PTC Therapeutics (NASDAQ:PTCT) Shares Gap Up to $34.15

PTC Therapeutics, Inc. (NASDAQ:PTCT - Get Free Report)'s share price gapped up before the market opened on Monday . The stock had previously closed at $34.15, but opened at $35.45. PTC Therapeutics shares last traded at $35.64, with a volume of 59,870 shares traded.

Analyst Ratings Changes

Several research firms recently weighed in on PTCT. The Goldman Sachs Group increased their target price on PTC Therapeutics from $18.00 to $32.00 and gave the stock a "sell" rating in a research report on Tuesday, May 28th. Raymond James raised PTC Therapeutics from an "underperform" rating to a "market perform" rating in a research report on Monday, May 20th. JPMorgan Chase & Co. reissued an "overweight" rating and issued a $53.00 price objective on shares of PTC Therapeutics in a report on Thursday, June 20th. Morgan Stanley increased their target price on shares of PTC Therapeutics from $30.00 to $32.00 and gave the company an "equal weight" rating in a research report on Friday, July 12th. Finally, Jefferies Financial Group lifted their price target on PTC Therapeutics from $35.00 to $46.00 and gave the company a "buy" rating in a research report on Monday, May 20th. Three equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and five have given a buy rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Hold" and a consensus target price of $36.64.

PTC Therapeutics Stock Up 2.2 %

The business's 50-day simple moving average is $33.06 and its 200 day simple moving average is $31.56. The firm has a market capitalization of $2.68 billion, a P/E ratio of -4.55 and a beta of 0.65.

Insider Activity

In other PTC Therapeutics news, CFO Pierre Gravier sold 2,269 shares of the stock in a transaction that occurred on Tuesday, July 16th. The shares were sold at an average price of $34.02, for a total value of $77,191.38. Following the transaction, the chief financial officer now directly owns 53,531 shares in the company, valued at $1,821,124.62. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 5.50% of the company's stock.

Hedge Funds Weigh In On PTC Therapeutics

A number of hedge funds and other institutional investors have recently made changes to their positions in PTCT. Hexagon Capital Partners LLC boosted its stake in PTC Therapeutics by 132.0% in the 4th quarter. Hexagon Capital Partners LLC now owns 979 shares of the biopharmaceutical company's stock worth $27,000 after purchasing an additional 557 shares in the last quarter. Allspring Global Investments Holdings LLC acquired a new stake in shares of PTC Therapeutics in the first quarter worth approximately $46,000. Quest Partners LLC acquired a new position in PTC Therapeutics during the second quarter worth about $128,000. Headlands Technologies LLC grew its position in shares of PTC Therapeutics by 248.0% in the fourth quarter. Headlands Technologies LLC now owns 4,684 shares of the biopharmaceutical company's stock valued at $129,000 after purchasing an additional 3,338 shares in the last quarter. Finally, Quarry LP grew its holdings in PTC Therapeutics by 100.0% in the 2nd quarter. Quarry LP now owns 5,000 shares of the biopharmaceutical company's stock valued at $153,000 after buying an additional 2,500 shares in the last quarter.

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.