PTC Therapeutics (NASDAQ:PTCT) Reaches New 52-Week High Following Analyst Upgrade

PTC Therapeutics, Inc. (NASDAQ:PTCT)’s share price hit a new 52-week high during trading on Tuesday after UBS Group raised their price target on the stock from $47.00 to $71.00. UBS Group currently has a buy rating on the stock. PTC Therapeutics traded as high as $54.16 and last traded at $50.44, with a volume of 914090 shares. The stock had previously closed at $52.07.

Several other brokerages have also weighed in on PTCT. JPMorgan Chase & Co. increased their price objective on PTC Therapeutics from $51.00 to $62.00 and gave the company an “overweight” rating in a report on Tuesday, November 19th. Baird R W raised PTC Therapeutics to a “strong-buy” rating in a report on Wednesday, September 4th. Robert W. Baird boosted their price objective on PTC Therapeutics from $52.00 to $70.00 and gave the company an “outperform” rating in a research note on Tuesday. Morgan Stanley increased their price objective on PTC Therapeutics from $32.00 to $45.00 and gave the stock an “equal weight” rating in a report on Friday, October 11th. Finally, Raymond James started coverage on shares of PTC Therapeutics in a report on Thursday, October 10th. They issued a “market perform” rating on the stock. Three research analysts have rated the stock with a sell rating, five have given a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $51.15.

Institutional Trading of PTC Therapeutics

A number of institutional investors have recently bought and sold shares of PTCT. Point72 Asset Management L.P. increased its stake in shares of PTC Therapeutics by 945.6% during the third quarter. Point72 Asset Management L.P. now owns 575,860 shares of the biopharmaceutical company’s stock valued at $21,364,000 after buying an additional 643,960 shares during the period. Armistice Capital LLC grew its stake in PTC Therapeutics by 2.9% in the second quarter. Armistice Capital LLC now owns 6,962,227 shares of the biopharmaceutical company’s stock valued at $212,905,000 after purchasing an additional 198,227 shares during the last quarter. Parkman Healthcare Partners LLC purchased a new position in PTC Therapeutics during the 3rd quarter worth $7,234,000. Ensign Peak Advisors Inc grew its stake 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 last quarter. Finally, Millennium Management LLC raised its stake in PTC Therapeutics by 123.2% in the second quarter. Millennium Management LLC now owns 317,579 shares of the biopharmaceutical company’s stock valued at $9,712,000 after buying an additional 175,289 shares during the last quarter.

PTC Therapeutics Price Performance

The firm has a market cap of $3.89 billion, a price-to-earnings ratio of -8.77 and a beta of 0.63. The firm has a fifty day simple moving average of $40.52 and a two-hundred day simple moving average of $36.45.

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.