PTC Therapeutics (NASDAQ:PTCT) Hits New 1-Year High on Analyst Upgrade

PTC Therapeutics, Inc. (NASDAQ:PTCT) shares hit a new 52-week high on Tuesday after UBS Group raised their price target on the stock from $47.00 to $71.00. UBS Group currently has a buy rating on the stock. PTC Therapeutics traded as high as $54.16 and last traded at $50.44, with a volume of 914090 shares traded. The stock had previously closed at $52.07.

Several other research analysts have also commented on the stock. Robert W. Baird raised their price objective on shares of PTC Therapeutics from $52.00 to $70.00 and gave the company an “outperform” rating in a research note on Tuesday. StockNews.com downgraded shares of PTC Therapeutics from a “buy” rating to a “hold” rating in a research note on Tuesday, November 19th. JPMorgan Chase & Co. lifted their price target on shares of PTC Therapeutics from $51.00 to $62.00 and gave the stock an “overweight” rating in a research note on Tuesday, November 19th. Royal Bank of Canada upgraded shares of PTC Therapeutics from a “sector perform” rating to an “outperform” rating and lifted their price target for the stock from $39.00 to $63.00 in a research note on Tuesday. Finally, Cantor Fitzgerald reiterated an “overweight” rating and issued a $64.00 price target on shares of PTC Therapeutics in a research note on Tuesday, September 17th. Three investment analysts have rated the stock with a sell rating, five have issued a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Hold” and an average target price of $51.15.

Hedge Funds Weigh In On PTC Therapeutics

Several hedge funds have recently added to or reduced their stakes in the company. KBC Group NV grew 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 valued at $83,000 after purchasing an additional 504 shares in the last quarter. CWM LLC raised its holdings 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. raised its holdings in 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 valued at $104,000 after acquiring an additional 492 shares in the last quarter. Quest Partners LLC acquired a new position in shares of PTC Therapeutics during the 2nd quarter worth $128,000. Finally, Quarry LP grew its position in PTC Therapeutics by 100.0% during the 2nd quarter. Quarry LP now owns 5,000 shares of the biopharmaceutical company’s stock worth $153,000 after acquiring an additional 2,500 shares during the last quarter.

PTC Therapeutics Trading Down 3.1 %

The firm has a market cap of $3.89 billion, a P/E ratio of -8.77 and a beta of 0.63. The business has a 50-day moving average of $40.52 and a two-hundred day moving average of $36.45.

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.