PTC Therapeutics (NASDAQ:PTCT) Sets New 52-Week High - Here's What Happened

PTC Therapeutics, Inc. (NASDAQ:PTCT - Get Free Report)'s share price reached 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. The stock had previously closed at $56.98.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on PTCT. Wells Fargo & Company raised their price target on shares of PTC Therapeutics from $56.00 to $68.00 and gave the stock an "overweight" rating in a research note on Tuesday, November 26th. Cantor Fitzgerald raised 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. JPMorgan Chase & Co. upped their price target on PTC Therapeutics from $72.00 to $78.00 and gave the company an "overweight" rating in a research report on Friday, March 14th. Morgan Stanley reaffirmed an "overweight" rating and issued a $70.00 price target (up previously from $67.00) on shares of PTC Therapeutics in a report on Friday, March 7th. Finally, Scotiabank began coverage on PTC Therapeutics in a research note on Friday, March 7th. They set a "sector perform" rating and a $55.00 price objective on the stock. Two analysts have rated the stock with a sell rating, five have given a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $64.00.

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PTC Therapeutics Stock Performance

The business has a 50-day moving average of $50.04 and a 200-day moving average of $44.58. The stock has a market capitalization of $4.50 billion, a price-to-earnings ratio of -9.60 and a beta of 0.66.

Insider Buying and Selling at PTC Therapeutics

In other news, Director Allan Steven Jacobson sold 1,230 shares of the firm's stock in a transaction on Tuesday, March 4th. The stock was sold at an average price of $51.52, for a total transaction of $63,369.60. Following the completion of the transaction, the director now directly owns 19,118 shares in the company, valued at $984,959.36. This trade represents a 6.04 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, VP Mark Elliott Boulding sold 15,521 shares of the business's stock in a transaction on Wednesday, March 12th. The shares were sold at an average price of $53.30, for a total value of $827,269.30. Following the completion of the sale, the vice president now owns 103,901 shares in the company, valued at $5,537,923.30. This represents a 13.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 43,391 shares of company stock worth $2,172,927 over the last three months. Insiders own 5.50% of the company's stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the business. Smartleaf Asset Management LLC lifted its holdings in 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 buying an additional 270 shares in the last quarter. Sterling Capital Management LLC increased its position in shares of PTC Therapeutics by 424.4% during the fourth quarter. Sterling Capital Management LLC now owns 645 shares of the biopharmaceutical company's stock worth $29,000 after acquiring an additional 522 shares during the period. Venturi Wealth Management LLC acquired a new stake in shares of PTC Therapeutics in the fourth quarter valued at $68,000. GF Fund Management CO. LTD. acquired a new stake in shares of PTC Therapeutics in the fourth quarter valued at $73,000. Finally, Point72 Asia Singapore Pte. Ltd. purchased a new position in PTC Therapeutics in the fourth quarter valued at $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.