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

PTC Therapeutics, Inc. (NASDAQ:PTCT)’s share price reached a new 52-week high 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 Upgrades and Downgrades

Several equities research analysts have recently commented on PTCT shares. Morgan Stanley boosted 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. Baird R W upgraded PTC Therapeutics to a “strong-buy” rating in a research report on Wednesday, September 4th. Cantor Fitzgerald reissued an “overweight” rating and issued a $64.00 target price on shares of PTC Therapeutics in a report on Tuesday, September 17th. UBS Group assumed coverage on PTC Therapeutics in a report on Monday, August 26th. They issued a “buy” rating and a $47.00 target price on the stock. Finally, Robert W. Baird reissued an “outperform” rating and issued a $44.00 price objective on shares of PTC Therapeutics in a research note on Tuesday, October 8th. Three investment analysts have rated the stock with a sell rating, five have given a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, PTC Therapeutics has an average rating of “Hold” and a consensus price target of $40.08.

PTC Therapeutics Trading Down 1.6 %

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

PTC Therapeutics (NASDAQ:PTCT) last posted 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 firm had revenue of $186.70 million during the quarter, compared to analyst estimates of $192.12 million. Sell-side analysts anticipate that PTC Therapeutics, Inc. will post -5.17 EPS for the current year.

Institutional Trading of PTC Therapeutics

A number of hedge funds have recently added to or reduced their stakes in PTCT. Allspring Global Investments Holdings LLC acquired a new stake in shares of PTC Therapeutics in the first quarter worth approximately $46,000. CWM LLC grew its stake 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 valued at $100,000 after buying an additional 2,096 shares during the period. Mirae Asset Global Investments Co. Ltd. grew its stake 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 valued at $104,000 after buying an additional 492 shares during the period. Quest Partners LLC acquired a new stake in shares of PTC Therapeutics during the 2nd quarter worth $128,000. Finally, Quarry LP raised its position in shares of PTC Therapeutics by 100.0% in the 2nd 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.