StockNews.com Upgrades PTC Therapeutics (NASDAQ:PTCT) to “Buy”

PTC Therapeutics (NASDAQ:PTCT) was upgraded by equities researchers at StockNews.com from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Monday.

A number of other brokerages also recently weighed in on PTCT. Robert W. Baird increased their price target on shares of PTC Therapeutics from $44.00 to $48.00 and gave the company an “outperform” rating in a report on Friday, November 8th. Barclays raised their price objective on shares of PTC Therapeutics from $31.00 to $43.00 and gave the stock an “equal weight” rating in a report on Monday. UBS Group initiated coverage on PTC Therapeutics in a research note on Monday, August 26th. They issued a “buy” rating and a $47.00 price objective on the stock. Morgan Stanley increased their target price on shares of PTC Therapeutics from $32.00 to $45.00 and gave the stock an “equal weight” rating in a research report on Friday, October 11th. Finally, Baird R W upgraded PTC Therapeutics to a “strong-buy” rating in a research report on Wednesday, September 4th. Three analysts have rated the stock with a sell rating, five have issued a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $41.31.

PTC Therapeutics Stock Down 0.6 %

Shares of NASDAQ:PTCT opened at $44.62 on Monday. The business has a 50 day moving average price of $37.60 and a 200 day moving average price of $35.26. The company has a market cap of $3.43 billion, a price-to-earnings ratio of -7.39 and a beta of 0.63. PTC Therapeutics has a twelve month low of $18.15 and a twelve month high of $46.98.

Institutional Trading of PTC Therapeutics

Several hedge funds have recently added to or reduced their stakes in PTCT. Allspring Global Investments Holdings LLC acquired a new stake in shares of PTC Therapeutics during the first quarter worth about $46,000. KBC Group NV raised its position in PTC Therapeutics by 29.2% in the 3rd quarter. KBC Group NV now owns 2,232 shares of the biopharmaceutical company’s stock valued at $83,000 after buying an additional 504 shares during the last quarter. CWM LLC lifted its stake in PTC Therapeutics by 354.7% in the 3rd quarter. CWM LLC now owns 2,687 shares of the biopharmaceutical company’s stock valued at $100,000 after acquiring an additional 2,096 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its holdings in PTC Therapeutics by 21.5% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,782 shares of the biopharmaceutical company’s stock worth $104,000 after purchasing an additional 492 shares during the last quarter. Finally, Quest Partners LLC acquired a new position in shares of PTC Therapeutics during the 2nd quarter worth about $128,000.

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.