PTC Therapeutics (NASDAQ:PTCT) Shares Gap Down After Analyst Downgrade

PTC Therapeutics, Inc. (NASDAQ:PTCT – Get Rating) gapped down before the market opened on Wednesday after Credit Suisse Group lowered their price target on the stock from $55.00 to $50.00. The stock had previously closed at $58.41, but opened at $45.99. PTC Therapeutics shares last traded at $44.89, with a volume of 1,548,563 shares.

PTCT has been the subject of a number of other reports. Barclays reduced their price objective on shares of PTC Therapeutics from $57.00 to $48.00 in a research report on Wednesday. StockNews.com began coverage on shares of PTC Therapeutics in a research report on Thursday, May 18th. They set a “hold” rating for the company. SVB Securities assumed coverage on shares of PTC Therapeutics in a research report on Friday, March 17th. They set a “market perform” rating and a $48.00 price objective for the company. Raymond James reduced their target price on shares of PTC Therapeutics from $60.00 to $55.00 and set an “outperform” rating for the company in a research report on Thursday, February 23rd. Finally, Bank of America increased their target price on shares of PTC Therapeutics from $36.00 to $43.00 in a research report on Thursday, May 18th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and five have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $52.93.

Insider Activity at PTC Therapeutics

In other PTC Therapeutics news, CAO Christine Marie Utter sold 26,658 shares of the firm’s stock in a transaction that occurred on Monday, March 27th. The shares were sold at an average price of $45.09, for a total transaction of $1,202,009.22. Following the sale, the chief accounting officer now owns 38,059 shares of the company’s stock, valued at $1,716,080.31. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other news, CEO Matthew B. Klein sold 1,211 shares of PTC Therapeutics stock in a transaction on Tuesday, April 18th. The shares were sold at an average price of $52.04, for a total value of $63,020.44. Following the transaction, the chief executive officer now directly owns 102,645 shares of the company’s stock, valued at approximately $5,341,645.80. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO Christine Marie Utter sold 26,658 shares of PTC Therapeutics stock in a transaction on Monday, March 27th. The shares were sold at an average price of $45.09, for a total transaction of $1,202,009.22. Following the completion of the transaction, the chief accounting officer now directly owns 38,059 shares in the company, valued at $1,716,080.31. The disclosure for this sale can be found here. Insiders have sold a total of 158,595 shares of company stock valued at $7,968,916 over the last 90 days. 5.30% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On PTC Therapeutics

A number of institutional investors have recently modified their holdings of the business. Vanguard Group Inc. grew its position in PTC Therapeutics by 0.4% in the 3rd quarter. Vanguard Group Inc. now owns 7,211,720 shares of the biopharmaceutical company’s stock valued at $362,027,000 after buying an additional 28,028 shares during the last quarter. RTW Investments LP grew its position in PTC Therapeutics by 26.3% in the 1st quarter. RTW Investments LP now owns 7,093,298 shares of the biopharmaceutical company’s stock valued at $343,599,000 after buying an additional 1,477,911 shares during the last quarter. State Street Corp grew its position in PTC Therapeutics by 13.8% in the 2nd quarter. State Street Corp now owns 3,624,877 shares of the biopharmaceutical company’s stock valued at $145,213,000 after buying an additional 440,850 shares during the last quarter. Armistice Capital LLC grew its position in PTC Therapeutics by 17.1% in the 4th quarter. Armistice Capital LLC now owns 3,396,000 shares of the biopharmaceutical company’s stock valued at $129,625,000 after buying an additional 496,000 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD boosted its position in shares of PTC Therapeutics by 33.7% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 1,717,765 shares of the biopharmaceutical company’s stock worth $83,210,000 after purchasing an additional 433,376 shares in the last quarter.

PTC Therapeutics Stock Performance

The company has a market capitalization of $3.48 billion, a PE ratio of -5.95 and a beta of 0.43. The firm’s 50-day simple moving average is $51.69 and its 200 day simple moving average is $45.65.

PTC Therapeutics (NASDAQ:PTCT – Get Rating) last issued its earnings results on Thursday, April 27th. The biopharmaceutical company reported ($1.88) EPS for the quarter, missing the consensus estimate of ($1.64) by ($0.24). The business had revenue of $220.38 million for the quarter, compared to the consensus estimate of $200.48 million. The business’s quarterly revenue was up 48.2% on a year-over-year basis. During the same quarter in the prior year, the firm earned ($1.78) EPS. As a group, equities analysts anticipate that PTC Therapeutics, Inc. will post -4.74 earnings per share for the current year.

PTC Therapeutics Company Profile

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PTC Therapeutics, Inc is a biopharmaceutical company. It engages in discovery, development, and commercialization of clinically differentiated medicines that provide benefits to patients with rare disorders. The company was founded by Allan Steven Jacobson and Stuart Walter Peltz on March 31, 1998 and is headquartered in South Plainfield, NJ.