PTC Therapeutics (NASDAQ:PTCT) Raised to “Buy” at StockNews.com

PTC Therapeutics (NASDAQ:PTCT) was upgraded by equities research analysts at StockNews.com from a “hold” rating to a “buy” rating in a research report issued on Monday.

A number of other brokerages have also weighed in on PTCT. Royal Bank of Canada increased their price objective on PTC Therapeutics from $32.00 to $34.00 and gave the company a “sector perform” rating in a report on Friday, October 4th. UBS Group started coverage on PTC Therapeutics in a report on Monday, August 26th. They issued a “buy” rating and a $47.00 price objective on the stock. Cantor Fitzgerald restated an “overweight” rating and issued a $64.00 target price on shares of PTC Therapeutics in a research note on Tuesday, September 17th. Robert W. Baird upped their target price on PTC Therapeutics from $44.00 to $48.00 and gave the stock an “outperform” rating in a research note on Friday. Finally, Morgan Stanley upped their target price on PTC Therapeutics from $32.00 to $45.00 and gave the stock an “equal weight” rating in a research note on Friday, October 11th. Three equities research analysts have rated the stock with a sell rating, five have issued a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, PTC Therapeutics currently has a consensus rating of “Hold” and a consensus price target of $41.31.

PTC Therapeutics Trading Up 1.3 %

Shares of PTCT stock traded up $0.59 during mid-day trading on Monday, reaching $44.87. The stock had a trading volume of 1,134,404 shares, compared to its average volume of 848,419. The business’s fifty day moving average is $37.41 and its 200-day moving average is $35.12. The firm has a market cap of $3.45 billion, a price-to-earnings ratio of -7.55 and a beta of 0.63. PTC Therapeutics has a 1-year low of $18.15 and a 1-year high of $46.98.

PTC Therapeutics (NASDAQ:PTCT) last announced its quarterly earnings data on Thursday, August 8th. The biopharmaceutical company reported ($1.16) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.00) by ($0.16). The firm had revenue of $186.70 million during the quarter, compared to analyst estimates of $192.12 million. On average, analysts forecast that PTC Therapeutics will post -5.28 earnings per share for the current year.

Hedge Funds Weigh In On PTC Therapeutics

A number of hedge funds have recently bought and sold shares of the business. Russell Investments Group Ltd. lifted its position in shares of PTC Therapeutics by 57.9% in the first quarter. Russell Investments Group Ltd. now owns 301,790 shares of the biopharmaceutical company’s stock valued at $8,779,000 after acquiring an additional 110,670 shares in the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. lifted its position in shares of PTC Therapeutics by 8.7% in the first quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 439,365 shares of the biopharmaceutical company’s stock valued at $12,782,000 after acquiring an additional 35,173 shares in the last quarter. Edgestream Partners L.P. lifted its position in shares of PTC Therapeutics by 49.3% in the first quarter. Edgestream Partners L.P. now owns 53,522 shares of the biopharmaceutical company’s stock valued at $1,557,000 after acquiring an additional 17,681 shares in the last quarter. Burney Co. purchased a new position in shares of PTC Therapeutics in the first quarter valued at approximately $1,223,000. Finally, Assenagon Asset Management S.A. lifted its position in shares of PTC Therapeutics by 21.7% in the second quarter. Assenagon Asset Management S.A. now owns 372,827 shares of the biopharmaceutical company’s stock valued at $11,401,000 after acquiring an additional 66,596 shares in 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.