The Goldman Sachs Group Increases PTC Therapeutics (NASDAQ:PTCT) Price Target to $42.00

PTC Therapeutics (NASDAQ:PTCT) had its target price raised by analysts at The Goldman Sachs Group from $32.00 to $42.00 in a note issued to investors on Wednesday,Benzinga reports. The firm currently has a “sell” rating on the biopharmaceutical company’s stock. The Goldman Sachs Group’s target price indicates a potential downside of 16.48% from the company’s current price.

A number of other brokerages have also recently issued reports on PTCT. UBS Group increased their target price on shares of PTC Therapeutics from $47.00 to $71.00 and gave the stock a “buy” rating in a research report on Tuesday. Raymond James initiated coverage on shares of PTC Therapeutics in a research report on Thursday, October 10th. They set a “market perform” rating for the company. Morgan Stanley increased 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. Baird R W upgraded shares of PTC Therapeutics to a “strong-buy” rating in a research report on Wednesday, September 4th. Finally, Robert W. Baird increased their price objective on shares of PTC Therapeutics from $52.00 to $70.00 and gave the stock an “outperform” rating in a report on Tuesday. Three research analysts have rated the stock with a sell rating, five have issued a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, PTC Therapeutics has a consensus rating of “Hold” and an average price target of $51.92.

PTC Therapeutics Stock Down 3.4 %

Shares of PTC Therapeutics stock opened at $50.29 on Wednesday. The stock has a market capitalization of $3.88 billion, a P/E ratio of -8.47 and a beta of 0.63. The company has a 50-day simple moving average of $40.80 and a 200 day simple moving average of $36.57. PTC Therapeutics has a 12-month low of $23.58 and a 12-month high of $54.16.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of PTCT. Point72 Asset Management L.P. boosted its stake in PTC Therapeutics by 945.6% during the 3rd quarter. Point72 Asset Management L.P. now owns 575,860 shares of the biopharmaceutical company’s stock worth $21,364,000 after acquiring an additional 643,960 shares during the last quarter. Armistice Capital LLC boosted its stake in PTC Therapeutics by 2.9% during the 2nd quarter. Armistice Capital LLC now owns 6,962,227 shares of the biopharmaceutical company’s stock worth $212,905,000 after acquiring an additional 198,227 shares during the last quarter. Parkman Healthcare Partners LLC bought a new position in PTC Therapeutics during the 3rd quarter worth approximately $7,234,000. Ensign Peak Advisors Inc boosted its stake in PTC Therapeutics by 650.9% during the 2nd quarter. Ensign Peak Advisors Inc now owns 208,302 shares of the biopharmaceutical company’s stock worth $6,370,000 after acquiring an additional 180,561 shares during the last quarter. Finally, Millennium Management LLC boosted its stake in PTC Therapeutics by 123.2% during the 2nd quarter. Millennium Management LLC now owns 317,579 shares of the biopharmaceutical company’s stock worth $9,712,000 after acquiring an additional 175,289 shares during 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.