PTC Therapeutics (NASDAQ:PTCT) Reaches New 12-Month High Following Analyst Upgrade

PTC Therapeutics, Inc. (NASDAQ:PTCT)’s share price reached a new 52-week high during mid-day trading on Wednesday 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 $47.24 and last traded at $46.01, with a volume of 1497603 shares changing hands. The stock had previously closed at $42.99.

A number of other equities analysts have also recently issued reports on the company. Royal Bank of Canada lifted their target price on PTC Therapeutics from $32.00 to $34.00 and gave the stock a “sector perform” rating in a report on Friday, October 4th. Robert W. Baird raised their target price on shares of PTC Therapeutics from $44.00 to $48.00 and gave the stock an “outperform” rating in a report on Friday, November 8th. Raymond James started coverage on shares of PTC Therapeutics in a report on Thursday, October 10th. They set a “market perform” rating on the stock. 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 research note on Monday, November 11th. Finally, StockNews.com cut PTC Therapeutics from a “buy” rating to a “hold” rating in a research report on Tuesday, November 19th. Three investment 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 company. According to data from MarketBeat.com, PTC Therapeutics has a consensus rating of “Hold” and an average target price of $44.38.

Hedge Funds Weigh In On PTC Therapeutics

Hedge funds have recently bought and sold shares of the business. Vanguard Group Inc. increased its holdings in shares of PTC Therapeutics by 6.5% during the 1st quarter. Vanguard Group Inc. now owns 9,369,014 shares of the biopharmaceutical company’s stock valued at $272,545,000 after acquiring an additional 568,171 shares during the last quarter. Armistice Capital LLC grew its holdings in PTC Therapeutics by 2.9% during the second quarter. Armistice Capital LLC now owns 6,962,227 shares of the biopharmaceutical company’s stock valued at $212,905,000 after purchasing an additional 198,227 shares during the last quarter. Cowen AND Company LLC lifted its stake in shares of PTC Therapeutics by 0.8% in the second quarter. Cowen AND Company LLC now owns 3,756,469 shares of the biopharmaceutical company’s stock worth $114,873,000 after buying an additional 30,843 shares during the last quarter. State Street Corp lifted its stake in shares of PTC Therapeutics by 5.4% in the third quarter. State Street Corp now owns 2,899,040 shares of the biopharmaceutical company’s stock worth $107,554,000 after buying an additional 149,700 shares during the last quarter. Finally, Geode Capital Management LLC boosted its holdings in shares of PTC Therapeutics by 0.6% during the 3rd quarter. Geode Capital Management LLC now owns 1,798,666 shares of the biopharmaceutical company’s stock worth $66,743,000 after buying an additional 10,886 shares during the period.

PTC Therapeutics Stock Performance

The firm has a market capitalization of $3.55 billion, a price-to-earnings ratio of -7.75 and a beta of 0.63. The business’s 50 day moving average is $39.48 and its 200-day moving average is $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.