PTC Therapeutics (NASDAQ:PTCT) Stock Rating Upgraded by Royal Bank of Canada

PTC Therapeutics (NASDAQ:PTCT) was upgraded by Royal Bank of Canada from a “sector perform” rating to an “outperform” rating in a report released on Tuesday, Marketbeat Ratings reports. The firm presently has a $63.00 target price on the biopharmaceutical company’s stock, up from their prior target price of $39.00. Royal Bank of Canada’s target price points to a potential upside of 20.99% from the stock’s current price.

Several other analysts have also recently issued reports on PTCT. Wells Fargo & Company increased their target price on PTC Therapeutics from $56.00 to $68.00 and gave the stock an “overweight” rating in a research report on Tuesday, November 26th. JPMorgan Chase & Co. raised their price objective on PTC Therapeutics from $51.00 to $62.00 and gave the company an “overweight” rating in a report on Tuesday, November 19th. Baird R W raised PTC Therapeutics to a “strong-buy” rating in a research report on Wednesday, September 4th. Raymond James began coverage on PTC Therapeutics in a research note on Thursday, October 10th. They issued a “market perform” rating for the company. Finally, Morgan Stanley lifted their target price on shares of 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 analysts have rated the stock with a sell rating, five have assigned a hold rating, seven have assigned a buy rating and one has given 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 $49.31.

PTC Therapeutics Price Performance

Shares of PTC Therapeutics stock opened at $52.07 on Tuesday. The company has a 50 day simple moving average of $40.52 and a two-hundred day simple moving average of $36.45. The firm has a market cap of $4.02 billion, a PE ratio of -8.77 and a beta of 0.63. PTC Therapeutics has a 1 year low of $23.58 and a 1 year high of $52.97.

Institutional Trading of PTC Therapeutics

A number of hedge funds and other institutional investors have recently made changes to their positions in PTCT. Harbor Capital Advisors Inc. lifted its holdings in shares of PTC Therapeutics by 39.1% during the 2nd quarter. Harbor Capital Advisors Inc. now owns 47,380 shares of the biopharmaceutical company’s stock worth $1,449,000 after acquiring an additional 13,326 shares during the period. Diversified Trust Co lifted its stake in PTC Therapeutics by 5.6% in the 2nd quarter. Diversified Trust Co now owns 15,317 shares of the biopharmaceutical company’s stock worth $468,000 after acquiring an additional 818 shares in the last quarter. Assenagon Asset Management S.A. raised its holdings in PTC Therapeutics by 21.7% during the second quarter. Assenagon Asset Management S.A. now owns 372,827 shares of the biopharmaceutical company’s stock valued at $11,401,000 after buying an additional 66,596 shares in the last quarter. Neo Ivy Capital Management bought a new position in PTC Therapeutics during the second quarter valued at about $1,245,000. Finally, Sanibel Captiva Trust Company Inc. bought a new stake in PTC Therapeutics during the second quarter worth about $205,000.

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.