PTC Therapeutics (NASDAQ:PTCT) Shares Gap Up Following 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.

PTCT has been the subject of several other reports. Baird R W upgraded PTC Therapeutics to a “strong-buy” rating in a report on Wednesday, September 4th. Morgan Stanley boosted their price objective on PTC Therapeutics from $32.00 to $45.00 and gave the company an “equal weight” rating in a research report on Friday, October 11th. UBS Group started coverage on shares of PTC Therapeutics in a research note on Monday, August 26th. They issued a “buy” rating and a $47.00 price target on the stock. Raymond James initiated coverage on PTC Therapeutics in a report on Thursday, October 10th. They set a “market perform” rating for the company. Finally, Royal Bank of Canada boosted their price target on PTC Therapeutics from $32.00 to $34.00 and gave the company a “sector perform” rating in a report on Friday, October 4th. Three analysts have rated the stock with a sell rating, five have issued a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, PTC Therapeutics currently has a consensus rating of “Hold” and an average target price of $40.38.

Institutional Investors Weigh In On PTC Therapeutics

A number of large investors have recently modified their holdings of PTCT. Janus Henderson Group PLC lifted its position in shares of PTC Therapeutics by 40.5% during the 1st quarter. Janus Henderson Group PLC now owns 3,669,816 shares of the biopharmaceutical company’s stock worth $106,744,000 after buying an additional 1,057,223 shares during the last quarter. Vanguard Group Inc. grew its holdings in shares of PTC Therapeutics by 6.5% during the first quarter. Vanguard Group Inc. now owns 9,369,014 shares of the biopharmaceutical company’s stock worth $272,545,000 after purchasing an additional 568,171 shares during the last quarter. Jacobs Levy Equity Management Inc. increased its stake in shares of PTC Therapeutics by 21.3% in the first quarter. Jacobs Levy Equity Management Inc. now owns 1,605,841 shares of the biopharmaceutical company’s stock valued at $46,714,000 after buying an additional 282,422 shares during the period. Armistice Capital LLC raised its holdings 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 valued at $212,905,000 after buying an additional 198,227 shares during the last quarter. Finally, Ensign Peak Advisors Inc boosted its position in PTC Therapeutics by 650.9% during 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 Performance

The stock’s fifty day simple moving average is $37.23 and its two-hundred day simple moving average is $34.86. The stock 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 results on Thursday, August 8th. The biopharmaceutical company reported ($1.16) EPS for the quarter, missing analysts’ consensus estimates of ($1.00) by ($0.16). The business had revenue of $186.70 million during the quarter, compared to analysts’ expectations of $192.12 million. As a group, analysts expect that PTC Therapeutics, Inc. will post -5.28 earnings per share 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.