PTC Therapeutics (NASDAQ:PTCT) Sets New 1-Year High – Still a Buy?

PTC Therapeutics, Inc. (NASDAQ:PTCT)’s share price hit a new 52-week high on Thursday . The stock traded as high as $42.89 and last traded at $42.89, with a volume of 1014 shares trading hands. The stock had previously closed at $42.48.

Wall Street Analyst Weigh In

PTCT has been the topic of a number of recent analyst reports. 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 research report on Friday, October 4th. Robert W. Baird reissued an “outperform” rating and issued a $44.00 price target on shares of PTC Therapeutics in a research note on Tuesday, October 8th. Cantor Fitzgerald restated an “overweight” rating and set a $64.00 price objective on shares of PTC Therapeutics in a research report on Tuesday, September 17th. Morgan Stanley lifted 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 report on Friday, October 11th. Finally, Barclays boosted their target price 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. Three investment analysts have rated the stock with a sell rating, five have issued a hold rating, six have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company has an average rating of “Hold” and an average price target of $40.08.

PTC Therapeutics Stock Performance

The company has a market cap of $3.13 billion, a PE ratio of -6.46 and a beta of 0.65. The firm’s 50 day moving average is $36.03 and its 200-day moving average is $33.91.

PTC Therapeutics (NASDAQ:PTCT) last issued its earnings results on Thursday, August 8th. The biopharmaceutical company reported ($1.16) earnings per share 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. On average, analysts predict that PTC Therapeutics, Inc. will post -5.17 EPS for the current year.

Institutional Trading of PTC Therapeutics

Several large investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. boosted its position in shares of PTC Therapeutics by 10.8% during the 4th quarter. Vanguard Group Inc. now owns 8,800,843 shares of the biopharmaceutical company’s stock valued at $242,551,000 after acquiring an additional 855,354 shares during the last quarter. Allspring Global Investments Holdings LLC acquired a new position in PTC Therapeutics in the 1st quarter valued at about $46,000. Choreo LLC purchased a new stake in shares of PTC Therapeutics in the 1st quarter valued at approximately $319,000. Duality Advisers LP increased its holdings in shares of PTC Therapeutics by 5.8% during the 1st quarter. Duality Advisers LP now owns 49,322 shares of the biopharmaceutical company’s stock worth $1,435,000 after buying an additional 2,724 shares during the last quarter. Finally, Empowered Funds LLC purchased a new stake in shares of PTC Therapeutics during the 1st quarter valued at approximately $1,210,000.

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.