PTC Therapeutics (NASDAQ:PTCT) Reaches New 12-Month High on Analyst Upgrade

PTC Therapeutics, Inc. (NASDAQ:PTCT) shares reached a new 52-week high on Friday after JPMorgan Chase & Co. raised their price target on the stock from $72.00 to $78.00. JPMorgan Chase & Co. currently has an overweight rating on the stock. PTC Therapeutics traded as high as $55.65 and last traded at $55.13, with a volume of 286870 shares. The stock had previously closed at $52.76.

PTCT has been the topic of a number of other research reports. The Goldman Sachs Group lifted their price objective on PTC Therapeutics from $32.00 to $42.00 and gave the stock a “sell” rating in a research report on Wednesday, December 4th. UBS Group lifted their price target on PTC Therapeutics from $47.00 to $71.00 and gave the stock a “buy” rating in a report on Tuesday, December 3rd. Royal Bank of Canada upped their price objective on shares of PTC Therapeutics from $60.00 to $63.00 and gave the company an “outperform” rating in a report on Tuesday, February 18th. Cantor Fitzgerald lifted their target price on shares of PTC Therapeutics from $76.00 to $113.00 and gave the stock an “overweight” rating in a research note on Monday, February 3rd. Finally, Scotiabank began coverage on shares of PTC Therapeutics in a report on Friday, March 7th. They issued a “sector perform” rating and a $55.00 target price on the stock. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $64.00.

Insider Transactions at PTC Therapeutics

In related news, VP Mark Elliott Boulding sold 15,521 shares of the company’s stock in a transaction that occurred on Wednesday, March 12th. The shares were sold at an average price of $53.30, for a total transaction of $827,269.30. Following the sale, the vice president now directly owns 103,901 shares in the company, valued at approximately $5,537,923.30. This represents a 13.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Matthew B. Klein sold 8,279 shares of PTC Therapeutics stock in a transaction that occurred on 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 transaction, the chief executive officer now owns 217,528 shares of the company’s stock, valued at $9,823,564.48. This represents a 3.67 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 38,391 shares of company stock valued at $1,902,927. 5.50% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On PTC Therapeutics

A number of institutional investors and hedge funds have recently modified their holdings of the company. State of New Jersey Common Pension Fund D lifted its holdings in PTC Therapeutics by 7.0% during the 3rd quarter. State of New Jersey Common Pension Fund D now owns 56,820 shares of the biopharmaceutical company’s stock worth $2,108,000 after buying an additional 3,727 shares during the last quarter. Los Angeles Capital Management LLC raised its position in shares of PTC Therapeutics by 40.0% during the 3rd quarter. Los Angeles Capital Management LLC now owns 15,130 shares of the biopharmaceutical company’s stock worth $561,000 after acquiring an additional 4,325 shares in the last quarter. KBC Group NV lifted its stake in PTC Therapeutics by 29.2% during the third quarter. KBC Group NV now owns 2,232 shares of the biopharmaceutical company’s stock worth $83,000 after purchasing an additional 504 shares during the last quarter. Thrivent Financial for Lutherans purchased a new stake in PTC Therapeutics during the third quarter worth approximately $1,450,000. Finally, Quest Partners LLC boosted its holdings in PTC Therapeutics by 433.9% in the third quarter. Quest Partners LLC now owns 22,359 shares of the biopharmaceutical company’s stock valued at $830,000 after purchasing an additional 18,171 shares in the last quarter.

PTC Therapeutics Price Performance

The company’s 50 day simple moving average is $48.60 and its 200 day simple moving average is $43.51. The company has a market capitalization of $4.30 billion, a PE ratio of -9.18 and a beta of 0.66.

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.