PTC Therapeutics (NASDAQ:PTCT) Stock Price Crosses Above Fifty Day Moving Average – Time to Sell?

PTC Therapeutics, Inc. (NASDAQ:PTCT)’s stock price passed above its 50 day moving average during trading on Wednesday. The stock has a 50 day moving average of $64.44 and traded as high as $65.04. PTC Therapeutics shares last traded at $64.91, with a volume of 724,936 shares changing hands.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on PTCT. Leerink Partners initiated coverage on shares of PTC Therapeutics in a research report on Monday, September 14th. They set an “outperform” rating and a $98.00 price objective on the stock. Raymond James Financial set a $106.00 price objective on shares of PTC Therapeutics in a report on Tuesday, October 20th. Barclays raised their target price on shares of PTC Therapeutics from $120.00 to $122.00 and gave the stock an “overweight” rating in a research report on Friday, August 14th. UBS Group assumed coverage on shares of PTC Therapeutics in a research note on Thursday, October 15th. They set a “buy” rating and a $90.00 target price on the stock. Finally, Wells Fargo & Company lifted their target price on shares of PTC Therapeutics from $109.00 to $112.00 and gave the company an “overweight” rating in a research note on Friday, October 30th. One research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $99.23.

PTC Therapeutics Price Performance

The stock has a 50 day simple moving average of $64.44 and a 200-day simple moving average of $70.39. The firm has a market cap of $5.42 billion, a PE ratio of -46.36, a PEG ratio of 4.71 and a beta of 0.52.

PTC Therapeutics (NASDAQ:PTCT) last released its earnings results on Thursday, October 29th. The biopharmaceutical company reported ($0.62) EPS for the quarter, missing analysts’ consensus estimates of $0.14 by ($0.76). The firm had revenue of $357.81 million during the quarter, compared to analysts’ expectations of $306.43 million. During the same quarter in the prior year, the company posted $0.20 earnings per share. The company’s revenue was up 69.6% on a year-over-year basis. As a group, equities analysts predict that PTC Therapeutics, Inc. will post 0.49 EPS for the current fiscal year.

PTC Therapeutics declared that its board has initiated a stock repurchase program on Tuesday, November 3rd that authorizes the company to repurchase $500 million in outstanding shares. This repurchase authorization authorizes the biopharmaceutical company to buy up to 9.8% of its stock through open market purchases. Share repurchase programs are usually a sign that the company’s board of directors believes its shares are undervalued.

Insider Activity at PTC Therapeutics

In other PTC Therapeutics news, Director Glenn Md Phd Steele, Jr. sold 12,000 shares of PTC Therapeutics stock in a transaction dated Wednesday, September 30th. The shares were sold at an average price of $65.16, for a total value of $781,920.00. Following the completion of the transaction, the director directly owned 22,500 shares of the company’s stock, valued at approximately $1,466,100. The trade was a 34.78% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Michael Schmertzler sold 2,500 shares of PTC Therapeutics stock in a transaction dated Wednesday, October 14th. The stock was sold at an average price of $59.61, for a total transaction of $149,025.00. Following the completion of the transaction, the director directly owned 1,291,594 shares of the company’s stock, valued at $76,991,918.34. This trade represents a 0.19% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders have sold 67,078 shares of company stock valued at $4,616,538. 5.30% of the stock is owned by insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. EverSource Wealth Advisors LLC grew its holdings in shares of PTC Therapeutics by 16.9% during the first quarter. EverSource Wealth Advisors LLC now owns 1,045 shares of the biopharmaceutical company’s stock valued at $71,000 after buying an additional 151 shares during the last quarter. Envestnet Portfolio Solutions Inc. increased its position in shares of PTC Therapeutics by 1.8% during the second quarter. Envestnet Portfolio Solutions Inc. now owns 13,730 shares of the biopharmaceutical company’s stock valued at $1,120,000 after acquiring an additional 237 shares in the last quarter. Allworth Financial LP raised its holdings in PTC Therapeutics by 29.0% in the 3rd quarter. Allworth Financial LP now owns 1,055 shares of the biopharmaceutical company’s stock worth $68,000 after acquiring an additional 237 shares during the last quarter. PNC Financial Services Group Inc. raised its holdings in PTC Therapeutics by 8.5% in the 1st quarter. PNC Financial Services Group Inc. now owns 3,128 shares of the biopharmaceutical company’s stock worth $213,000 after acquiring an additional 244 shares during the last quarter. Finally, State of Wyoming raised its holdings in PTC Therapeutics by 15.3% in the 3rd quarter. State of Wyoming now owns 1,962 shares of the biopharmaceutical company’s stock worth $127,000 after acquiring an additional 260 shares during the last quarter.

About PTC Therapeutics

PTC Therapeutics is a biopharmaceutical company focused on discovering, developing and commercializing medicines for rare diseases. Founded in 1998 and headquartered in Warren, New Jersey, the company works across several therapeutic areas, including genetic and neurological disorders. Its products include Kebilidi (eladocagene exuparvovec), a gene therapy for aromatic L-amino acid decarboxylase deficiency, and Sephience (sepiapterin), a treatment for phenylketonuria. PTC has also developed medicines for Duchenne muscular dystrophy, including ataluren, marketed as Translarna in some regions.