PTC Therapeutics (NASDAQ:PTCT) Given New $32.00 Price Target at Citigroup

PTC Therapeutics (NASDAQ:PTCT) had its target price increased by Citigroup from $26.00 to $32.00 in a report released on Wednesday,Benzinga reports. The firm currently has a “sell” rating on the biopharmaceutical company’s stock. Citigroup’s price objective would indicate a potential downside of 36.37% from the company’s previous close.

Other analysts have also recently issued research reports about the stock. The Goldman Sachs Group boosted their price target on shares of PTC Therapeutics from $32.00 to $42.00 and gave the stock a “sell” rating in a research note on Wednesday. Barclays upped their target price on shares of PTC Therapeutics from $45.00 to $56.00 and gave the company an “equal weight” rating in a research report on Tuesday. Morgan Stanley upped their target price on shares of PTC Therapeutics from $32.00 to $45.00 and gave the company an “equal weight” rating in a research report on Friday, October 11th. Wells Fargo & Company upped their price target on shares of PTC Therapeutics from $56.00 to $68.00 and gave the company an “overweight” rating in a report on Tuesday, November 26th. Finally, StockNews.com downgraded shares of PTC Therapeutics from a “buy” rating to a “hold” rating in a report on Tuesday, November 19th. Three investment analysts have rated the stock with a sell rating, five have assigned a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $52.38.

PTC Therapeutics Trading Down 3.4 %

Shares of PTCT traded down $1.78 during trading hours on Wednesday, reaching $50.29. 1,497,070 shares of the stock traded hands, compared to its average volume of 857,085. PTC Therapeutics has a 52-week low of $23.58 and a 52-week high of $54.16. The company’s 50-day moving average price is $40.80 and its two-hundred day moving average price is $36.57. The company has a market cap of $3.88 billion, a P/E ratio of -8.47 and a beta of 0.63.

Institutional Investors Weigh In On PTC Therapeutics

A number of hedge funds have recently added to or reduced their stakes in PTCT. Armistice Capital LLC increased its position in shares of PTC Therapeutics by 2.9% in the 2nd 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 increased its position in shares of PTC Therapeutics by 0.8% in the 2nd quarter. Cowen AND Company LLC now owns 3,756,469 shares of the biopharmaceutical company’s stock valued at $114,873,000 after purchasing an additional 30,843 shares during the last quarter. State Street Corp increased its position in shares of PTC Therapeutics by 5.4% in the 3rd quarter. State Street Corp now owns 2,899,040 shares of the biopharmaceutical company’s stock valued at $107,554,000 after purchasing an additional 149,700 shares during the last quarter. Geode Capital Management LLC increased its position in shares of PTC Therapeutics by 0.6% in the 3rd quarter. Geode Capital Management LLC now owns 1,798,666 shares of the biopharmaceutical company’s stock valued at $66,743,000 after purchasing an additional 10,886 shares during the last quarter. Finally, Renaissance Technologies LLC increased its position in shares of PTC Therapeutics by 7.4% in the 2nd 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.

PTC Therapeutics Company Profile

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.