PTC Therapeutics (NASDAQ:PTCT) Shares Gap Up Following Analyst Upgrade

PTC Therapeutics, Inc. (NASDAQ:PTCT)'s stock saw a notable increase at the market open on Friday, following an upgrade by Robert W. Baird. The firm raised its price target for PTC Therapeutics from $44.00 to $48.00. The stock had previously closed at $42.96 but opened significantly higher at $45.64. Currently, Robert W. Baird has rated the stock as ‘outperform.’ As of the latest trading, shares of PTC Therapeutics were at $45.60, with a trading volume of 52,782 shares.

PTC Therapeutics has received attention from various analysts recently. On September 4th, Baird R W upgraded the stock to a ‘strong-buy’ rating. Additionally, Morgan Stanley increased their price target from $32.00 to $45.00 while maintaining an ‘equal weight’ rating in a report dated October 11th. Other firms, including UBS Group, initiated coverage on PTC Therapeutics, giving it a ‘buy’ rating and a price target of $47.00 in a report published on August 26th. On October 10th, Raymond James began their coverage with a ‘market perform’ rating. Furthermore, Royal Bank of Canada raised their price target from $32.00 to $34.00 and rated the stock as ‘sector perform’. Overall, the consensus ratings reveal that three analysts rate the stock as a ‘sell’, five maintain a ‘hold’, six assign a ‘buy’ rating, and one gives it a ‘strong buy’. According to MarketBeat.com, PTC Therapeutics holds an average consensus rating of ‘Hold’ with a target price of $40.38.

Institutional Investor Activity

Recent activity from institutional investors shows varied movements regarding PTC Therapeutics shares. Janus Henderson Group PLC increased its stake by 40.5% in the first quarter, acquiring an additional 1,057,223 shares and bringing its total to 3,669,816 shares valued at about $106,744,000. Similarly, Vanguard Group Inc. raised its holdings by 6.5%, owning 9,369,014 shares worth $272,545,000 after purchasing 568,171 additional shares. Jacobs Levy Equity Management Inc. also expanded its stake by 21.3%, gaining 282,422 shares during the same period. Armistice Capital LLC increased its investment by 2.9%, now holding a total of 6,962,227 shares valued at approximately $212,905,000 after adding 198,227 shares. Lastly, Ensign Peak Advisors Inc. made a significant move, boosting its stake by 650.9% and obtaining 208,302 shares valued at $6,370,000, following an increase of 180,561 shares.

Stock Performance at a Glance

Currently, PTC Therapeutics holds a market capitalization of $3.51 billion. The stock has a P/E ratio of -6.81 and a beta of 0.63. Its fifty-day simple moving average stands at $37.23, while the two-hundred-day simple moving average is $34.86. The most recent quarterly earnings report was released on August 8th, showing EPS of ($1.16), falling short of expectations of ($1.00) by $0.16. The revenues for the quarter were reported at $186.70 million, missing the forecast of $192.12 million. Analysts expect PTC Therapeutics to report an average of -5.28 EPS for the current fiscal year.

About PTC Therapeutics

PTC Therapeutics, Inc. is a biopharmaceutical company focused on discovering, developing, and commercializing innovative medicines primarily for patients with rare disorders in the U.S. and internationally. Their key products include Translarna and Emflaza for treating Duchenne muscular dystrophy, Upstaza for aromatic l-amino acid decarboxylase (AADC) deficiency, and various treatments for other rare diseases such as Tegsedi, Waylivra, and Evrysdi, which is used for spinal muscular atrophy (SMA) in both adults and children.

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