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

PTC Therapeutics, Inc. (NASDAQ:PTCT) reached a new 52-week high during trading on Tuesday . The stock traded as high as $88.47 and last traded at $88.8390, with a volume of 367190 shares changing hands. The stock had previously closed at $85.44.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on PTCT shares. Wells Fargo & Company increased their price objective on shares of PTC Therapeutics from $86.00 to $95.00 and gave the stock an “overweight” rating in a research note on Friday, May 8th. Royal Bank Of Canada lifted their target price on PTC Therapeutics from $82.00 to $85.00 and gave the company a “sector perform” rating in a research note on Tuesday. Citigroup raised PTC Therapeutics from a “neutral” rating to a “buy” rating and upped their target price for the company from $75.00 to $108.00 in a report on Tuesday, June 9th. Raymond James Financial began coverage on PTC Therapeutics in a report on Friday, April 10th. They issued an “outperform” rating and a $108.00 price target on the stock. Finally, TD Cowen upgraded PTC Therapeutics from a “hold” rating to a “buy” rating and boosted their price objective for the company from $75.00 to $90.00 in a research report on Friday, May 8th. One investment analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, one has assigned a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat.com, PTC Therapeutics presently has a consensus rating of “Moderate Buy” and a consensus price target of $91.57.

PTC Therapeutics Trading Up 4.6%

The firm’s 50-day simple moving average is $73.97 and its 200 day simple moving average is $72.41. The stock has a market cap of $7.41 billion, a P/E ratio of -38.32, a PEG ratio of 3.83 and a beta of 0.53.

PTC Therapeutics (NASDAQ:PTCT) last released its quarterly earnings results on Thursday, May 7th. The biopharmaceutical company reported ($0.03) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.45) by $0.42. PTC Therapeutics had a negative return on equity of 362.45% and a negative net margin of 22.58%.The company had revenue of $272.55 million for the quarter, compared to analysts’ expectations of $217.42 million. During the same quarter in the previous year, the company posted $10.04 earnings per share. The business’s revenue for the quarter was up 43.5% compared to the same quarter last year. On average, analysts anticipate that PTC Therapeutics, Inc. will post 0.78 EPS for the current year.

Insider Activity at PTC Therapeutics

In related news, insider Neil Gregory Almstead sold 23,749 shares of the company’s stock in a transaction dated Monday, June 22nd. The shares were sold at an average price of $80.90, for a total value of $1,921,294.10. Following the completion of the sale, the insider owned 60,137 shares of the company’s stock, valued at $4,865,083.30. This represents a 28.31% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Eric Pauwels sold 21,277 shares of the firm’s stock in a transaction dated Wednesday, June 10th. The shares were sold at an average price of $75.00, for a total transaction of $1,595,775.00. Following the transaction, the insider directly owned 73,411 shares in the company, valued at approximately $5,505,825. The trade was a 22.47% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 131,361 shares of company stock worth $10,376,834 in the last ninety days. 5.50% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in PTCT. EverSource Wealth Advisors LLC raised its holdings in PTC Therapeutics by 16.9% during the first quarter. EverSource Wealth Advisors LLC now owns 1,045 shares of the biopharmaceutical company’s stock worth $71,000 after purchasing an additional 151 shares in the last quarter. PNC Financial Services Group Inc. raised its stake in shares of PTC Therapeutics by 8.5% in the 1st quarter. PNC Financial Services Group Inc. now owns 3,128 shares of the biopharmaceutical company’s stock worth $213,000 after buying an additional 244 shares in the last quarter. Allworth Financial LP lifted its holdings in shares of PTC Therapeutics by 63.8% in the fourth quarter. Allworth Financial LP now owns 634 shares of the biopharmaceutical company’s stock valued at $48,000 after buying an additional 247 shares during the period. Measured Wealth Private Client Group LLC boosted its position in shares of PTC Therapeutics by 5.6% during the 4th quarter. Measured Wealth Private Client Group LLC now owns 4,963 shares of the biopharmaceutical company’s stock valued at $377,000 after purchasing an additional 265 shares in the last quarter. Finally, Evolve Private Wealth LLC boosted its position in shares of PTC Therapeutics by 5.2% during the 1st quarter. Evolve Private Wealth LLC now owns 6,122 shares of the biopharmaceutical company’s stock valued at $417,000 after purchasing an additional 305 shares in the last quarter.

PTC Therapeutics Company Profile

PTC Therapeutics, Inc is a biopharmaceutical company focused on the discovery, development and commercialization of small molecule and biologic therapies for the treatment of rare genetic disorders. Since its founding in 1998, PTC has dedicated its efforts to addressing high unmet medical needs by targeting underlying genetic causes of disease. The company’s research platform emphasizes mechanisms such as nonsense suppression and RNA modulation, enabling the development of novel treatments for conditions with limited therapeutic options.

Among PTC’s approved products is Translarna (ataluren), a first-in-class therapy designed to treat nonsense mutation Duchenne muscular dystrophy in select markets.