PTC Therapeutics (NASDAQ:PTCT) Shares Gap Up – Here’s Why

Shares of PTC Therapeutics, Inc. (NASDAQ:PTCT) gapped up before the market opened on Monday . The stock had previously closed at $43.88, but opened at $52.08. PTC Therapeutics shares last traded at $49.78, with a volume of 928,434 shares trading hands.

Analyst Ratings Changes

PTCT has been the subject of several analyst reports. StockNews.com lowered shares of PTC Therapeutics from a “buy” rating to a “hold” rating in a research report on Tuesday, November 19th. Wells Fargo & Company increased their price objective on PTC Therapeutics from $56.00 to $68.00 and gave the company an “overweight” rating in a report on Tuesday, November 26th. UBS Group started coverage on PTC Therapeutics in a research note on Monday, August 26th. They set a “buy” rating and a $47.00 target price on the stock. Barclays raised their price target on PTC Therapeutics from $31.00 to $43.00 and gave the stock an “equal weight” rating in a report on Monday, November 11th. Finally, Cantor Fitzgerald restated an “overweight” rating and set a $64.00 price target on shares of PTC Therapeutics in a research note on Tuesday, September 17th. Three research analysts have rated the stock with a sell rating, six have given a hold rating, six have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $44.69.

PTC Therapeutics Stock Up 15.9 %

The firm has a market cap of $3.92 billion, a price-to-earnings ratio of -8.58 and a beta of 0.63. The business’s 50-day simple moving average is $40.22 and its two-hundred day simple moving average is $36.32.

Institutional Trading of PTC Therapeutics

A number of institutional investors and hedge funds have recently made changes to their positions in PTCT. KBC Group NV raised its position in PTC Therapeutics by 29.2% during the third quarter. KBC Group NV now owns 2,232 shares of the biopharmaceutical company’s stock worth $83,000 after acquiring an additional 504 shares during the period. CWM LLC increased its stake in PTC Therapeutics by 354.7% during the 3rd quarter. CWM LLC now owns 2,687 shares of the biopharmaceutical company’s stock worth $100,000 after buying an additional 2,096 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its position 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 acquiring an additional 492 shares in the last quarter. Quest Partners LLC acquired a new stake in shares of PTC Therapeutics in the second quarter worth approximately $128,000. Finally, Quarry LP increased its position in shares of PTC Therapeutics by 100.0% during the second quarter. Quarry LP now owns 5,000 shares of the biopharmaceutical company’s stock worth $153,000 after purchasing an additional 2,500 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.