PTC Therapeutics (NASDAQ:PTCT) Cut to “Hold” at StockNews.com

StockNews.com cut shares of PTC Therapeutics (NASDAQ:PTCT) from a buy rating to a hold rating in a research report report published on Tuesday.

Other analysts also recently issued research reports about the company. UBS Group began coverage on PTC Therapeutics in a research note on Monday, August 26th. They set a “buy” rating and a $47.00 price target on the stock. Baird R W upgraded PTC Therapeutics to a “strong-buy” rating in a research note on Wednesday, September 4th. Morgan Stanley boosted their price target 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 boosted their price target on PTC Therapeutics from $32.00 to $34.00 and gave the company a “sector perform” rating in a research note on Friday, October 4th. Finally, Barclays boosted their price target on PTC Therapeutics from $31.00 to $43.00 and gave the company an “equal weight” rating in a research note on Monday, November 11th. Three research analysts have rated the stock with a sell rating, six have given a hold rating, six have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, PTC Therapeutics currently has an average rating of “Hold” and a consensus price target of $42.00.

PTC Therapeutics Price Performance

Shares of NASDAQ:PTCT opened at $42.89 on Tuesday. The business’s 50-day moving average is $38.91 and its 200 day moving average is $35.69. PTC Therapeutics has a 1 year low of $20.75 and a 1 year high of $46.98. The firm has a market capitalization of $3.31 billion, a P/E ratio of -7.22 and a beta of 0.63.

Hedge Funds Weigh In On PTC Therapeutics

A number of hedge funds have recently made changes to their positions in PTCT. Burney Co. acquired a new stake in shares of PTC Therapeutics in the first quarter valued at approximately $1,223,000. Assenagon Asset Management S.A. increased its holdings in shares of 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 purchasing an additional 66,596 shares during the last quarter. Bank of New York Mellon Corp increased its holdings 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 valued at $8,533,000 after purchasing an additional 40,840 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund acquired a new stake in shares of PTC Therapeutics in the first quarter valued at approximately $3,302,000. Finally, Renaissance Technologies LLC increased its holdings in shares of PTC Therapeutics by 7.4% in the second quarter. Renaissance Technologies LLC now owns 818,100 shares of the biopharmaceutical company’s stock valued at $25,017,000 after purchasing an additional 56,700 shares during the last quarter.

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.