PTC Therapeutics (NASDAQ:PTCT) Shares Gap Up – Time to Buy?

PTC Therapeutics, Inc. (NASDAQ:PTCT) shares gapped up prior to trading on Monday . The stock had previously closed at $43.88, but opened at $52.08. PTC Therapeutics shares last traded at $49.78, with a volume of 928,434 shares.

Analysts Set New Price Targets

PTCT has been the topic of several recent research reports. Wells Fargo & Company increased their target price 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. Morgan Stanley lifted their price objective on PTC Therapeutics from $32.00 to $45.00 and gave the stock an “equal weight” rating in a report on Friday, October 11th. StockNews.com cut PTC Therapeutics from a “buy” rating to a “hold” rating in a report on Tuesday, November 19th. Barclays lifted their price target on PTC Therapeutics from $45.00 to $56.00 and gave the stock an “equal weight” rating in a research note on Tuesday. Finally, Raymond James began coverage on PTC Therapeutics in a research note on Thursday, October 10th. They set a “market perform” rating for the company. Three investment analysts have rated the stock with a sell rating, five have given a hold rating, seven have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $51.15.

PTC Therapeutics Stock Performance

The stock’s 50-day simple moving average is $40.80 and its 200-day simple moving average is $36.57. The firm has a market capitalization of $3.88 billion, a PE ratio of -8.47 and a beta of 0.63.

Institutional Trading of PTC Therapeutics

Several institutional investors and hedge funds have recently bought and sold shares of PTCT. 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 worth $83,000 after purchasing an additional 504 shares during the period. CWM LLC lifted its position in PTC Therapeutics by 354.7% during 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 during the period. Mirae Asset Global Investments Co. Ltd. boosted its stake 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 acquiring an additional 492 shares in the last quarter. Quest Partners LLC bought a new stake in PTC Therapeutics during the second quarter worth about $128,000. Finally, Quarry LP grew its holdings in PTC Therapeutics by 100.0% in the second quarter. Quarry LP now owns 5,000 shares of the biopharmaceutical company’s stock worth $153,000 after purchasing an additional 2,500 shares during the period.

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.