PTC Therapeutics (NASDAQ:PTCT) Shares Gap Up Following Analyst Upgrade

PTC Therapeutics, Inc. (NASDAQ:PTCT - Get Free Report)'s share price gapped up before the market opened on Friday after Robert W. Baird raised their price target on the stock from $44.00 to $48.00. The stock had previously closed at $42.96, but opened at $45.64. Robert W. Baird currently has an outperform rating on the stock. PTC Therapeutics shares last traded at $45.60, with a volume of 52,782 shares.

Several other brokerages have also issued reports on PTCT. Barclays boosted their price target on shares of PTC Therapeutics from $25.00 to $31.00 and gave the company an "equal weight" rating in a report on Friday, August 9th. Morgan Stanley boosted their target price on PTC Therapeutics from $32.00 to $45.00 and gave the company an "equal weight" rating in a research note on Friday, October 11th. Royal Bank of Canada raised their price target on PTC Therapeutics from $32.00 to $34.00 and gave the stock a "sector perform" rating in a research report on Friday, October 4th. Raymond James assumed coverage on PTC Therapeutics in a research report on Thursday, October 10th. They issued a "market perform" rating for the company. Finally, Baird R W raised PTC Therapeutics to a "strong-buy" rating in a research note on Wednesday, September 4th. Three investment analysts have rated the stock with a sell rating, five have given a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus price target of $40.38.

Institutional Investors Weigh In On PTC Therapeutics

Institutional investors have recently modified their holdings of the business. Allspring Global Investments Holdings LLC acquired a new position in shares of PTC Therapeutics during the 1st quarter worth approximately $46,000. KBC Group NV grew its position in PTC Therapeutics by 29.2% during the third quarter. KBC Group NV now owns 2,232 shares of the biopharmaceutical company's stock worth $83,000 after buying an additional 504 shares in the last quarter. CWM LLC grew its position in PTC Therapeutics by 354.7% during the third 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. increased its stake in 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 acquiring an additional 492 shares during the period. Finally, Quest Partners LLC acquired a new position in PTC Therapeutics in the 2nd quarter valued at $128,000.

PTC Therapeutics Trading Up 3.1 %

The business has a 50-day moving average price of $37.23 and a two-hundred day moving average price of $34.86.

PTC Therapeutics (NASDAQ:PTCT - Get Free Report) last posted its quarterly earnings data on Thursday, August 8th. The biopharmaceutical company reported ($1.16) earnings per share for the quarter, missing the consensus estimate of ($1.00) by ($0.16). The company had revenue of $186.70 million for the quarter, compared to analyst estimates of $192.12 million. On average, sell-side analysts anticipate that PTC Therapeutics, Inc. will post -5.28 earnings per share for the current year.

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.