PTC Therapeutics (NASDAQ:PTCT) Price Target Raised to $48.00

PTC Therapeutics (NASDAQ:PTCT) had its price target raised by equities researchers at Robert W. Baird from $44.00 to $48.00 in a research note issued to investors on Friday,Benzinga reports. The brokerage currently has an “outperform” rating on the biopharmaceutical company’s stock. Robert W. Baird’s price objective suggests a potential upside of 11.73% from the stock’s current price.

Several other research analysts have also issued reports on the company. Raymond James assumed coverage on PTC Therapeutics in a research report on Thursday, October 10th. They issued a “market perform” rating on the stock. Royal Bank of Canada raised their price target on PTC Therapeutics from $32.00 to $34.00 and gave the stock a “sector perform” rating in a research report on Friday, October 4th. Morgan Stanley raised their price target on PTC Therapeutics from $32.00 to $45.00 and gave the stock an “equal weight” rating in a research report on Friday, October 11th. UBS Group initiated coverage on PTC Therapeutics in a research report on Monday, August 26th. They issued a “buy” rating and a $47.00 price target on the stock. Finally, Barclays lifted their target price on PTC Therapeutics from $25.00 to $31.00 and gave the stock an “equal weight” rating in a report on Friday, August 9th. Three analysts have rated the stock with a sell rating, five have assigned a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $40.38.

PTC Therapeutics Stock Performance

NASDAQ PTCT opened at $42.96 on Friday. The stock has a fifty day moving average of $37.23 and a 200-day moving average of $34.86. The stock has a market capitalization of $3.30 billion, a P/E ratio of -6.81 and a beta of 0.63. PTC Therapeutics has a 52 week low of $18.15 and a 52 week high of $44.56.

PTC Therapeutics (NASDAQ:PTCT) last posted its quarterly earnings results on Thursday, August 8th. The biopharmaceutical company reported ($1.16) earnings per share (EPS) for the quarter, missing the consensus estimate 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. Equities research analysts forecast that PTC Therapeutics will post -5.28 earnings per share for the current fiscal year.

Institutional Trading of PTC Therapeutics

Institutional investors have recently modified their holdings of the company. Allspring Global Investments Holdings LLC bought a new stake in shares of PTC Therapeutics in the first quarter valued at about $46,000. KBC Group NV lifted its holdings in shares of PTC Therapeutics by 29.2% in the third quarter. KBC Group NV now owns 2,232 shares of the biopharmaceutical company’s stock valued at $83,000 after purchasing an additional 504 shares in the last quarter. CWM LLC lifted its holdings in shares of PTC Therapeutics by 354.7% in the third quarter. CWM LLC now owns 2,687 shares of the biopharmaceutical company’s stock valued at $100,000 after purchasing an additional 2,096 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its holdings 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 valued at $104,000 after purchasing an additional 492 shares in the last quarter. Finally, Quest Partners LLC bought a new stake in shares of PTC Therapeutics in the second quarter valued at about $128,000.

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.