Shares of PTC Therapeutics Inc. (PTCT) surged over 5% on Monday morning after Barclays raised its price target on the biopharmaceutical company's stock.

Barclays analyst X raised their price target on PTC Therapeutics to $43 from $31 while maintaining an Equal Weight rating. The increased price target follows the company's recent promising financial results and pipeline updates.

PTC Therapeutics is a leading global biopharmaceutical company focused on the discovery, development, and commercialization of novel therapies for rare diseases. Investors are optimistic about the company's prospects given its strong product portfolio and drug pipeline targeting diseases with high unmet medical need.