PTC Therapeutics (NASDAQ:PTCT) Hits New 52-Week High – Here’s What Happened

PTC Therapeutics, Inc. (NASDAQ:PTCT) shares reached a new 52-week high during mid-day trading on Thursday . The company traded as high as $59.95 and last traded at $56.63, with a volume of 3054 shares traded. The stock had previously closed at $56.98.

Analyst Ratings Changes

A number of equities analysts have issued reports on PTCT shares. Citigroup raised their price target on shares of PTC Therapeutics from $32.00 to $45.00 and gave the stock a “sell” rating in a research report on Wednesday, February 12th. Morgan Stanley reissued an “overweight” rating and set a $70.00 price target (up from $67.00) on shares of PTC Therapeutics in a research report on Friday, March 7th. JPMorgan Chase & Co. raised their price target on shares of PTC Therapeutics from $72.00 to $78.00 and gave the stock an “overweight” rating in a research report on Friday, March 14th. The Goldman Sachs Group lifted their target price on shares of PTC Therapeutics from $32.00 to $42.00 and gave the company a “sell” rating in a report on Wednesday, December 4th. Finally, Cantor Fitzgerald lifted their target price on shares of PTC Therapeutics from $76.00 to $113.00 and gave the company an “overweight” rating in a report on Monday, February 3rd. Two analysts have rated the stock with a sell rating, five have assigned a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, PTC Therapeutics currently has an average rating of “Moderate Buy” and an average price target of $64.00.

PTC Therapeutics Trading Up 0.9 %

The company has a market cap of $4.51 billion, a PE ratio of -9.62 and a beta of 0.66. The firm’s fifty day moving average is $49.78 and its 200 day moving average is $44.25.

Insider Buying and Selling

In other PTC Therapeutics news, CEO Matthew B. Klein sold 8,279 shares of PTC Therapeutics stock in a transaction on Tuesday, December 31st. The shares were sold at an average price of $45.16, for a total transaction of $373,879.64. Following the sale, the chief executive officer now owns 217,528 shares of the company’s stock, valued at $9,823,564.48. The trade was a 3.67 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Allan Steven Jacobson sold 1,230 shares of PTC Therapeutics stock in a transaction on Tuesday, March 4th. The stock was sold at an average price of $51.52, for a total transaction of $63,369.60. Following the sale, the director now directly owns 19,118 shares in the company, valued at approximately $984,959.36. This trade represents a 6.04 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 43,391 shares of company stock valued at $2,172,927. 5.50% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the company. Vanguard Group Inc. boosted its position in shares of PTC Therapeutics by 0.6% during the 4th quarter. Vanguard Group Inc. now owns 9,178,822 shares of the biopharmaceutical company’s stock valued at $414,332,000 after acquiring an additional 53,688 shares during the last quarter. Toronto Dominion Bank acquired a new position in shares of PTC Therapeutics during the 4th quarter valued at about $148,363,000. State Street Corp boosted its position in shares of PTC Therapeutics by 5.4% during the 3rd quarter. State Street Corp now owns 2,899,040 shares of the biopharmaceutical company’s stock valued at $107,554,000 after acquiring an additional 149,700 shares during the last quarter. Janus Henderson Group PLC boosted its position in shares of PTC Therapeutics by 24.4% during the 4th quarter. Janus Henderson Group PLC now owns 2,325,915 shares of the biopharmaceutical company’s stock valued at $105,015,000 after acquiring an additional 455,698 shares during the last quarter. Finally, Geode Capital Management LLC boosted its position in shares of PTC Therapeutics by 0.6% during the 3rd quarter. Geode Capital Management LLC now owns 1,798,666 shares of the biopharmaceutical company’s stock valued at $66,743,000 after acquiring an additional 10,886 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.