PTC Therapeutics (NASDAQ:PTCT) Reaches New 52-Week High – Still a Buy?

Shares of PTC Therapeutics, Inc. (NASDAQ:PTCT) hit a new 52-week high during trading on Wednesday . The company traded as high as $43.60 and last traded at $43.60, with a volume of 1365 shares trading hands. The stock had previously closed at $42.50.

Analyst Ratings Changes

PTCT has been the topic of a number of recent research reports. Cantor Fitzgerald restated an “overweight” rating and set a $64.00 price objective on shares of PTC Therapeutics in a research note on Tuesday, September 17th. Barclays boosted their price target on PTC Therapeutics from $25.00 to $31.00 and gave the stock an “equal weight” rating in a research report on Friday, August 9th. Morgan Stanley boosted their target price on shares of PTC Therapeutics from $32.00 to $45.00 and gave the stock an “equal weight” rating in a research report on Friday, October 11th. UBS Group assumed coverage on shares of PTC Therapeutics in a research report on Monday, August 26th. They set a “buy” rating and a $47.00 target price on the stock. Finally, Royal Bank of Canada boosted their price objective on shares of PTC Therapeutics from $32.00 to $34.00 and gave the stock a “sector perform” rating in a report on Friday, October 4th. 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. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $40.08.

PTC Therapeutics Stock Performance

The business’s 50 day moving average price is $36.31 and its 200-day moving average price is $34.21. The firm has a market cap of $3.22 billion, a price-to-earnings ratio of -6.74 and a beta of 0.65.

PTC Therapeutics (NASDAQ:PTCT) last announced its quarterly earnings data on Thursday, August 8th. The biopharmaceutical company reported ($1.16) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.00) by ($0.16). The business had revenue of $186.70 million during the quarter, compared to analysts’ expectations of $192.12 million. On average, analysts forecast that PTC Therapeutics, Inc. will post -5.17 earnings per share for the current fiscal year.

Institutional Trading of PTC Therapeutics

A number of institutional investors and hedge funds have recently modified their holdings of PTCT. Allspring Global Investments Holdings LLC acquired a new stake in PTC Therapeutics during the first quarter worth about $46,000. CWM LLC raised its position in shares of PTC Therapeutics by 354.7% during the 3rd quarter. CWM LLC now owns 2,687 shares of the biopharmaceutical company’s stock worth $100,000 after purchasing 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 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,782 shares of the biopharmaceutical company’s stock worth $104,000 after purchasing an additional 492 shares during the period. Quest Partners LLC acquired a new stake in shares of PTC Therapeutics during the 2nd quarter worth approximately $128,000. Finally, Quarry LP increased its position in PTC Therapeutics by 100.0% in the second quarter. Quarry LP now owns 5,000 shares of the biopharmaceutical company’s stock worth $153,000 after buying an additional 2,500 shares during the period.

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.