PTC Therapeutics (NASDAQ:PTCT) Price Target Raised to $48.00

PTC Therapeutics (NASDAQ:PTCT - Free Report) had its target price increased by Robert W. Baird from $44.00 to $48.00 in a report issued on Friday morning,Benzinga reports. They currently have an outperform rating on the biopharmaceutical company's stock.

Other research analysts have also issued reports about the stock. Royal Bank of Canada raised their price target on shares of PTC Therapeutics from $32.00 to $34.00 and gave the company a "sector perform" rating in a research report on Friday, October 4th. Raymond James started coverage on PTC Therapeutics in a research note on Thursday, October 10th. They issued a "market perform" rating for the company. UBS Group assumed coverage on PTC Therapeutics in a research note on Monday, August 26th. They set a "buy" rating and a $47.00 target price on the stock. Cantor Fitzgerald restated an "overweight" rating and set a $64.00 price target on shares of PTC Therapeutics in a research report on Tuesday, September 17th. Finally, Baird R W upgraded shares of PTC Therapeutics to a "strong-buy" rating in a report on Wednesday, September 4th. Three analysts have rated the stock with a sell rating, five have assigned a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat, PTC Therapeutics presently has a consensus rating of "Hold" and a consensus price target of $40.38.

PTC Therapeutics Stock Up 3.1 %

Shares of PTC Therapeutics stock traded up $1.32 during trading on Friday, reaching $44.28. 1,019,077 shares of the company traded hands, compared to its average volume of 846,979. The company has a 50 day moving average price of $37.23 and a 200-day moving average price of $34.86. PTC Therapeutics has a 1-year low of $18.15 and a 1-year high of $46.55.

PTC Therapeutics (NASDAQ:PTCT - Get Free Report) last issued its earnings results on Thursday, August 8th. The biopharmaceutical company reported ($1.16) earnings per share for the quarter, missing analysts' consensus estimates of ($1.00) by ($0.16). The firm had revenue of $186.70 million during the quarter, compared to the consensus estimate of $192.12 million. As a group, sell-side analysts predict that PTC Therapeutics will post -5.28 EPS for the current fiscal year.

Institutional Trading of PTC Therapeutics

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Allspring Global Investments Holdings LLC purchased a new stake in shares of PTC Therapeutics during the first quarter worth about $46,000. KBC Group NV lifted its position in shares of PTC Therapeutics by 29.2% in the 3rd quarter. KBC Group NV now owns 2,232 shares of the biopharmaceutical company's stock worth $83,000 after purchasing an additional 504 shares during the period. CWM LLC boosted its stake in shares of PTC Therapeutics by 354.7% during the 3rd quarter. CWM LLC now owns 2,687 shares of the biopharmaceutical company's stock valued at $100,000 after purchasing an additional 2,096 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. increased its position in shares of PTC Therapeutics by 21.5% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,782 shares of the biopharmaceutical company's stock valued at $104,000 after buying an additional 492 shares during the period. Finally, Quest Partners LLC bought a new position in PTC Therapeutics in the second quarter worth about $128,000.

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.