Today: The PTC Therapeutics Inc. (PTCT) Trading 1.9% Higher After Analyst Upgrade

The PTC Therapeutics Inc. (PTCT) Trading 1.9% Higher  After Analyst Upgrade

PTC Therapeutics Inc. (NASDAQ:PTCT) shot up 1.9% during trading on Wednesday after Credit Suisse Group AG raised their price target on the stock to $15.00. Credit Suisse Group AG currently has a neutral rating on the stock. PTC Therapeutics traded as high as $13.70 and last traded at $13.53, with a volume of 290,587 shares traded. The stock had previously closed at $13.28.

Other equities research analysts have also issued reports about the stock. Wedbush dropped their price objective on shares of PTC Therapeutics from $12.00 to $10.00 and set a “neutral” rating on the stock in a report on Tuesday, July 26th. Citigroup Inc. raised their price objective on shares of PTC Therapeutics from $8.00 to $9.00 and gave the stock a “neutral” rating in a report on Monday, August 8th. JPMorgan Chase & Co. dropped their price objective on shares of PTC Therapeutics from $18.00 to $17.00 and set a “neutral” rating on the stock in a report on Friday, August 5th. Zacks Investment Research upgraded shares of PTC Therapeutics from a “sell” rating to a “hold” rating in a report on Friday, August 12th. Finally, Cowen and Company restated a “hold” rating on shares of PTC Therapeutics in a report on Sunday, August 7th. Two analysts have rated the stock with a sell rating, nine have issued a hold rating and two have given a buy rating to the stock. PTC Therapeutics presently has a consensus rating of “Hold” and a consensus target price of $33.82.

Several hedge funds and other institutional investors have recently made changes to their positions in PTCT. Numeric Investors LLC bought a new stake in shares of PTC Therapeutics during the second quarter valued at approximately $887,000. Adage Capital Partners GP L.L.C. increased its stake in shares of PTC Therapeutics by 40.0% in the second quarter. Adage Capital Partners GP L.L.C. now owns 350,000 shares of the biopharmaceutical company’s stock valued at $2,457,000 after buying an additional 100,000 shares during the last quarter. Eagle Global Advisors LLC bought a new stake in shares of PTC Therapeutics during the second quarter valued at approximately $203,000. Barclays PLC increased its stake in shares of PTC Therapeutics by 1.6% in the second quarter. Barclays PLC now owns 14,804 shares of the biopharmaceutical company’s stock valued at $103,000 after buying an additional 238 shares during the last quarter. Finally, Parametric Portfolio Associates LLC increased its stake in shares of PTC Therapeutics by 178.9% in the second quarter. Parametric Portfolio Associates LLC now owns 53,184 shares of the biopharmaceutical company’s stock valued at $373,000 after buying an additional 34,112 shares during the last quarter. 83.32% of the stock is owned by institutional investors.

The company’s market capitalization is $460.46 million. The company has a 50 day moving average of $10.19 and a 200 day moving average of $7.97.

PTC Therapeutics (NASDAQ:PTCT) last released its quarterly earnings data on Thursday, August 4th. The biopharmaceutical company reported ($1.14) earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($1.27) by $0.13. PTC Therapeutics had a negative net margin of 305.62% and a negative return on equity of 80.50%. The firm had revenue of $15.40 million for the quarter, compared to the consensus estimate of $15.24 million. During the same quarter in the prior year, the company posted ($1.14) earnings per share. The business’s revenue was up 150.0% on a year-over-year basis. On average, analysts forecast that PTC Therapeutics Inc. will post ($4.95) earnings per share for the current fiscal year.

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