PTC Therapeutics (NASDAQ:PTCT) Stock Price Up 6.2% Following Analyst Upgrade

PTC Therapeutics, Inc. (NASDAQ:PTCT) shares rose 6.2% during trading 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. Approximately 198,635 shares changed hands during mid-day trading, a decline of 76% from the average daily volume of 842,283 shares. The stock had previously closed at $39.36.

PTCT has been the topic of several other reports. Royal Bank of Canada increased their price target on shares of PTC Therapeutics from $32.00 to $34.00 and gave the company a “sector perform” rating in a research note on Friday, October 4th. Morgan Stanley upped their price objective on shares of PTC Therapeutics from $32.00 to $45.00 and gave the company an “equal weight” rating in a research note on Friday, October 11th. Baird R W raised PTC Therapeutics to a “strong-buy” rating in a research report on Wednesday, September 4th. 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 for the company. Finally, StockNews.com lowered shares of PTC Therapeutics from a “buy” rating to a “hold” rating in a research report on Tuesday. Three analysts have rated the stock with a sell rating, six have given a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, PTC Therapeutics has a consensus rating of “Hold” and an average target price of $42.00.

Institutional Trading of PTC Therapeutics

Several hedge funds and other institutional investors have recently bought and sold shares of PTCT. Choreo LLC raised its holdings in PTC Therapeutics by 4.1% in the second quarter. Choreo LLC now owns 11,426 shares of the biopharmaceutical company’s stock valued at $356,000 after buying an additional 452 shares during the period. Mirae Asset Global Investments Co. Ltd. increased its position in shares of PTC Therapeutics by 21.5% in the third 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. KBC Group NV raised its stake in shares of 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 acquiring an additional 504 shares during the period. Arizona State Retirement System lifted its holdings in shares of PTC Therapeutics by 3.4% during the 2nd quarter. Arizona State Retirement System now owns 19,301 shares of the biopharmaceutical company’s stock valued at $590,000 after acquiring an additional 636 shares in the last quarter. Finally, Creative Planning increased its holdings in PTC Therapeutics by 8.1% in the 3rd quarter. Creative Planning now owns 10,944 shares of the biopharmaceutical company’s stock valued at $406,000 after purchasing an additional 816 shares in the last quarter.

PTC Therapeutics Price Performance

The firm has a 50-day simple moving average of $38.72 and a 200 day simple moving average of $35.65. The company has a market capitalization of $3.21 billion, a PE ratio of -6.59 and a beta of 0.63.

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.