PTC Therapeutics (NASDAQ:PTCT) Reaches New 12-Month High – Time to Buy?

Shares of PTC Therapeutics, Inc. (NASDAQ:PTCT) hit a new 52-week high 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.

Analyst Ratings Changes

A number of research firms have issued reports on PTCT. Royal Bank of Canada increased their price target on PTC Therapeutics from $32.00 to $34.00 and gave the stock a “sector perform” rating in a report on Friday, October 4th. Robert W. Baird raised their price target on shares of PTC Therapeutics from $44.00 to $48.00 and gave the stock an “outperform” rating in a report on Friday. UBS Group began coverage on shares of PTC Therapeutics in a report on Monday, August 26th. They set a “buy” rating and a $47.00 price objective on the stock. Cantor Fitzgerald restated an “overweight” rating and issued a $64.00 target price on shares of PTC Therapeutics in a research note on Tuesday, September 17th. Finally, Morgan Stanley upped their price target on PTC Therapeutics from $32.00 to $45.00 and gave the stock an “equal weight” rating in a research note on Friday, October 11th. 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 has an average rating of “Hold” and an average target price of $40.38.

PTC Therapeutics Stock Up 3.1 %

The stock’s fifty day moving average price is $37.41 and its two-hundred day moving average price is $34.99. The company has a market capitalization of $3.41 billion, a PE ratio of -7.02 and a beta of 0.63.

PTC Therapeutics (NASDAQ:PTCT) last released its quarterly earnings results on Thursday, August 8th. The biopharmaceutical company reported ($1.16) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.00) by ($0.16). The company had revenue of $186.70 million for the quarter, compared to the consensus estimate of $192.12 million. On average, equities research analysts forecast that PTC Therapeutics, Inc. will post -5.28 EPS for the current year.

Hedge Funds Weigh In On PTC Therapeutics

A number of institutional investors have recently bought and sold shares of PTCT. Russell Investments Group Ltd. increased its stake in shares of PTC Therapeutics by 57.9% during the first quarter. Russell Investments Group Ltd. now owns 301,790 shares of the biopharmaceutical company’s stock valued at $8,779,000 after purchasing an additional 110,670 shares in the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. boosted its stake in shares of PTC Therapeutics by 8.7% during the 1st quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 439,365 shares of the biopharmaceutical company’s stock worth $12,782,000 after acquiring an additional 35,173 shares during the last quarter. Edgestream Partners L.P. boosted its stake in shares of PTC Therapeutics by 49.3% during the 1st quarter. Edgestream Partners L.P. now owns 53,522 shares of the biopharmaceutical company’s stock worth $1,557,000 after acquiring an additional 17,681 shares during the last quarter. Burney Co. purchased a new position in shares of PTC Therapeutics during the 1st quarter worth $1,223,000. Finally, Assenagon Asset Management S.A. boosted its stake in shares of PTC Therapeutics by 21.7% during the 2nd quarter. Assenagon Asset Management S.A. now owns 372,827 shares of the biopharmaceutical company’s stock worth $11,401,000 after acquiring an additional 66,596 shares during the last quarter.

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.