PTC Therapeutics (NASDAQ:PTCT) Sets New 52-Week High on Analyst Upgrade

PTC Therapeutics, Inc. (NASDAQ:PTCT - Get Free Report)'s share price hit a new 52-week high during mid-day trading on Wednesday after Robert W. Baird raised their price target on the stock from $48.00 to $52.00. Robert W. Baird currently has an outperform rating on the stock. PTC Therapeutics traded as high as $47.24 and last traded at $46.01, with a volume of 1497603 shares changing hands. The stock had previously closed at $42.99.

Several other research firms have also commented on PTCT. Morgan Stanley lifted their price target on shares of PTC Therapeutics from $32.00 to $45.00 and gave the company an "equal weight" rating in a report on Friday, October 11th. Raymond James initiated coverage on PTC Therapeutics in a research note on Thursday, October 10th. They issued a "market perform" rating for the company. Cantor Fitzgerald reaffirmed an "overweight" rating and set a $64.00 target price on shares of PTC Therapeutics in a report on Tuesday, September 17th. JPMorgan Chase & Co. raised their price target on PTC Therapeutics from $51.00 to $62.00 and gave the stock an "overweight" rating in a report on Tuesday, November 19th. Finally, Barclays upped their price objective on PTC Therapeutics from $31.00 to $43.00 and gave the stock an "equal weight" rating in a research note on Monday, November 11th. Three equities research analysts have rated the stock with a sell rating, six have given a hold rating, six have issued a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Hold" and an average price target of $44.69.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the business. KBC Group NV lifted its holdings in PTC Therapeutics by 29.2% in the third 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 raised its position 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 worth $100,000 after buying an additional 2,096 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. raised its position in shares of PTC Therapeutics by 21.5% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,782 shares of the biopharmaceutical company's stock worth $104,000 after buying an additional 492 shares in the last quarter. Quest Partners LLC acquired a new stake in shares of PTC Therapeutics in the 2nd quarter worth approximately $128,000. Finally, Quarry LP boosted its holdings in shares of PTC Therapeutics by 100.0% in the second quarter. Quarry LP now owns 5,000 shares of the biopharmaceutical company's stock valued at $153,000 after acquiring an additional 2,500 shares in the last quarter.

PTC Therapeutics Stock Up 7.0 %

The firm has a market cap of $3.55 billion, a price-to-earnings ratio of -7.75 and a beta of 0.63. The stock's 50 day moving average is $39.70 and its 200 day moving average is $36.06.

PTC Therapeutics Company 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.