PTC Therapeutics (NASDAQ:PTCT) Given New $52.00 Price Target at Robert W. Baird

PTC Therapeutics (NASDAQ:PTCT) had its target price lifted by Robert W. Baird from $48.00 to $52.00 in a report issued on Wednesday morning,Benzinga reports. The brokerage currently has an outperform rating on the biopharmaceutical company’s stock.

Other analysts have also recently issued reports about the company. Raymond James began coverage on PTC Therapeutics in a research report on Thursday, October 10th. They issued a “market perform” rating for the company. Royal Bank of Canada raised their price target 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 began coverage on shares of PTC Therapeutics in a report on Monday, August 26th. They issued a “buy” rating and a $47.00 price objective on the stock. Baird R W raised shares of PTC Therapeutics to a “strong-buy” rating in a research report on Wednesday, September 4th. Finally, Barclays lifted their target price on shares of PTC Therapeutics from $31.00 to $43.00 and gave the stock an “equal weight” rating in a report on Monday, November 11th. Three equities research analysts have rated the stock with a sell rating, six have issued a hold rating, six have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $44.69.

PTC Therapeutics Stock Down 2.0 %

Shares of PTC Therapeutics stock opened at $45.11 on Wednesday. The stock has a market cap of $3.48 billion, a P/E ratio of -7.59 and a beta of 0.63. The business’s 50 day moving average is $39.89 and its 200-day moving average is $36.12. PTC Therapeutics has a 12-month low of $21.10 and a 12-month high of $47.24.

Institutional Trading of PTC Therapeutics

Institutional investors have recently modified their holdings of the stock. Point72 Asset Management L.P. raised its stake in PTC Therapeutics by 945.6% in the third quarter. Point72 Asset Management L.P. now owns 575,860 shares of the biopharmaceutical company’s stock valued at $21,364,000 after purchasing an additional 643,960 shares in the last quarter. Vanguard Group Inc. lifted its holdings in shares of PTC Therapeutics by 6.5% during the 1st quarter. Vanguard Group Inc. now owns 9,369,014 shares of the biopharmaceutical company’s stock worth $272,545,000 after acquiring an additional 568,171 shares during the period. Armistice Capital LLC boosted its position in shares of PTC Therapeutics by 2.9% during the 2nd quarter. Armistice Capital LLC now owns 6,962,227 shares of the biopharmaceutical company’s stock worth $212,905,000 after acquiring an additional 198,227 shares in the last quarter. Parkman Healthcare Partners LLC bought a new position in PTC Therapeutics in the third quarter valued at approximately $7,234,000. Finally, Ensign Peak Advisors Inc raised its position in PTC Therapeutics by 650.9% during the second quarter. Ensign Peak Advisors Inc now owns 208,302 shares of the biopharmaceutical company’s stock valued at $6,370,000 after purchasing an additional 180,561 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.