Robert W. Baird Raises PTC Therapeutics (NASDAQ:PTCT) Price Target to $48.00

PTC Therapeutics (NASDAQ:PTCT) had its price target lifted by Robert W. Baird from $44.00 to $48.00 in a research report report published on Friday,Benzinga reports. The firm currently has an outperform rating on the biopharmaceutical company’s stock.

Other research analysts have also issued reports about the stock. Raymond James initiated coverage on shares of PTC Therapeutics in a report on Thursday, October 10th. They issued a “market perform” rating for the company. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $64.00 target price on shares of PTC Therapeutics in a research report on Tuesday, September 17th. UBS Group started coverage on PTC Therapeutics in a report on Monday, August 26th. They issued a “buy” rating and a $47.00 price target on the stock. Royal Bank of Canada upped their target price on PTC Therapeutics from $32.00 to $34.00 and gave the stock a “sector perform” rating in a research report on Friday, October 4th. Finally, Morgan Stanley increased their target price on PTC Therapeutics from $32.00 to $45.00 and gave the stock an “equal weight” rating in a report on Friday, October 11th. Three equities research analysts have rated the stock with a sell rating, five have given a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $41.31.

PTC Therapeutics Stock Performance

Shares of PTCT opened at $44.87 on Friday. The firm has a market cap of $3.45 billion, a PE ratio of -7.55 and a beta of 0.63. PTC Therapeutics has a 52-week low of $18.15 and a 52-week high of $46.98. The business’s 50 day moving average price is $37.41 and its two-hundred day moving average price is $35.12.

Hedge Funds Weigh In On PTC Therapeutics

A number of hedge funds and other institutional investors have recently modified their holdings of PTCT. Russell Investments Group Ltd. lifted its holdings in PTC Therapeutics by 57.9% during the first quarter. Russell Investments Group Ltd. now owns 301,790 shares of the biopharmaceutical company’s stock worth $8,779,000 after acquiring an additional 110,670 shares during the period. BNP PARIBAS ASSET MANAGEMENT Holding S.A. boosted its holdings in shares of PTC Therapeutics by 8.7% in the 1st quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 439,365 shares of the biopharmaceutical company’s stock worth $12,782,000 after buying an additional 35,173 shares during the last quarter. Edgestream Partners L.P. grew its position in PTC Therapeutics by 49.3% during the first quarter. Edgestream Partners L.P. now owns 53,522 shares of the biopharmaceutical company’s stock valued at $1,557,000 after buying an additional 17,681 shares during the period. Burney Co. purchased a new stake in PTC Therapeutics during the first quarter worth about $1,223,000. Finally, Assenagon Asset Management S.A. raised its position in PTC Therapeutics by 21.7% in the second quarter. Assenagon Asset Management S.A. now owns 372,827 shares of the biopharmaceutical company’s stock worth $11,401,000 after acquiring an additional 66,596 shares during the period.

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.