PTC Therapeutics (NASDAQ:PTCT) Given New $56.00 Price Target at Barclays

PTC Therapeutics (NASDAQ:PTCT) had its price objective hoisted by Barclays from $45.00 to $56.00 in a report published on Tuesday morning,Benzinga reports. The firm currently has an equal weight rating on the biopharmaceutical company’s stock.

A number of other equities research analysts have also issued reports on PTCT. Baird R W raised PTC Therapeutics to a “strong-buy” rating in a research note on Wednesday, September 4th. Wells Fargo & Company upped their target price on PTC Therapeutics from $56.00 to $68.00 and gave the company an “overweight” rating in a research note on Tuesday, November 26th. UBS Group assumed coverage on PTC Therapeutics in a research note on Monday, August 26th. They issued a “buy” rating and a $47.00 target price on the stock. Royal Bank of Canada raised PTC Therapeutics from a “sector perform” rating to an “outperform” rating and upped their target price for the company from $39.00 to $63.00 in a research note on Tuesday. Finally, StockNews.com lowered PTC Therapeutics from a “buy” rating to a “hold” rating in a research note on Tuesday, November 19th. Three analysts have rated the stock with a sell rating, five have issued 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.com, PTC Therapeutics presently has an average rating of “Hold” and an average price target of $51.15.

PTC Therapeutics Price Performance

PTCT opened at $50.29 on Tuesday. The stock has a market cap of $3.88 billion, a P/E ratio of -8.47 and a beta of 0.63. The stock’s 50 day simple moving average is $40.80 and its 200 day simple moving average is $36.57. PTC Therapeutics has a 1-year low of $23.58 and a 1-year high of $54.16.

Institutional Trading of PTC Therapeutics

Large investors have recently added to or reduced their stakes in the stock. Assenagon Asset Management S.A. increased its holdings in PTC Therapeutics by 21.7% in the 2nd quarter. Assenagon Asset Management S.A. now owns 372,827 shares of the biopharmaceutical company’s stock valued at $11,401,000 after purchasing an additional 66,596 shares in the last quarter. Intech Investment Management LLC acquired a new stake in PTC Therapeutics in the 3rd quarter valued at $698,000. Bank of New York Mellon Corp increased its holdings in PTC Therapeutics by 17.1% in the 2nd quarter. Bank of New York Mellon Corp now owns 279,049 shares of the biopharmaceutical company’s stock valued at $8,533,000 after purchasing an additional 40,840 shares in the last quarter. Quest Partners LLC grew its stake in shares of PTC Therapeutics by 433.9% during the third quarter. Quest Partners LLC now owns 22,359 shares of the biopharmaceutical company’s stock valued at $830,000 after acquiring an additional 18,171 shares in the last quarter. Finally, Renaissance Technologies LLC grew its stake in shares of PTC Therapeutics by 7.4% during the second quarter. Renaissance Technologies LLC now owns 818,100 shares of the biopharmaceutical company’s stock valued at $25,017,000 after acquiring an additional 56,700 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.