The Goldman Sachs Group Increases PTC Therapeutics (NASDAQ:PTCT) Price Target to $42.00

PTC Therapeutics (NASDAQ:PTCT) had its target price raised by research analysts at The Goldman Sachs Group from $32.00 to $42.00 in a report issued on Wednesday,Benzinga reports. The brokerage presently has a “sell” rating on the biopharmaceutical company’s stock. The Goldman Sachs Group’s target price suggests a potential downside of 16.48% from the stock’s previous close.

Other analysts have also issued research reports about the stock. Baird R W raised shares of PTC Therapeutics to a “strong-buy” rating in a research report on Wednesday, September 4th. StockNews.com lowered shares of PTC Therapeutics from a “buy” rating to a “hold” rating in a research report on Tuesday, November 19th. Raymond James started coverage on shares of PTC Therapeutics in a research report on Thursday, October 10th. They issued a “market perform” rating on the stock. Barclays boosted their price objective on shares of PTC Therapeutics from $45.00 to $56.00 and gave the stock an “equal weight” rating in a research report on Tuesday. Finally, Robert W. Baird boosted their price objective on shares of PTC Therapeutics from $52.00 to $70.00 and gave the stock an “outperform” rating in a research report on Tuesday. Three investment analysts have rated the stock with a sell rating, five have given a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, PTC Therapeutics currently has a consensus rating of “Hold” and a consensus target price of $51.92.

PTC Therapeutics Stock Performance

Shares of PTCT stock opened at $50.29 on Wednesday. The company has a market capitalization of $3.88 billion, a P/E ratio of -8.47 and a beta of 0.63. The company’s 50 day moving average price is $40.80 and its two-hundred day moving average price is $36.57. PTC Therapeutics has a 52 week low of $23.58 and a 52 week high of $54.16.

Hedge Funds Weigh In On PTC Therapeutics

Several institutional investors and hedge funds have recently modified their holdings of the stock. Diversified Trust Co grew its stake in shares of PTC Therapeutics by 5.6% in the second quarter. Diversified Trust Co now owns 15,317 shares of the biopharmaceutical company’s stock valued at $468,000 after acquiring an additional 818 shares in the last quarter. Assenagon Asset Management S.A. grew its stake 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. Neo Ivy Capital Management acquired a new position in shares of PTC Therapeutics in the second quarter valued at about $1,245,000. Sanibel Captiva Trust Company Inc. acquired a new position in shares of PTC Therapeutics in the second quarter valued at about $205,000. Finally, Bank of New York Mellon Corp grew its stake in shares of PTC Therapeutics by 17.1% in the second quarter. Bank of New York Mellon Corp now owns 279,049 shares of the biopharmaceutical company’s stock valued at $8,533,000 after acquiring an additional 40,840 shares in the last quarter.

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.