Robert W. Baird Initiates Coverage on PTC Therapeutics (NASDAQ:PTCT)

Stock analysts at Robert W. Baird initiated coverage on shares of PTC Therapeutics (NASDAQ:PTCT - Get Free Report) in a note issued to investors on Wednesday, Marketbeat Ratings reports. The firm set an "outperform" rating and a $44.00 price target on the biopharmaceutical company's stock. Robert W. Baird's target price points to a potential upside of 30.99% from the company's previous close.

A number of other brokerages have also recently issued reports on PTCT. UBS Group assumed coverage on shares of PTC Therapeutics in a research report on Monday, August 26th. They set a "buy" rating and a $47.00 price target for the company. Bank of America boosted their price target on PTC Therapeutics from $25.00 to $32.00 and gave the stock an "underperform" rating in a research report on Friday, June 21st. JPMorgan Chase & Co. reaffirmed an "overweight" rating and set a $53.00 price objective on shares of PTC Therapeutics in a research report on Thursday, June 20th. Raymond James raised PTC Therapeutics from an "underperform" rating to a "market perform" rating in a report on Monday, May 20th. Finally, Morgan Stanley raised their price target on PTC Therapeutics from $30.00 to $32.00 and gave the company an "equal weight" rating in a report on Friday, July 12th. Three research analysts have rated the stock with a sell rating, seven have issued a hold rating and six have issued a buy rating to the company's stock. Based on data from MarketBeat, PTC Therapeutics currently has a consensus rating of "Hold" and a consensus target price of $37.13.

PTC Therapeutics Price Performance

PTCT stock traded up $0.18 during trading on Wednesday, reaching $33.59. The company had a trading volume of 463,083 shares, compared to its average volume of 872,777. PTC Therapeutics has a 52 week low of $17.53 and a 52 week high of $41.93. The business has a 50 day moving average of $33.02 and a 200 day moving average of $31.97. The company has a market cap of $2.58 billion, a P/E ratio of -4.37 and a beta of 0.64.

PTC Therapeutics (NASDAQ:PTCT - Get Free Report) last announced its earnings results on Thursday, August 8th. The biopharmaceutical company reported ($1.16) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.00) by ($0.16). The firm had revenue of $186.70 million during the quarter, compared to analysts' expectations of $192.12 million. Research analysts expect that PTC Therapeutics will post -5.09 earnings per share for the current year.

Insider Buying and Selling

In other news, CFO Pierre Gravier sold 2,269 shares of the stock in a transaction on Tuesday, July 16th. The stock was sold at an average price of $34.02, for a total transaction of $77,191.38. Following the transaction, the chief financial officer now directly owns 53,531 shares of the company's stock, valued at approximately $1,821,124.62. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 5.50% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On PTC Therapeutics

A number of large investors have recently made changes to their positions in PTCT. Janus Henderson Group PLC boosted its holdings in shares of PTC Therapeutics by 40.5% in the first 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 position in shares of PTC Therapeutics by 10.8% during the 4th quarter. Vanguard Group Inc. now owns 8,800,843 shares of the biopharmaceutical company's stock valued at $242,551,000 after acquiring an additional 855,354 shares during the period. Armistice Capital LLC increased its stake in shares of PTC Therapeutics by 11.6% in the 4th quarter. Armistice Capital LLC now owns 6,864,000 shares of the biopharmaceutical company's stock worth $189,172,000 after purchasing an additional 714,000 shares in the last quarter. Norges Bank purchased a new stake in shares of PTC Therapeutics in the 4th quarter worth $15,058,000. Finally, Wellington Management Group LLP raised its holdings in PTC Therapeutics by 4.0% in the 4th quarter. Wellington Management Group LLP now owns 9,816,603 shares of the biopharmaceutical company's stock worth $270,546,000 after purchasing an additional 380,415 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.