PTC Therapeutics (NASDAQ:PTCT) Trading Up 6.2% After Analyst Upgrade

PTC Therapeutics, Inc. (NASDAQ:PTCT) shot up 6.2% on Wednesday after JPMorgan Chase & Co. raised their price target on the stock from $51.00 to $62.00. JPMorgan Chase & Co. currently has an overweight rating on the stock. PTC Therapeutics traded as high as $41.91 and last traded at $41.81. 198,635 shares changed hands during trading, a decline of 76% from the average session volume of 842,283 shares. The stock had previously closed at $39.36.

PTCT has been the topic of a number of other reports. Raymond James initiated coverage on PTC Therapeutics in a report on Thursday, October 10th. They set a “market perform” rating on the stock. UBS Group started coverage on shares of PTC Therapeutics in a research note on Monday, August 26th. They issued a “buy” rating and a $47.00 price objective for the company. Robert W. Baird lifted their target price on shares of PTC Therapeutics from $44.00 to $48.00 and gave the stock an “outperform” rating in a research report on Friday, November 8th. StockNews.com cut PTC Therapeutics from a “buy” rating to a “hold” rating in a research note on Tuesday. Finally, Barclays boosted their target price 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 equities research analysts have rated the stock with a sell rating, six have issued a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $42.00.

Institutional Investors Weigh In On PTC Therapeutics

Several institutional investors and hedge funds have recently modified their holdings of PTCT. KBC Group NV raised its stake 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 buying an additional 504 shares in the last quarter. CWM LLC grew its holdings 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 acquiring an additional 2,096 shares during the period. Mirae Asset Global Investments Co. Ltd. raised its position in shares of PTC Therapeutics by 21.5% in 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 in the last quarter. Quest Partners LLC purchased a new position in shares of PTC Therapeutics in the 2nd quarter valued at approximately $128,000. Finally, Quarry LP boosted its position in shares of PTC Therapeutics by 100.0% during the second quarter. Quarry LP now owns 5,000 shares of the biopharmaceutical company’s stock valued at $153,000 after purchasing an additional 2,500 shares in the last quarter.

PTC Therapeutics Price Performance

The company has a 50 day moving average of $38.72 and a two-hundred day moving average of $35.65. The company has a market capitalization of $3.24 billion, a PE ratio of -7.10 and a beta of 0.63.

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.