PTC Therapeutics (NASDAQ:PTCT) Hits New 1-Year High – What’s Next?

Shares of PTC Therapeutics, Inc. (NASDAQ:PTCT) reached a new 52-week high on Wednesday . The stock traded as high as $43.60 and last traded at $43.60, with a volume of 1365 shares. The stock had previously closed at $42.50.

Wall Street Analysts Forecast Growth

PTCT has been the topic of several recent analyst reports. Morgan Stanley lifted their target price on PTC Therapeutics from $32.00 to $45.00 and gave the stock an “equal weight” rating in a report on Friday, October 11th. Royal Bank of Canada lifted their target price on PTC Therapeutics from $32.00 to $34.00 and gave the stock a “sector perform” rating in a report on Friday, October 4th. Robert W. Baird reissued an “outperform” rating and issued a $44.00 price target on shares of PTC Therapeutics in a research note on Tuesday, October 8th. Baird R W raised PTC Therapeutics to a “strong-buy” rating in a research note on Wednesday, September 4th. Finally, Raymond James started coverage on PTC Therapeutics in a research note on Thursday, October 10th. They issued a “market perform” rating on the stock. Three research analysts have rated the stock with a sell rating, five have assigned a hold rating, six have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $40.08.

PTC Therapeutics Stock Down 1.8 %

The business has a 50-day moving average of $36.45 and a 200-day moving average of $34.25.

PTC Therapeutics (NASDAQ:PTCT) last released its earnings results on Thursday, August 8th. The biopharmaceutical company reported ($1.16) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.00) by ($0.16). The company had revenue of $186.70 million during the quarter, compared to analyst estimates of $192.12 million. Research analysts expect that PTC Therapeutics, Inc. will post -5.28 EPS for the current year.

Hedge Funds Weigh In On PTC Therapeutics

A number of institutional investors have recently bought and sold shares of PTCT. Allspring Global Investments Holdings LLC acquired a new position in PTC Therapeutics during the first quarter worth approximately $46,000. Choreo LLC acquired a new position in PTC Therapeutics during the first quarter worth approximately $319,000. Duality Advisers LP increased its position in PTC Therapeutics by 5.8% during the first quarter. Duality Advisers LP now owns 49,322 shares of the biopharmaceutical company’s stock worth $1,435,000 after buying an additional 2,724 shares during the last quarter. Empowered Funds LLC acquired a new position in PTC Therapeutics during the first quarter worth approximately $1,210,000. Finally, Russell Investments Group Ltd. increased its position in PTC Therapeutics by 57.9% during the first quarter. Russell Investments Group Ltd. now owns 301,790 shares of the biopharmaceutical company’s stock worth $8,779,000 after buying an additional 110,670 shares during the last quarter.

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.