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

Key Points

• PTC Therapeutics' share price hit a new 52-week high of $67.92, increasing from a previous close of $66.09 with a trading volume of 157,447 shares.
• Analysts have set a mixed range of price targets for the stock, with Morgan Stanley lowering their target to $71 and UBS Group increasing theirs to $80, while the consensus rating remains a "Moderate Buy."
• Insider transactions revealed significant sales, with Director David P. Southwell selling 12,000 shares and another insider selling 55,000 shares, indicating a decrease in insider ownership.

PTC Therapeutics, Inc. (NASDAQ:PTCT - Get Free Report)'s share price reached a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $67.88 and last traded at $67.92, with a volume of 157447 shares changing hands. The stock had previously closed at $66.09.

Analysts Set New Price Targets

Several research analysts have weighed in on PTCT shares. Morgan Stanley lowered their price objective on shares of PTC Therapeutics from $76.00 to $71.00 and set an "overweight" rating on the stock in a report on Wednesday, August 20th. UBS Group upped their price objective on shares of PTC Therapeutics from $71.00 to $80.00 and gave the stock a "buy" rating in a report on Tuesday, July 29th. Wall Street Zen downgraded shares of PTC Therapeutics from a "strong-buy" rating to a "hold" rating in a report on Saturday, August 9th. Weiss Ratings restated a "hold (c-)" rating on shares of PTC Therapeutics in a research note on Wednesday, October 8th. Finally, Cowen restated a "hold" rating on shares of PTC Therapeutics in a research note on Friday, August 8th. Nine research analysts have rated the stock with a Buy rating, five have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $69.00.

PTC Therapeutics Trading Up 2.9%

The firm has a fifty day moving average of $56.31 and a two-hundred day moving average of $50.69. The company has a market cap of $5.40 billion, a PE ratio of 9.77 and a beta of 0.55.

PTC Therapeutics (NASDAQ:PTCT - Get Free Report) last posted its earnings results on Thursday, August 7th. The biopharmaceutical company reported ($0.83) earnings per share for the quarter, beating analysts' consensus estimates of ($1.07) by $0.24. PTC Therapeutics had a negative return on equity of 106.31% and a net margin of 35.65%.The business had revenue of $178.88 million during the quarter, compared to analyst estimates of $173.01 million. During the same quarter in the previous year, the firm earned ($1.29) EPS. The company's quarterly revenue was down 4.2% compared to the same quarter last year. PTC Therapeutics has set its FY 2025 guidance at EPS. Sell-side analysts expect that PTC Therapeutics, Inc. will post -4.52 EPS for the current fiscal year.

Insider Transactions at PTC Therapeutics

In related news, Director David P. Southwell sold 12,000 shares of the company's stock in a transaction on Tuesday, September 9th. The stock was sold at an average price of $58.34, for a total value of $700,080.00. Following the sale, the director directly owned 16,850 shares of the company's stock, valued at $983,029. This represents a 41.59% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Neil Gregory Almstead sold 55,000 shares of the stock in a transaction on Friday, October 3rd. The stock was sold at an average price of $66.05, for a total value of $3,632,750.00. Following the completion of the sale, the insider directly owned 100,625 shares in the company, valued at approximately $6,646,281.25. This represents a 35.34% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 249,735 shares of company stock valued at $15,467,670. Insiders own 5.50% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of PTCT. Nuveen LLC bought a new position in PTC Therapeutics in the first quarter valued at about $51,427,000. Wellington Management Group LLP lifted its holdings in PTC Therapeutics by 13.2% in the first quarter. Wellington Management Group LLP now owns 5,419,172 shares of the biopharmaceutical company's stock valued at $276,161,000 after acquiring an additional 632,049 shares during the period. Hood River Capital Management LLC lifted its holdings in PTC Therapeutics by 654.4% in the second quarter. Hood River Capital Management LLC now owns 636,502 shares of the biopharmaceutical company's stock valued at $31,087,000 after acquiring an additional 552,130 shares during the period. State Street Corp lifted its holdings in PTC Therapeutics by 22.1% in the second quarter. State Street Corp now owns 2,996,454 shares of the biopharmaceutical company's stock valued at $146,347,000 after acquiring an additional 541,558 shares during the period. Finally, Driehaus Capital Management LLC lifted its holdings in PTC Therapeutics by 45.3% in the first quarter. Driehaus Capital Management LLC now owns 1,512,645 shares of the biopharmaceutical company's stock valued at $77,084,000 after acquiring an additional 471,586 shares during the period.

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.

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