PTC Therapeutics (PTCT) stock surged 8.87% in Wednesday's intraday trading, building on the momentum from its pre-market gains. The biopharmaceutical company's shares are rallying on the back of an impressive first-quarter earnings report and a notable upgrade from Citigroup.

PTC Therapeutics reported a remarkable turnaround in its Q1 2025 results, posting a net income of $10.04 per diluted share, a significant improvement from a loss of $1.20 per share in the same period last year. The company's revenue for the quarter ended March 31 skyrocketed to $1.18 billion, up from $210.1 million in the previous year, showcasing substantial growth in its operations and potentially reflecting the success of its commercialized therapies for rare disorders.

Adding to the positive sentiment, Citigroup upgraded PTC Therapeutics from Sell to Neutral, although they adjusted their price target to $40 from $50. This upgrade, coupled with maintained positive ratings from other analysts, appears to be bolstering investor confidence. JP Morgan reiterated its Overweight rating while lowering their price target to $67 from $75, and RBC slightly raised their target to $58 from $57. The overall analyst consensus remains bullish with a mean price target of $60.53, despite some firms like Leerink Partners cutting their targets. The combination of strong financial performance and improving analyst outlook is driving the significant rally in PTC Therapeutics' stock.