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

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

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on PTCT. UBS Group increased their target price on shares of PTC Therapeutics from $47.00 to $71.00 and gave the company a “buy” rating in a research note on Tuesday, December 3rd. Scotiabank initiated coverage on shares of PTC Therapeutics in a research note on Friday, March 7th. They issued a “sector perform” rating and a $55.00 price target on the stock. StockNews.com downgraded shares of PTC Therapeutics from a “buy” rating to a “hold” rating in a research note on Monday, February 17th. Morgan Stanley reaffirmed an “overweight” rating and issued a $70.00 price target (up previously from $67.00) on shares of PTC Therapeutics in a research note on Friday, March 7th. Finally, 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 note on Friday, March 14th. Two research analysts have rated the stock with a sell rating, five have issued a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $64.00.

PTC Therapeutics Stock Performance

The company’s fifty day simple moving average is $49.78 and its 200-day simple moving average is $44.25. The company has a market capitalization of $4.51 billion, a P/E ratio of -9.62 and a beta of 0.66.

Insider Activity

In other news, VP Mark Elliott Boulding sold 15,521 shares of the firm’s stock in a transaction dated Wednesday, March 12th. The shares were sold at an average price of $53.30, for a total value of $827,269.30. Following the sale, the vice president now directly owns 103,901 shares in the company, valued at approximately $5,537,923.30. This trade represents a 13.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Stephanie Okey sold 5,000 shares of the firm’s stock in a transaction dated Thursday, March 13th. The shares were sold at an average price of $54.00, for a total transaction of $270,000.00. Following the completion of the sale, the director now owns 8,867 shares in the company, valued at $478,818. This represents a 36.06 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 43,391 shares of company stock worth $2,172,927. Corporate insiders own 5.50% of the company’s stock.

Institutional Trading of PTC Therapeutics

Institutional investors have recently bought and sold shares of the stock. Smartleaf Asset Management LLC boosted its stake in PTC Therapeutics by 78.7% in the 4th quarter. Smartleaf Asset Management LLC now owns 613 shares of the biopharmaceutical company’s stock worth $28,000 after purchasing an additional 270 shares in the last quarter. Sterling Capital Management LLC boosted its stake in PTC Therapeutics by 424.4% in the 4th quarter. Sterling Capital Management LLC now owns 645 shares of the biopharmaceutical company’s stock worth $29,000 after purchasing an additional 522 shares in the last quarter. Venturi Wealth Management LLC acquired a new stake in PTC Therapeutics in the 4th quarter worth approximately $68,000. GF Fund Management CO. LTD. acquired a new stake in PTC Therapeutics in the 4th quarter worth approximately $73,000. Finally, Point72 Asia Singapore Pte. Ltd. purchased a new position in PTC Therapeutics during the 4th quarter worth approximately $77,000.

About PTC Therapeutics

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.