PTC Therapeutics (NASDAQ:PTCT) Shares Gap Up Following Strong Earnings

Shares of PTC Therapeutics, Inc. (NASDAQ:PTCT) gapped up prior to trading on Friday following a stronger than expected earnings report. The stock had previously closed at $25.49, but opened at $27.00. PTC Therapeutics shares last traded at $27.60, with a volume of 86,284 shares changing hands.

The biopharmaceutical company reported ($1.20) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($1.21) by $0.01. The firm had revenue of $210.12 million during the quarter, compared to analysts’ expectations of $160.27 million.

Analyst Upgrades and Downgrades

PTCT has been the subject of a number of analyst reports. TD Cowen dropped their price objective on shares of PTC Therapeutics from $32.00 to $30.00 and set a “market perform” rating for the company in a report on Friday, March 1st. Royal Bank of Canada raised their price objective on shares of PTC Therapeutics from $22.00 to $28.00 and gave the company a “sector perform” rating in a research note on Friday, March 1st. Jefferies Financial Group raised their target price on shares of PTC Therapeutics from $33.00 to $35.00 and gave the company a “buy” rating in a report on Wednesday, March 20th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $45.00 target price on shares of PTC Therapeutics in a report on Friday, April 12th. Five equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $33.53.

Insiders Place Their Bets

In other PTC Therapeutics news, CEO Matthew B. Klein sold 3,361 shares of the firm’s stock in a transaction that occurred on Friday, April 19th. The shares were sold at an average price of $24.89, for a total transaction of $83,655.29. Following the sale, the chief executive officer now owns 225,807 shares of the company’s stock, valued at $5,620,336.23. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Over the last quarter, insiders have sold 6,404 shares of company stock valued at $165,506. 5.30% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On PTC Therapeutics

Hedge funds have recently modified their holdings of the business. Rathbones Group PLC purchased a new position in shares of PTC Therapeutics during the third quarter worth approximately $532,000. Charles Schwab Investment Management Inc. grew its position in shares of PTC Therapeutics by 4.1% during the third quarter. Charles Schwab Investment Management Inc. now owns 596,763 shares of the biopharmaceutical company’s stock worth $13,373,000 after acquiring an additional 23,288 shares during the last quarter. Walleye Capital LLC grew its position in shares of PTC Therapeutics by 958.6% during the third quarter. Walleye Capital LLC now owns 72,030 shares of the biopharmaceutical company’s stock worth $1,614,000 after acquiring an additional 65,226 shares during the last quarter. Jacobs Levy Equity Management Inc. grew its position in shares of PTC Therapeutics by 10.2% during the third quarter. Jacobs Levy Equity Management Inc. now owns 1,122,698 shares of the biopharmaceutical company’s stock worth $25,160,000 after acquiring an additional 104,024 shares during the last quarter. Finally, Vanguard Group Inc. grew its position in PTC Therapeutics by 5.2% in the 3rd quarter. Vanguard Group Inc. now owns 7,945,489 shares of the biopharmaceutical company’s stock valued at $178,058,000 after buying an additional 393,012 shares during the last quarter.

PTC Therapeutics Stock Performance

The business’s 50-day moving average is $28.15 and its two-hundred day moving average is $25.81. The stock has a market capitalization of $2.19 billion, a PE ratio of -3.72 and a beta of 0.67.

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.