharmaceutical company reported ($1.16) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.00) by ($0.16). The firm had revenue of $186.70 million during the quarter, compared to analysts’ expectations of $192.12 million. Equities analysts anticipate that PTC Therapeutics, Inc. will post -5.28 EPS for the current fiscal year.

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.