PTC Therapeutics (NASDAQ:PTCT) Hits New 12-Month High on Analyst Upgrade

PTC Therapeutics, Inc. (NASDAQ:PTCT) shares reached a new 52-week high on Friday after JPMorgan Chase & Co. raised their price target on the stock from $72.00 to $78.00. JPMorgan Chase & Co. currently has an overweight rating on the stock. PTC Therapeutics traded as high as $55.65 and last traded at $55.13, with a volume of 286870 shares trading hands. The stock had previously closed at $52.76.

A number of other brokerages have also recently commented on PTCT. Bank of America raised PTC Therapeutics from an “underperform” rating to a “neutral” rating and lifted their price objective for the stock from $41.00 to $55.00 in a research note on Tuesday. Cantor Fitzgerald boosted their price target on PTC Therapeutics from $76.00 to $113.00 and gave the company an “overweight” rating in a research note on Monday, February 3rd. StockNews.com downgraded shares of PTC Therapeutics from a “buy” rating to a “hold” rating in a research report on Monday, February 17th. Scotiabank started coverage on PTC Therapeutics in a research report on Friday, March 7th. They issued a “sector perform” rating and a $55.00 target price on the stock. Finally, Wells Fargo & Company raised their target price on shares of PTC Therapeutics from $56.00 to $68.00 and gave the company an “overweight” rating in a research report on Tuesday, November 26th. Two analysts have rated the stock with a sell rating, five have assigned a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, PTC Therapeutics has a consensus rating of “Moderate Buy” and a consensus target price of $64.00.

Insider Transactions at PTC Therapeutics

In related news, EVP Lee Scott Golden sold 795 shares of the business’s stock in a transaction that occurred on Wednesday, February 19th. The stock was sold at an average price of $50.10, for a total transaction of $39,829.50. Following the completion of the transaction, the executive vice president now directly owns 77,856 shares in the company, valued at approximately $3,900,585.60. The trade was a 1.01 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CAO Christine Marie Utter sold 1,291 shares of PTC Therapeutics stock in a transaction that occurred on Tuesday, January 7th. The shares were sold at an average price of $45.34, for a total transaction of $58,533.94. Following the transaction, the chief accounting officer now directly owns 65,983 shares in the company, valued at $2,991,669.22. This represents a 1.92 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 22,870 shares of company stock worth $1,075,657 in the last quarter. Company insiders own 5.50% of the company’s stock.

Institutional Investors Weigh In On PTC Therapeutics

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Vanguard Group Inc. grew its position in shares of PTC Therapeutics by 0.6% during the fourth quarter. Vanguard Group Inc. now owns 9,178,822 shares of the biopharmaceutical company’s stock worth $414,332,000 after purchasing an additional 53,688 shares in the last quarter. Toronto Dominion Bank purchased a new stake in PTC Therapeutics in the 4th quarter worth about $148,363,000. State Street Corp raised its holdings in shares of PTC Therapeutics by 5.4% in the third quarter. State Street Corp now owns 2,899,040 shares of the biopharmaceutical company’s stock worth $107,554,000 after buying an additional 149,700 shares during the period. Janus Henderson Group PLC increased its stake in PTC Therapeutics by 24.4% in the fourth quarter. Janus Henderson Group PLC now owns 2,325,915 shares of the biopharmaceutical company’s stock worth $105,015,000 after purchasing an additional 455,698 shares during the period. Finally, Geode Capital Management LLC lifted its position in shares of PTC Therapeutics by 0.6% during the third quarter. Geode Capital Management LLC now owns 1,798,666 shares of the biopharmaceutical company’s stock worth $66,743,000 after purchasing an additional 10,886 shares during the last quarter.

PTC Therapeutics Stock Performance

The company has a market capitalization of $4.36 billion, a PE ratio of -9.28 and a beta of 0.66. The firm has a fifty day simple moving average of $48.44 and a 200 day simple moving average of $43.37.

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.