The Pennsylvania Supreme Court dismissed an appeal yesterday from a student trying to stop the transfer of the renowned Barnes Foundation art collection from its gallery in a Philadelphia suburb to a new museum downtown. A lawyer for the foundation, which is financially troubled and has long sought the move to save itself from bankruptcy, said the decision had removed the final hurdle to moving the collection, which contains dozens of works by Renoir, C?nne and Picasso. ''This should end the legal dispute so the Barnes should be able now to go forward with building its new facility,'' said Ralph G. Wellington, the lawyer. Many art scholars have opposed the move, saying that the collection should remain true to the vision of Albert C. Barnes, a patent-medicine millionaire who stipulated that no picture in his collection could be lent, sold or even moved on the walls of the quirky neo-Classical galleries that he had built for it in the mid-1920's. The court ruled unanimously that the student who had filed the appeal, Jay Raymond, had no standing to do so. Calls to Mr. Raymond's lawyer, Howard J. Bashman, were not returned yesterday. RANDY KENNEDY