PTC Therapeutics (NASDAQ:PTCT) Hits New 12-Month High – What’s Next?

PTC Therapeutics, Inc. (NASDAQ:PTCT) hit a new 52-week high during mid-day trading on Thursday . The stock traded as high as $44.56 and last traded at $43.74, with a volume of 51311 shares trading hands. The stock had previously closed at $43.18.

Analyst Ratings Changes

Several analysts have commented on PTCT shares. Baird R W upgraded shares of PTC Therapeutics to a “strong-buy” rating in a research report on Wednesday, September 4th. Raymond James began coverage on shares of PTC Therapeutics in a research note on Thursday, October 10th. They set a “market perform” rating for the company. Royal Bank of Canada raised their target price on shares of PTC Therapeutics from $32.00 to $34.00 and gave the company a “sector perform” rating in a research note on Friday, October 4th. Robert W. Baird restated an “outperform” rating and issued a $44.00 price target on shares of PTC Therapeutics in a research note on Tuesday, October 8th. Finally, Morgan Stanley increased their target price on PTC Therapeutics from $32.00 to $45.00 and gave the stock an “equal weight” rating in a research note on Friday, October 11th. Three equities research analysts have rated the stock with a sell rating, five have issued a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $40.08.

PTC Therapeutics Price Performance

The stock has a 50 day moving average of $37.08 and a 200 day moving average of $34.80. The firm has a market cap of $3.35 billion, a P/E ratio of -6.84 and a beta of 0.63.

PTC Therapeutics (NASDAQ:PTCT) last issued its quarterly earnings data on Thursday, August 8th. The biopharmaceutical company reported ($1.16) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.00) by ($0.16). The firm had revenue of $186.70 million during the quarter, compared to analysts’ expectations of $192.12 million. On average, research analysts predict that PTC Therapeutics, Inc. will post -5.28 EPS for the current fiscal year.

Hedge Funds Weigh In On PTC Therapeutics

Hedge funds have recently bought and sold shares of the business. Vanguard Group Inc. grew its holdings in shares of PTC Therapeutics by 6.5% in the first quarter. Vanguard Group Inc. now owns 9,369,014 shares of the biopharmaceutical company’s stock worth $272,545,000 after acquiring an additional 568,171 shares during the period. Armistice Capital LLC grew its stake in shares of PTC Therapeutics by 2.9% during the 2nd quarter. Armistice Capital LLC now owns 6,962,227 shares of the biopharmaceutical company’s stock valued at $212,905,000 after purchasing an additional 198,227 shares during the period. Cowen AND Company LLC increased its position in shares of PTC Therapeutics by 0.8% during the 2nd quarter. Cowen AND Company LLC now owns 3,756,469 shares of the biopharmaceutical company’s stock valued at $114,873,000 after purchasing an additional 30,843 shares during the last quarter. Janus Henderson Group PLC lifted its stake in shares of PTC Therapeutics by 40.5% in the 1st quarter. Janus Henderson Group PLC now owns 3,669,816 shares of the biopharmaceutical company’s stock worth $106,744,000 after purchasing an additional 1,057,223 shares during the period. Finally, Jacobs Levy Equity Management Inc. boosted its holdings in shares of PTC Therapeutics by 21.3% in the first quarter. Jacobs Levy Equity Management Inc. now owns 1,605,841 shares of the biopharmaceutical company’s stock worth $46,714,000 after buying an additional 282,422 shares during the last quarter.

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.