PTC Therapeutics (NASDAQ:PTCT) Price Target Raised to $56.00 at Barclays

PTC Therapeutics (NASDAQ:PTCT) had its price target raised by equities research analysts at Barclays from $45.00 to $56.00 in a report issued on Tuesday,Benzinga reports. The brokerage currently has an “equal weight” rating on the biopharmaceutical company’s stock. Barclays‘s price objective indicates a potential upside of 7.55% from the stock’s current price.

PTCT has been the subject of a number of other research reports. Robert W. Baird increased their price objective on PTC Therapeutics from $52.00 to $70.00 and gave the stock an “outperform” rating in a report on Tuesday. Wells Fargo & Company upped their target price on PTC Therapeutics from $56.00 to $68.00 and gave the stock an “overweight” rating in a report on Tuesday, November 26th. Baird R W upgraded PTC Therapeutics to a “strong-buy” rating in a research note on Wednesday, September 4th. JPMorgan Chase & Co. increased their price target on PTC Therapeutics from $51.00 to $62.00 and gave the company an “overweight” rating in a report on Tuesday, November 19th. Finally, Morgan Stanley upped their price objective 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. Three equities research analysts have rated the stock with a sell rating, five have assigned a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, PTC Therapeutics presently has an average rating of “Hold” and a consensus target price of $51.15.

PTC Therapeutics Price Performance

Shares of NASDAQ:PTCT traded up $8.19 during mid-day trading on Tuesday, hitting $52.07. The company had a trading volume of 3,542,300 shares, compared to its average volume of 725,012. The company has a market capitalization of $4.02 billion, a PE ratio of -8.77 and a beta of 0.63. The firm has a fifty day moving average price of $40.52 and a 200 day moving average price of $36.45. PTC Therapeutics has a one year low of $23.58 and a one year high of $52.97.

Institutional Trading of PTC Therapeutics

Several large investors have recently made changes to their positions in the company. Point72 Asset Management L.P. increased its position in PTC Therapeutics by 945.6% during the third quarter. Point72 Asset Management L.P. now owns 575,860 shares of the biopharmaceutical company’s stock worth $21,364,000 after buying an additional 643,960 shares during the period. Armistice Capital LLC boosted its holdings in PTC Therapeutics by 2.9% in the second quarter. Armistice Capital LLC now owns 6,962,227 shares of the biopharmaceutical company’s stock valued at $212,905,000 after purchasing an additional 198,227 shares during the last quarter. Parkman Healthcare Partners LLC bought a new position in PTC Therapeutics during the 3rd quarter worth approximately $7,234,000. Ensign Peak Advisors Inc increased its position in PTC Therapeutics by 650.9% in the 2nd quarter. Ensign Peak Advisors Inc now owns 208,302 shares of the biopharmaceutical company’s stock valued at $6,370,000 after acquiring an additional 180,561 shares during the period. Finally, Millennium Management LLC boosted its stake in shares of PTC Therapeutics by 123.2% during the 2nd quarter. Millennium Management LLC now owns 317,579 shares of the biopharmaceutical company’s stock worth $9,712,000 after acquiring an additional 175,289 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.