PTC Therapeutics (NASDAQ:PTCT) Hits New 1-Year High – Here’s Why

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

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on PTCT. Robert W. Baird reaffirmed an “outperform” rating and issued a $44.00 price target on shares of PTC Therapeutics in a report on Tuesday, October 8th. Morgan Stanley upped their target price on shares of PTC Therapeutics from $32.00 to $45.00 and gave the stock an “equal weight” rating in a research report on Friday, October 11th. UBS Group assumed coverage on shares of PTC Therapeutics in a report on Monday, August 26th. They issued a “buy” rating and a $47.00 price target for the company. Raymond James started coverage on shares of PTC Therapeutics in a research report on Thursday, October 10th. They issued a “market perform” rating for the company. Finally, Baird R W upgraded PTC Therapeutics to a “strong-buy” rating in a research report on Wednesday, September 4th. Three investment analysts have rated the stock with a sell rating, five have assigned 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, PTC Therapeutics currently has a consensus rating of “Hold” and a consensus price target of $40.08.

PTC Therapeutics Stock Up 0.8 %

The firm has a market cap of $3.29 billion, a P/E ratio of -6.79 and a beta of 0.65. The business has a fifty day moving average of $35.71 and a 200 day moving average of $33.76.

PTC Therapeutics (NASDAQ:PTCT) last announced its quarterly earnings results on Thursday, August 8th. The biopharmaceutical company reported ($1.16) earnings per share 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 analyst estimates of $192.12 million. On average, sell-side analysts expect that PTC Therapeutics, Inc. will post -5.17 EPS for the current fiscal year.

Institutional Trading of PTC Therapeutics

Several hedge funds have recently added to or reduced their stakes in the business. Choreo LLC grew its stake in PTC Therapeutics by 4.1% in the second quarter. Choreo LLC now owns 11,426 shares of the biopharmaceutical company’s stock valued at $356,000 after acquiring an additional 452 shares during the period. Mirae Asset Global Investments Co. Ltd. increased its stake in 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 worth $104,000 after purchasing an additional 492 shares in the last quarter. Arizona State Retirement System raised its holdings in PTC Therapeutics by 3.4% during the 2nd quarter. Arizona State Retirement System now owns 19,301 shares of the biopharmaceutical company’s stock worth $590,000 after buying an additional 636 shares during the period. Creative Planning lifted its stake in PTC Therapeutics by 8.1% in the third quarter. Creative Planning now owns 10,944 shares of the biopharmaceutical company’s stock valued at $406,000 after buying an additional 816 shares in the last quarter. Finally, Diversified Trust Co boosted its holdings in shares of PTC Therapeutics by 5.6% in the second quarter. Diversified Trust Co now owns 15,317 shares of the biopharmaceutical company’s stock valued at $468,000 after buying an additional 818 shares during the period.

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.