Citigroup Raises PTC Therapeutics (NASDAQ:PTCT) Price Target to $32.00

PTC Therapeutics (NASDAQ:PTCT) had its price target hoisted by research analysts at Citigroup from $26.00 to $32.00 in a research note issued on Wednesday,Benzinga reports. The brokerage currently has a “sell” rating on the biopharmaceutical company’s stock. Citigroup’s target price would indicate a potential downside of 36.37% from the company’s previous close.

Other equities research analysts have also issued research reports about the company. Cantor Fitzgerald restated an “overweight” rating and set a $64.00 price objective on shares of PTC Therapeutics in a research report on Tuesday, September 17th. The Goldman Sachs Group boosted their price objective on PTC Therapeutics from $32.00 to $42.00 and gave the stock a “sell” rating in a research report on Wednesday. Royal Bank of Canada raised PTC Therapeutics from a “sector perform” rating to an “outperform” rating and lifted their target price for the stock from $39.00 to $63.00 in a report on Tuesday. Baird R W raised PTC Therapeutics to a “strong-buy” rating in a report on Wednesday, September 4th. Finally, Barclays lifted their target price on PTC Therapeutics from $45.00 to $56.00 and gave the stock an “equal weight” rating in a report on Tuesday. Three equities research analysts have rated the stock with a sell rating, five have given a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, PTC Therapeutics presently has a consensus rating of “Hold” and an average price target of $52.38.

PTC Therapeutics Trading Down 3.4 %

NASDAQ PTCT traded down $1.78 during midday trading on Wednesday, hitting $50.29. The company had a trading volume of 1,497,070 shares, compared to its average volume of 857,085. The company has a market capitalization of $3.88 billion, a PE ratio of -8.47 and a beta of 0.63. The firm has a 50-day moving average price of $40.80 and a 200-day moving average price of $36.57. PTC Therapeutics has a twelve month low of $23.58 and a twelve month high of $54.16.

Hedge Funds Weigh In On PTC Therapeutics

A number of hedge funds have recently added to or reduced their stakes in the company. Choreo LLC raised its holdings in PTC Therapeutics by 4.1% in the 2nd quarter. Choreo LLC now owns 11,426 shares of the biopharmaceutical company’s stock worth $356,000 after acquiring an additional 452 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. grew its position in PTC Therapeutics by 21.5% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,782 shares of the biopharmaceutical company’s stock worth $104,000 after purchasing an additional 492 shares during the period. KBC Group NV grew its position in PTC Therapeutics by 29.2% in the 3rd quarter. KBC Group NV now owns 2,232 shares of the biopharmaceutical company’s stock worth $83,000 after purchasing an additional 504 shares during the period. Arizona State Retirement System grew its position in PTC Therapeutics by 3.4% in the 2nd quarter. Arizona State Retirement System now owns 19,301 shares of the biopharmaceutical company’s stock worth $590,000 after purchasing an additional 636 shares during the period. Finally, Creative Planning grew its position in PTC Therapeutics by 8.1% in the 3rd quarter. Creative Planning now owns 10,944 shares of the biopharmaceutical company’s stock worth $406,000 after purchasing an additional 816 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.