PTC Therapeutics (NASDAQ:PTCT) Stock Price Up 6.8% – Here’s What Happened

PTC Therapeutics, Inc. (NASDAQ:PTCT)’s stock price shot up 6.8% on Tuesday . The stock traded as high as $48.58 and last traded at $48.15. 437,119 shares were traded during trading, a decline of 46% from the average session volume of 816,804 shares. The stock had previously closed at $45.08.

Analyst Ratings Changes

A number of analysts have commented on the stock. Scotiabank started coverage on shares of PTC Therapeutics in a research note on Friday, March 7th. They issued a “sector perform” rating and a $55.00 price target for the company. Royal Bank of Canada increased their price objective on shares of PTC Therapeutics from $60.00 to $63.00 and gave the company an “outperform” rating in a research report on Tuesday, February 18th. StockNews.com downgraded shares of PTC Therapeutics from a “buy” rating to a “hold” rating in a report on Monday, February 17th. JPMorgan Chase & Co. lowered their price target on shares of PTC Therapeutics from $78.00 to $75.00 and set an “overweight” rating on the stock in a report on Monday, March 31st. Finally, Morgan Stanley restated an “overweight” rating and set a $70.00 price objective (up previously from $67.00) on shares of PTC Therapeutics in a report on Friday, March 7th. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating, eight have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $63.77.

PTC Therapeutics Trading Up 4.0 %

The company has a market capitalization of $3.70 billion, a price-to-earnings ratio of -7.89 and a beta of 0.58. The business’s 50 day moving average price is $50.39 and its two-hundred day moving average price is $45.93.

Insiders Place Their Bets

In other PTC Therapeutics news, EVP Lee Scott Golden sold 897 shares of the company’s stock in a transaction that occurred on Wednesday, April 2nd. The shares were sold at an average price of $46.95, for a total value of $42,114.15. Following the completion of the transaction, the executive vice president now directly owns 75,997 shares in the company, valued at approximately $3,568,059.15. This represents a 1.17 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Stephanie Okey sold 5,000 shares of the stock in a transaction on Thursday, March 13th. The shares were sold at an average price of $54.00, for a total value of $270,000.00. Following the completion of the sale, the director now owns 8,867 shares of the company’s stock, valued at $478,818. The trade was a 36.06 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 29,501 shares of company stock valued at $1,546,088 in the last 90 days. Corporate insiders own 5.50% of the company’s stock.

Institutional Investors Weigh In On PTC Therapeutics

Several large investors have recently added to or reduced their stakes in the business. Smartleaf Asset Management LLC grew its stake in shares of PTC Therapeutics by 78.7% in the 4th quarter. Smartleaf Asset Management LLC now owns 613 shares of the biopharmaceutical company’s stock valued at $28,000 after buying an additional 270 shares during the period. Sterling Capital Management LLC boosted its holdings in 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 purchasing an additional 522 shares during the last quarter. GAMMA Investing LLC increased its stake in PTC Therapeutics by 86.3% in the 1st quarter. GAMMA Investing LLC now owns 952 shares of the biopharmaceutical company’s stock valued at $49,000 after buying an additional 441 shares during the last quarter. Venturi Wealth Management LLC bought a new position in shares of PTC Therapeutics during the 4th quarter worth approximately $68,000. Finally, GF Fund Management CO. LTD. bought a new position in shares of PTC Therapeutics in the fourth quarter valued at approximately $73,000.

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.