PTC Therapeutics (NASDAQ:PTCT) Hits New 1-Year High – What’s Next?

PTC Therapeutics, Inc. (NASDAQ:PTCT)’s stock price hit a new 52-week high during mid-day trading on Wednesday . The company traded as high as $43.60 and last traded at $43.60, with a volume of 1365 shares traded. The stock had previously closed at $42.50.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on PTCT. Robert W. Baird restated an “outperform” rating and set a $44.00 price objective on shares of PTC Therapeutics in a report on Tuesday, October 8th. Barclays boosted their price target on PTC Therapeutics from $25.00 to $31.00 and gave the company an “equal weight” rating in a research note on Friday, August 9th. Baird R W upgraded PTC Therapeutics to a “strong-buy” rating in a research note on Wednesday, September 4th. Raymond James assumed coverage on PTC Therapeutics in a research note on Thursday, October 10th. They issued a “market perform” rating for the company. Finally, Royal Bank of Canada boosted their price target on PTC Therapeutics from $32.00 to $34.00 and gave the company a “sector perform” rating in a research note on Friday, October 4th. Three analysts have rated the stock with a sell rating, five have given a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company has an average rating of “Hold” and an average target price of $40.08.

PTC Therapeutics Stock Performance

The firm’s 50-day simple moving average is $36.45 and its 200 day simple moving average is $34.25.

PTC Therapeutics (NASDAQ:PTCT) last announced its quarterly earnings results 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 for the quarter, compared to the consensus estimate of $192.12 million. Equities research analysts anticipate that PTC Therapeutics, Inc. will post -5.28 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of PTCT. Allspring Global Investments Holdings LLC acquired a new position in shares of PTC Therapeutics during the first quarter worth $46,000. Choreo LLC acquired a new position in shares of PTC Therapeutics during the first quarter worth $319,000. Duality Advisers LP increased its holdings in shares of PTC Therapeutics by 5.8% during the first 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 in the last quarter. Empowered Funds LLC acquired a new stake in PTC Therapeutics in the first quarter valued at $1,210,000. Finally, Russell Investments Group Ltd. increased its holdings in PTC Therapeutics by 57.9% in the first quarter. Russell Investments Group Ltd. now owns 301,790 shares of the biopharmaceutical company’s stock valued at $8,779,000 after purchasing an additional 110,670 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.