PTC Therapeutics, Inc. (NASDAQ:PTCT - Get Free Report)'s share price reached a new 52-week high during mid-day trading 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.
Other equities research analysts have also issued reports about the stock. Morgan Stanley restated an "overweight" rating and issued a $70.00 price objective (up from $67.00) on shares of PTC Therapeutics in a report on Friday, March 7th. Bank of America raised shares of PTC Therapeutics from an "underperform" rating to a "neutral" rating and increased their target price for the company from $41.00 to $55.00 in a research report on Tuesday, March 11th. Barclays increased their target price 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. Wells Fargo & Company increased their target price 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. Finally, The Goldman Sachs Group increased their target price on shares of PTC Therapeutics from $32.00 to $42.00 and gave the company a "sell" rating in a research report on Wednesday, December 4th. Two investment 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 stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $64.00.
Get Our Latest Research Report on PTC Therapeutics
Insiders Place Their Bets
In other news, CEO Matthew B. Klein sold 8,279 shares of PTC Therapeutics stock in a transaction dated Tuesday, December 31st. The shares were sold at an average price of $45.16, for a total value of $373,879.64. Following the sale, the chief executive officer now owns 217,528 shares of the company's stock, valued at $9,823,564.48. The trade was a 3.67 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO Christine Marie Utter sold 1,291 shares of PTC Therapeutics stock in a transaction dated Tuesday, January 7th. The shares were 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 approximately $2,991,669.22. The trade was a 1.92 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 43,391 shares of company stock valued at $2,172,927. Insiders own 5.50% of the company's stock.
Institutional Trading of PTC Therapeutics
Several hedge funds and other institutional investors have recently made changes to their positions in PTCT. KBC Group NV lifted its stake in shares of PTC Therapeutics by 29.2% in the third quarter. KBC Group NV now owns 2,232 shares of the biopharmaceutical company's stock valued at $83,000 after purchasing an additional 504 shares during the period. Thrivent Financial for Lutherans acquired a new stake in shares of PTC Therapeutics in the third quarter valued at about $1,450,000. Quest Partners LLC lifted its stake in shares of 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 during the period. BNP PARIBAS ASSET MANAGEMENT Holding S.A. lifted its stake in shares of PTC Therapeutics by 6.0% in the third quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 472,288 shares of the biopharmaceutical company's stock valued at $17,522,000 after purchasing an additional 26,773 shares during the period. Finally, Intech Investment Management LLC acquired a new stake in shares of PTC Therapeutics in the third quarter valued at about $698,000.
PTC Therapeutics Price Performance
The company's 50 day moving average is $48.83 and its 200 day moving average is $43.78. The stock has a market cap of $4.37 billion, a price-to-earnings ratio of -9.34 and a beta of 0.66.
About PTC Therapeutics
(
Get Free Report)
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.
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