Barclays Issues Positive Forecast for PTC Therapeutics (NASDAQ:PTCT) Stock Price

PTC Therapeutics (NASDAQ:PTCT) had its price target upped by Barclays from $31.00 to $43.00 in a research report sent to investors on Monday morning,Benzinga reports. The firm currently has an equal weight rating on the biopharmaceutical company’s stock.

Several other brokerages also recently issued reports on PTCT. Baird R W raised shares of PTC Therapeutics to a “strong-buy” rating in a report on Wednesday, September 4th. Royal Bank of Canada lifted their price objective 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. UBS Group initiated coverage on shares of PTC Therapeutics in a research note on Monday, August 26th. They set a “buy” rating and a $47.00 price objective on the stock. Robert W. Baird lifted their price objective on shares of PTC Therapeutics from $44.00 to $48.00 and gave the company an “outperform” rating in a research note on Friday, November 8th. Finally, Cantor Fitzgerald restated an “overweight” rating and set a $64.00 price objective on shares of PTC Therapeutics in a research note on Tuesday, September 17th. Three investment analysts have rated the stock with a sell rating, five have given a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $41.31.

PTC Therapeutics Stock Performance

Shares of PTCT opened at $42.38 on Monday. The business’s fifty day moving average price is $38.03 and its 200 day moving average price is $35.43. PTC Therapeutics has a 12-month low of $19.75 and a 12-month high of $46.98.

Institutional Investors Weigh In On PTC Therapeutics

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. lifted its holdings in PTC Therapeutics by 6.5% in the 1st quarter. Vanguard Group Inc. now owns 9,369,014 shares of the biopharmaceutical company’s stock worth $272,545,000 after purchasing an additional 568,171 shares during the last quarter. Armistice Capital LLC lifted its holdings in PTC Therapeutics by 2.9% in the 2nd quarter. Armistice Capital LLC now owns 6,962,227 shares of the biopharmaceutical company’s stock worth $212,905,000 after purchasing an additional 198,227 shares during the last quarter. Cowen AND Company LLC lifted its holdings in PTC Therapeutics by 0.8% in the 2nd quarter. Cowen AND Company LLC now owns 3,756,469 shares of the biopharmaceutical company’s stock worth $114,873,000 after purchasing an additional 30,843 shares during the last quarter. Janus Henderson Group PLC lifted its holdings in PTC Therapeutics by 40.5% in the 1st quarter. Janus Henderson Group PLC now owns 3,669,816 shares of the biopharmaceutical company’s stock worth $106,744,000 after purchasing an additional 1,057,223 shares during the last quarter. Finally, Jacobs Levy Equity Management Inc. lifted its holdings in shares of PTC Therapeutics by 21.3% during the first quarter. Jacobs Levy Equity Management Inc. now owns 1,605,841 shares of the biopharmaceutical company’s stock worth $46,714,000 after buying an additional 282,422 shares during 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.