PTC Therapeutics (NASDAQ:PTCT) Stock Price Up 4.8% on Analyst Upgrade

PTC Therapeutics, Inc. (NASDAQ:PTCT)’s stock price rose 4.8% during mid-day trading on Tuesday after Wells Fargo & Company raised their price target on the stock from $56.00 to $68.00. Wells Fargo & Company currently has an overweight rating on the stock. PTC Therapeutics traded as high as $45.43 and last traded at $45.04. Approximately 271,542 shares changed hands during mid-day trading, a decline of 68% from the average daily volume of 839,291 shares. The stock had previously closed at $42.99.

PTCT has been the topic of a number of other research reports. Baird R W raised PTC Therapeutics to a “strong-buy” rating in a research note on Wednesday, September 4th. JPMorgan Chase & Co. upped their price objective on PTC Therapeutics from $51.00 to $62.00 and gave the company an “overweight” rating in a research report on Tuesday, November 19th. Raymond James assumed coverage on PTC Therapeutics in a research report on Thursday, October 10th. They set a “market perform” rating for the company. Morgan Stanley boosted their target price on shares of PTC Therapeutics from $32.00 to $45.00 and gave the company an “equal weight” rating in a research note on Friday, October 11th. Finally, Robert W. Baird raised their price target on shares of PTC Therapeutics from $44.00 to $48.00 and gave the stock an “outperform” rating in a research note on Friday, November 8th. Three equities research analysts have rated the stock with a sell rating, six have assigned a hold rating, six have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $44.38.

Institutional Investors Weigh In On PTC Therapeutics

A number of large investors have recently made changes to their positions in the stock. Burney Co. acquired a new position in PTC Therapeutics in the first quarter valued at approximately $1,223,000. Assenagon Asset Management S.A. increased its holdings in PTC Therapeutics by 21.7% in the second quarter. Assenagon Asset Management S.A. now owns 372,827 shares of the biopharmaceutical company’s stock valued at $11,401,000 after buying an additional 66,596 shares in the last quarter. Bank of New York Mellon Corp raised its position in shares of PTC Therapeutics by 17.1% in the second quarter. Bank of New York Mellon Corp now owns 279,049 shares of the biopharmaceutical company’s stock worth $8,533,000 after acquiring an additional 40,840 shares during the period. Renaissance Technologies LLC boosted its stake in shares of PTC Therapeutics by 7.4% during the 2nd quarter. Renaissance Technologies LLC now owns 818,100 shares of the biopharmaceutical company’s stock worth $25,017,000 after acquiring an additional 56,700 shares in the last quarter. Finally, Quest Partners LLC boosted its stake in shares of PTC Therapeutics by 433.9% during the 3rd quarter. Quest Partners LLC now owns 22,359 shares of the biopharmaceutical company’s stock worth $830,000 after acquiring an additional 18,171 shares in the last quarter.

PTC Therapeutics Stock Performance

The stock has a market cap of $3.47 billion, a PE ratio of -7.24 and a beta of 0.63. The company has a 50 day moving average of $39.48 and a two-hundred day moving average of $35.96.

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.