PTC Therapeutics (NASDAQ:PTCT) Sets New 12-Month High – Here’s What Happened

Shares of PTC Therapeutics, Inc. (NASDAQ:PTCT) hit a new 52-week high during mid-day trading on Thursday . The company traded as high as $59.95 and last traded at $56.63, with a volume of 3054 shares trading hands. The stock had previously closed at $56.98.

Analyst Ratings Changes

A number of brokerages have recently issued reports on PTCT. Wells Fargo & Company boosted their price objective on shares of PTC Therapeutics from $56.00 to $68.00 and gave the company an “overweight” rating in a research report on Tuesday, November 26th. Barclays boosted their price objective on shares of PTC Therapeutics from $45.00 to $56.00 and gave the company an “equal weight” rating in a research report on Tuesday, December 3rd. Bank of America raised shares of PTC Therapeutics from an “underperform” rating to a “neutral” rating and boosted their price objective for the company from $41.00 to $55.00 in a research report on Tuesday, March 11th. The Goldman Sachs Group upped their target price on shares of PTC Therapeutics from $32.00 to $42.00 and gave the stock a “sell” rating in a report on Wednesday, December 4th. Finally, UBS Group upped their target price on shares of PTC Therapeutics from $47.00 to $71.00 and gave the stock a “buy” rating in a report on Tuesday, December 3rd. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $64.00.

PTC Therapeutics Trading Up 0.5 %

The firm’s 50-day moving average price is $49.29 and its 200-day moving average price is $44.01. The stock has a market capitalization of $4.52 billion, a PE ratio of -9.63 and a beta of 0.66.

Insider Activity

In related news, Director Allan Steven Jacobson sold 1,230 shares of the stock in a transaction dated Tuesday, March 4th. The shares were sold at an average price of $51.52, for a total value of $63,369.60. Following the sale, the director now directly owns 19,118 shares of the company’s stock, valued at $984,959.36. This represents a 6.04 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Matthew B. Klein sold 8,279 shares of the stock in a transaction dated Tuesday, December 31st. The stock was sold at an average price of $45.16, for a total transaction of $373,879.64. Following the completion of the sale, the chief executive officer now directly owns 217,528 shares in the company, valued at $9,823,564.48. This trade represents a 3.67 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 43,391 shares of company stock worth $2,172,927. 5.50% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On PTC Therapeutics

A number of hedge funds have recently added to or reduced their stakes in PTCT. Toronto Dominion Bank bought a new position in shares of PTC Therapeutics during the fourth quarter valued at approximately $148,363,000. Driehaus Capital Management LLC acquired a new stake in PTC Therapeutics in the fourth quarter valued at approximately $46,993,000. Point72 Asset Management L.P. boosted its stake in PTC Therapeutics by 150.6% in the fourth quarter. Point72 Asset Management L.P. now owns 1,443,362 shares of the biopharmaceutical company’s stock valued at $65,153,000 after acquiring an additional 867,502 shares in the last quarter. Janus Henderson Group PLC boosted its stake in PTC Therapeutics by 24.4% in the fourth quarter. Janus Henderson Group PLC now owns 2,325,915 shares of the biopharmaceutical company’s stock valued at $105,015,000 after acquiring an additional 455,698 shares in the last quarter. Finally, Pictet Asset Management Holding SA boosted its stake in PTC Therapeutics by 107.4% in the fourth quarter. Pictet Asset Management Holding SA now owns 736,388 shares of the biopharmaceutical company’s stock valued at $33,241,000 after acquiring an additional 381,319 shares in the last quarter.

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.