PTC Therapeutics (NASDAQ:PTCT) Hits New 1-Year High – Here’s Why

PTC Therapeutics, Inc. (NASDAQ:PTCT)’s share price reached a new 52-week high during trading on Thursday . The company traded as high as $44.56 and last traded at $43.74, with a volume of 51311 shares. The stock had previously closed at $43.18.

Wall Street Analyst Weigh In

Several analysts recently weighed in on PTCT shares. Raymond James assumed coverage on PTC Therapeutics in a research note on Thursday, October 10th. They set a “market perform” rating for the company. Barclays raised their price objective on shares of PTC Therapeutics from $25.00 to $31.00 and gave the stock an “equal weight” rating in a research note on Friday, August 9th. Morgan Stanley upped their target price on shares of PTC Therapeutics from $32.00 to $45.00 and gave the company an “equal weight” rating in a research note on Friday, October 11th. Baird R W upgraded shares of PTC Therapeutics to a “strong-buy” rating in a research report on Wednesday, September 4th. Finally, Robert W. Baird reaffirmed an “outperform” rating and set a $44.00 price objective on shares of PTC Therapeutics in a research report on Tuesday, October 8th. Three analysts have rated the stock with a sell rating, five have given a hold rating, six have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $40.08.

PTC Therapeutics Trading Up 1.0 %

The stock has a market capitalization of $3.35 billion, a P/E ratio of -6.84 and a beta of 0.63. The firm’s fifty day moving average is $37.08 and its 200-day moving average is $34.80.

PTC Therapeutics (NASDAQ:PTCT) last announced its earnings results on Thursday, August 8th. The biopharmaceutical company reported ($1.16) EPS for the quarter, missing the consensus estimate of ($1.00) by ($0.16). The firm had revenue of $186.70 million during the quarter, compared to analyst estimates of $192.12 million. Equities research analysts expect that PTC Therapeutics, Inc. will post -5.28 EPS for the current year.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the business. Allspring Global Investments Holdings LLC bought a new position in shares of PTC Therapeutics in the first quarter worth about $46,000. KBC Group NV boosted its position in PTC Therapeutics by 29.2% in the 3rd quarter. KBC Group NV now owns 2,232 shares of the biopharmaceutical company’s stock valued at $83,000 after buying an additional 504 shares during the last quarter. CWM LLC increased its stake in shares of PTC Therapeutics by 354.7% in the 3rd quarter. CWM LLC now owns 2,687 shares of the biopharmaceutical company’s stock valued at $100,000 after buying an additional 2,096 shares during the period. Mirae Asset Global Investments Co. Ltd. raised its position in shares of PTC Therapeutics by 21.5% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,782 shares of the biopharmaceutical company’s stock worth $104,000 after acquiring an additional 492 shares during the last quarter. Finally, Quest Partners LLC acquired a new position in shares of PTC Therapeutics during the second quarter valued at $128,000.

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.