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

PTC Therapeutics, Inc. (NASDAQ:PTCT - Get Free Report)'s stock price reached a new 52-week high on Saturday . The stock traded as high as $55.41 and last traded at $55.26, with a volume of 1921413 shares trading hands. The stock had previously closed at $50.57.

Wall Street Analysts Forecast Growth

PTCT has been the topic of several research analyst reports. The Goldman Sachs Group increased their target price on shares of PTC Therapeutics from $32.00 to $42.00 and gave the stock a "sell" rating in a research note on Wednesday, December 4th. Barclays increased their price objective on shares of PTC Therapeutics from $45.00 to $56.00 and gave the stock an "equal weight" rating in a research report on Tuesday, December 3rd. Cantor Fitzgerald boosted their target price on PTC Therapeutics from $76.00 to $113.00 and gave the company an "overweight" rating in a research report on Monday, February 3rd. Robert W. Baird increased their price target on PTC Therapeutics from $52.00 to $70.00 and gave the stock an "outperform" rating in a report on Tuesday, December 3rd. Finally, StockNews.com cut PTC Therapeutics from a "buy" rating to a "hold" rating in a research note on Monday, February 17th. Three equities research analysts have rated the stock with a sell rating, three have assigned 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.com, the company currently has a consensus rating of "Hold" and a consensus price target of $62.08.

Remove Ads

PTC Therapeutics Price Performance

The company's fifty day moving average price is $47.44 and its 200 day moving average price is $42.59. The company has a market cap of $4.01 billion, a PE ratio of -8.74 and a beta of 0.62.

Insider Activity at PTC Therapeutics

In other news, insider Neil Gregory Almstead sold 1,300 shares of the stock in a transaction that occurred on Wednesday, February 19th. The shares were sold at an average price of $50.10, for a total transaction of $65,130.00. Following the completion of the transaction, the insider now directly owns 101,931 shares of the company's stock, valued at $5,106,743.10. This represents a 1.26 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Christine Marie Utter sold 1,291 shares of PTC Therapeutics stock in a transaction that occurred on Tuesday, January 7th. The stock was sold at an average price of $45.34, for a total transaction of $58,533.94. Following the completion of the sale, the chief accounting officer now directly owns 65,983 shares in the company, valued at $2,991,669.22. This trade represents a 1.92 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 21,640 shares of company stock valued at $1,012,288. 5.50% of the stock is owned by insiders.

Hedge Funds Weigh In On PTC Therapeutics

Several institutional investors and hedge funds have recently bought and sold shares of PTCT. Smartleaf Asset Management LLC grew its stake in shares of PTC Therapeutics by 78.7% during the 4th quarter. Smartleaf Asset Management LLC now owns 613 shares of the biopharmaceutical company's stock worth $28,000 after acquiring an additional 270 shares during the period. Sterling Capital Management LLC raised its position in shares of PTC Therapeutics by 424.4% in the fourth quarter. Sterling Capital Management LLC now owns 645 shares of the biopharmaceutical company's stock valued at $29,000 after purchasing an additional 522 shares during the period. Venturi Wealth Management LLC purchased a new stake in shares of PTC Therapeutics during the 4th quarter valued at approximately $68,000. GF Fund Management CO. LTD. bought a new position in PTC Therapeutics in the 4th quarter worth approximately $73,000. Finally, Point72 Asia Singapore Pte. Ltd. purchased a new position in PTC Therapeutics in the 4th quarter valued at approximately $77,000.

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.