PTC Therapeutics (NASDAQ:PTCT) Hits New 52-Week High – Still a Buy?

Shares of PTC Therapeutics, Inc. (NASDAQ:PTCT) hit a new 52-week high during mid-day trading on Saturday . The company traded as high as $55.41 and last traded at $55.26, with a volume of 1921413 shares changing hands. The stock had previously closed at $50.57.

Analysts Set New Price Targets

A number of equities analysts have recently commented on the company. Robert W. Baird raised 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. Morgan Stanley upgraded PTC Therapeutics from an “equal weight” rating to an “overweight” rating and raised their target price for the stock from $45.00 to $67.00 in a research note on Friday, December 13th. UBS Group upped their price target on PTC Therapeutics from $47.00 to $71.00 and gave the company a “buy” rating in a research report on Tuesday, December 3rd. JPMorgan Chase & Co. lowered their price target on shares of PTC Therapeutics from $74.00 to $72.00 and set an “overweight” rating on the stock in a report on Friday. Finally, Citigroup upped their target price on shares of PTC Therapeutics from $32.00 to $45.00 and gave the stock a “sell” rating in a report on Wednesday, February 12th. Three research analysts have rated the stock with a sell rating, four have assigned a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $59.62.

PTC Therapeutics Trading Up 9.3 %

The stock has a market capitalization of $4.26 billion, a PE ratio of -9.30 and a beta of 0.62. The business has a fifty day moving average price of $47.16 and a 200-day moving average price of $42.17.

Insiders Place Their Bets

In related news, CAO Christine Marie Utter sold 17,800 shares of PTC Therapeutics stock in a transaction on Monday, December 2nd. The shares were sold at an average price of $51.77, for a total value of $921,506.00. Following the transaction, the chief accounting officer now owns 52,428 shares in the company, valued at $2,714,197.56. This trade represents a 25.35 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Neil Gregory Almstead sold 69,550 shares of the company’s stock in a transaction dated Monday, December 2nd. The shares were sold at an average price of $52.06, for a total transaction of $3,620,773.00. Following the sale, the insider now owns 86,202 shares of the company’s stock, valued at approximately $4,487,676.12. The trade was a 44.65 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 218,590 shares of company stock valued at $11,264,023 over the last quarter. 5.50% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On PTC Therapeutics

Hedge funds and other institutional investors have recently modified their holdings of the stock. Creative Planning increased its stake in PTC Therapeutics by 8.1% in the 3rd quarter. Creative Planning now owns 10,944 shares of the biopharmaceutical company’s stock worth $406,000 after purchasing an additional 816 shares during the period. Mirae Asset Global Investments Co. Ltd. grew its holdings in shares of PTC Therapeutics by 21.5% in 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 last quarter. Harbor Capital Advisors Inc. increased its stake in shares of PTC Therapeutics by 14.0% in the third quarter. Harbor Capital Advisors Inc. now owns 54,014 shares of the biopharmaceutical company’s stock worth $2,004,000 after buying an additional 6,634 shares during the period. State of New Jersey Common Pension Fund D boosted its position 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 valued at $2,108,000 after buying an additional 3,727 shares during the period. Finally, Los Angeles Capital Management LLC boosted its position in 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 valued at $561,000 after buying an additional 4,325 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.