PTC Therapeutics (NASDAQ:PTCT) Hits New 12-Month High - Here's What Happened

PTC Therapeutics, Inc. (NASDAQ:PTCT - Get Free Report) reached a new 52-week high during trading on Wednesday . The company traded as high as $43.60 and last traded at $43.60, with a volume of 1365 shares changing hands. The stock had previously closed at $42.50.

Wall Street Analyst Weigh In

PTCT has been the subject of several analyst reports. UBS Group started coverage on PTC Therapeutics in a research report on Monday, August 26th. They set a "buy" rating and a $47.00 target price for the company. Royal Bank of Canada increased their target price on shares of PTC Therapeutics from $32.00 to $34.00 and gave the stock a "sector perform" rating in a report on Friday, October 4th. Barclays raised their price objective on PTC Therapeutics from $25.00 to $31.00 and gave the stock an "equal weight" rating in a research note on Friday, August 9th. Morgan Stanley increased their price target on PTC Therapeutics from $32.00 to $45.00 and gave the stock an "equal weight" rating in a report on Friday, October 11th. Finally, Robert W. Baird reissued an "outperform" rating and set a $44.00 target price on shares of PTC Therapeutics in a research note on Tuesday, October 8th. Three analysts have rated the stock with a sell rating, five have given 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.com, the stock currently has an average rating of "Hold" and a consensus price target of $40.08.

PTC Therapeutics Trading Down 4.3 %

The firm's 50 day simple moving average is $36.31 and its 200-day simple moving average is $34.21. The stock has a market capitalization of $3.13 billion, a price-to-earnings ratio of -6.57 and a beta of 0.65.

PTC Therapeutics (NASDAQ:PTCT - Get Free Report) last released its earnings results on Thursday, August 8th. The biopharmaceutical company reported ($1.16) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($1.00) by ($0.16). The company had revenue of $186.70 million during the quarter, compared to analyst estimates of $192.12 million. As a group, equities research analysts predict that PTC Therapeutics, Inc. will post -5.17 earnings per share for the current year.

Hedge Funds Weigh In On PTC Therapeutics

Institutional investors have recently added to or reduced their stakes in the company. Allspring Global Investments Holdings LLC bought a new position in shares of PTC Therapeutics in the 1st quarter valued at about $46,000. CWM LLC lifted its stake in PTC Therapeutics by 354.7% in the 3rd quarter. CWM LLC now owns 2,687 shares of the biopharmaceutical company's stock valued at $100,000 after purchasing an additional 2,096 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. grew its holdings in PTC Therapeutics by 21.5% during the third 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 during the period. Quest Partners LLC acquired a new position in PTC Therapeutics during the second quarter worth approximately $128,000. Finally, Quarry LP raised its stake in PTC Therapeutics by 100.0% in the second quarter. Quarry LP now owns 5,000 shares of the biopharmaceutical company's stock valued at $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.