PTC Therapeutics (NASDAQ:PTCT) Stock Price Expected to Rise, Robert W. Baird Analyst Says

PTC Therapeutics (NASDAQ:PTCT) had its price objective raised by equities research analysts at Robert W. Baird from $44.00 to $48.00 in a research report issued to clients and investors on Friday,Benzinga reports. The firm presently has an “outperform” rating on the biopharmaceutical company’s stock. Robert W. Baird’s price target would suggest a potential upside of 8.40% from the stock’s current price.

A number of other equities research analysts have also issued reports on the stock. UBS Group initiated coverage on shares of PTC Therapeutics in a report on Monday, August 26th. They set a “buy” rating and a $47.00 price target on the stock. Royal Bank of Canada boosted their target price on shares of PTC Therapeutics from $32.00 to $34.00 and gave the company a “sector perform” rating in a research note on Friday, October 4th. Morgan Stanley lifted their price target on PTC Therapeutics from $32.00 to $45.00 and gave the company an “equal weight” rating in a report on Friday, October 11th. Cantor Fitzgerald reissued an “overweight” rating and issued a $64.00 price objective on shares of PTC Therapeutics in a research note on Tuesday, September 17th. Finally, Baird R W upgraded PTC Therapeutics to a “strong-buy” rating in a research report on Wednesday, September 4th. Three investment analysts have rated the stock with a sell rating, five have issued a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, PTC Therapeutics has a consensus rating of “Hold” and a consensus price target of $40.38.

PTC Therapeutics Stock Up 3.1 %

PTCT opened at $44.28 on Friday. The firm has a market cap of $3.41 billion, a PE ratio of -7.45 and a beta of 0.63. The business has a fifty day simple moving average of $37.41 and a 200-day simple moving average of $35.05. PTC Therapeutics has a fifty-two week low of $18.15 and a fifty-two week high of $46.55.

PTC Therapeutics (NASDAQ:PTCT) last issued its quarterly earnings results on Thursday, August 8th. The biopharmaceutical company reported ($1.16) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.00) by ($0.16). The company had revenue of $186.70 million during the quarter, compared to analysts’ expectations of $192.12 million. On average, equities research analysts anticipate that PTC Therapeutics will post -5.28 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Russell Investments Group Ltd. increased its position in PTC Therapeutics by 57.9% during the first quarter. Russell Investments Group Ltd. now owns 301,790 shares of the biopharmaceutical company’s stock worth $8,779,000 after buying an additional 110,670 shares during the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. lifted its holdings in PTC Therapeutics by 8.7% in the 1st quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 439,365 shares of the biopharmaceutical company’s stock worth $12,782,000 after purchasing an additional 35,173 shares during the last quarter. Edgestream Partners L.P. boosted its position in PTC Therapeutics by 49.3% during the first quarter. Edgestream Partners L.P. now owns 53,522 shares of the biopharmaceutical company’s stock worth $1,557,000 after purchasing an additional 17,681 shares during the period. Burney Co. acquired a new position in PTC Therapeutics during the first quarter valued at approximately $1,223,000. Finally, Assenagon Asset Management S.A. raised its position in shares of PTC Therapeutics by 21.7% in 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 purchasing an additional 66,596 shares during the period.

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.