PTC Therapeutics (NASDAQ:PTCT) Sets New 52-Week High Following Analyst Upgrade

PTC Therapeutics, Inc. (NASDAQ:PTCT)’s stock price hit a new 52-week high during trading on Tuesday after StockNews.com upgraded the stock from a hold rating to a buy rating. The stock traded as high as $54.16 and last traded at $50.44, with a volume of 914090 shares trading hands. The stock had previously closed at $52.07.

PTCT has been the subject of several other reports. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $64.00 price objective on shares of PTC Therapeutics in a research note on Tuesday, September 17th. Royal Bank of Canada raised shares of PTC Therapeutics from a “sector perform” rating to an “outperform” rating and upped their price objective for the company from $39.00 to $63.00 in a research note on Tuesday. JPMorgan Chase & Co. increased their price target on shares of PTC Therapeutics from $51.00 to $62.00 and gave the stock an “overweight” rating in a research note on Tuesday, November 19th. Baird R W raised shares of PTC Therapeutics to a “strong-buy” rating in a research note on Wednesday, September 4th. Finally, Wells Fargo & Company increased their price target on shares of PTC Therapeutics from $56.00 to $68.00 and gave the stock an “overweight” rating in a research note on Tuesday, November 26th. Three analysts have rated the stock with a sell rating, four have assigned a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $52.38.

Insider Activity at PTC Therapeutics

In other PTC Therapeutics news, Director Jerome B. Zeldis sold 24,000 shares of PTC Therapeutics stock in a transaction that occurred on Monday, December 2nd. The shares were sold at an average price of $51.50, for a total value of $1,236,000.00. Following the completion of the sale, the director now owns 14,500 shares of the company’s stock, valued at approximately $746,750. The trade was a 62.34 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CAO Christine Marie Utter sold 17,800 shares of PTC Therapeutics stock in a transaction that occurred on Monday, December 2nd. The stock was sold at an average price of $51.77, for a total transaction of $921,506.00. Following the completion of the sale, the chief accounting officer now directly owns 52,428 shares of the company’s stock, valued at approximately $2,714,197.56. This trade represents a 25.35 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 196,950 shares of company stock valued at $10,251,735 over the last 90 days. Corporate insiders own 5.50% of the company’s stock.

Institutional Investors Weigh In On PTC Therapeutics

Large investors have recently added to or reduced their stakes in the stock. Armistice Capital LLC boosted its stake in shares of PTC Therapeutics by 2.9% during the 2nd quarter. Armistice Capital LLC now owns 6,962,227 shares of the biopharmaceutical company’s stock worth $212,905,000 after acquiring an additional 198,227 shares during the last quarter. Cowen AND Company LLC boosted its stake in shares of PTC Therapeutics by 0.8% during the 2nd quarter. Cowen AND Company LLC now owns 3,756,469 shares of the biopharmaceutical company’s stock worth $114,873,000 after acquiring an additional 30,843 shares during the last quarter. State Street Corp boosted its stake in shares of PTC Therapeutics by 5.4% during the 3rd quarter. State Street Corp now owns 2,899,040 shares of the biopharmaceutical company’s stock worth $107,554,000 after acquiring an additional 149,700 shares during the last quarter. Geode Capital Management LLC boosted its stake in shares of PTC Therapeutics by 0.6% during the 3rd quarter. Geode Capital Management LLC now owns 1,798,666 shares of the biopharmaceutical company’s stock worth $66,743,000 after acquiring an additional 10,886 shares during the last quarter. Finally, Renaissance Technologies LLC boosted its stake in shares of PTC Therapeutics by 7.4% during the 2nd quarter. Renaissance Technologies LLC now owns 818,100 shares of the biopharmaceutical company’s stock worth $25,017,000 after acquiring an additional 56,700 shares during the last quarter.

PTC Therapeutics Trading Down 0.9 %

The company’s 50 day moving average price is $41.06 and its two-hundred day moving average price is $36.66. The firm has a market cap of $3.85 billion, a PE ratio of -8.39 and a beta of 0.63.

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.