PTC Therapeutics (NASDAQ:PTCT) Stock Price Up 6.8% – Time to Buy?

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

Analysts Set New Price Targets

A number of research analysts have recently commented on PTCT shares. Royal Bank of Canada increased their price objective on PTC Therapeutics from $60.00 to $63.00 and gave the company an “outperform” rating in a report on Tuesday, February 18th. Scotiabank began coverage on shares of PTC Therapeutics in a research note on Friday, March 7th. They set a “sector perform” rating and a $55.00 price target for the company. Citigroup raised their price target on PTC Therapeutics from $32.00 to $45.00 and gave the stock a “sell” rating in a report on Wednesday, February 12th. Morgan Stanley reaffirmed an “overweight” rating and set a $70.00 price objective (up from $67.00) on shares of PTC Therapeutics in a research report on Friday, March 7th. Finally, StockNews.com lowered PTC Therapeutics from a “buy” rating to a “hold” rating in a report on Monday, February 17th. Two equities research 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 stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $63.77.

PTC Therapeutics Trading Up 4.0 %

The firm has a market capitalization of $3.70 billion, a PE ratio of -7.89 and a beta of 0.58. The firm’s fifty day moving average price is $50.39 and its 200 day moving average price is $45.93.

Insiders Place Their Bets

In other news, CAO Christine Marie Utter sold 879 shares of PTC Therapeutics stock in a transaction that occurred on Wednesday, February 19th. The stock was sold at an average price of $50.10, for a total transaction of $44,037.90. Following the sale, the chief accounting officer now owns 63,442 shares of the company’s stock, valued at approximately $3,178,444.20. This trade represents a 1.37 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Lee Scott Golden sold 897 shares of the firm’s stock in a transaction dated Wednesday, April 2nd. The stock was sold at an average price of $46.95, for a total transaction of $42,114.15. Following the transaction, the executive vice president now directly owns 75,997 shares of the company’s stock, valued at $3,568,059.15. The trade was a 1.17 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 29,501 shares of company stock valued at $1,546,088 over the last 90 days. 5.50% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in PTCT. Toronto Dominion Bank acquired a new position in shares of PTC Therapeutics during the fourth quarter worth approximately $148,363,000. Driehaus Capital Management LLC bought a new position in PTC Therapeutics in the fourth quarter valued at approximately $46,993,000. Point72 Asset Management L.P. increased its holdings in PTC Therapeutics by 150.6% in the fourth quarter. Point72 Asset Management L.P. now owns 1,443,362 shares of the biopharmaceutical company’s stock valued at $65,153,000 after purchasing an additional 867,502 shares during the last quarter. Janus Henderson Group PLC boosted its holdings in PTC Therapeutics by 24.4% during the fourth quarter. Janus Henderson Group PLC now owns 2,325,915 shares of the biopharmaceutical company’s stock worth $105,015,000 after buying an additional 455,698 shares during the last quarter. Finally, Pictet Asset Management Holding SA boosted its position in shares of PTC Therapeutics by 107.4% during the fourth quarter. Pictet Asset Management Holding SA now owns 736,388 shares of the biopharmaceutical company’s stock worth $33,241,000 after purchasing an additional 381,319 shares in 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.