Intech Investment Management LLC Buys Shares of 18,806 PTC Therapeutics, Inc. (NASDAQ:PTCT)

Intech Investment Management LLC acquired a new stake in PTC Therapeutics, Inc. (NASDAQ:PTCT - Free Report) in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 18,806 shares of the biopharmaceutical company's stock, valued at approximately $698,000.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Armistice Capital LLC grew its stake 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. Cowen AND Company LLC grew its position in shares of PTC Therapeutics by 0.8% in the second quarter. Cowen AND Company LLC now owns 3,756,469 shares of the biopharmaceutical company's stock valued at $114,873,000 after purchasing an additional 30,843 shares during the last quarter. Renaissance Technologies LLC grew its position in shares of PTC Therapeutics by 7.4% in the second quarter. Renaissance Technologies LLC now owns 818,100 shares of the biopharmaceutical company's stock valued at $25,017,000 after purchasing an additional 56,700 shares during the last quarter. Assenagon Asset Management S.A. lifted its holdings in PTC Therapeutics by 32.1% during the 3rd quarter. Assenagon Asset Management S.A. now owns 492,464 shares of the biopharmaceutical company's stock worth $18,270,000 after purchasing an additional 119,637 shares during the last quarter. Finally, Cubist Systematic Strategies LLC lifted its holdings in PTC Therapeutics by 33.9% during the 2nd quarter. Cubist Systematic Strategies LLC now owns 478,441 shares of the biopharmaceutical company's stock worth $14,631,000 after purchasing an additional 121,139 shares during the last quarter.

PTC Therapeutics Stock Down 2.7 %

Shares of PTCT traded down $1.23 during midday trading on Friday, hitting $43.88. The company's stock had a trading volume of 428,781 shares, compared to its average volume of 842,691. PTC Therapeutics, Inc. has a one year low of $22.47 and a one year high of $47.24. The stock has a market capitalization of $3.38 billion, a price-to-earnings ratio of -7.39 and a beta of 0.63. The company's fifty day simple moving average is $40.22 and its two-hundred day simple moving average is $36.27.

Wall Street Analyst Weigh In

Several research analysts have weighed in on the company. UBS Group started coverage on PTC Therapeutics in a research report on Monday, August 26th. They set a "buy" rating and a $47.00 price objective on the stock. JPMorgan Chase & Co. raised their price target on shares of PTC Therapeutics from $51.00 to $62.00 and gave the stock an "overweight" rating in a research report on Tuesday, November 19th. Robert W. Baird lifted their price objective on shares of PTC Therapeutics from $48.00 to $52.00 and gave the stock an "outperform" rating in a research note on Wednesday. Wells Fargo & Company increased their target price on shares of PTC Therapeutics from $56.00 to $68.00 and gave the stock an "overweight" rating in a research report on Tuesday. Finally, Cantor Fitzgerald reiterated an "overweight" rating and issued a $64.00 price target on shares of PTC Therapeutics in a research report on Tuesday, September 17th. Three equities research analysts have rated the stock with a sell rating, six have issued a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Hold" and an average target price of $44.69.

PTC Therapeutics 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.