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

Shares of PTC Therapeutics, Inc. (NASDAQ:PTCT) gapped up before the market opened on Friday after the company announced better than expected quarterly earnings. 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 for the quarter, topping the consensus estimate of ($1.21) by $0.01. The company had revenue of $210.12 million for the quarter, compared to analysts’ expectations of $160.27 million.

Analyst Upgrades and Downgrades

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

Insider Activity at PTC Therapeutics

In other news, CEO Matthew B. Klein sold 3,361 shares of the firm’s stock in a transaction that occurred on Friday, April 19th. The stock was sold at an average price of $24.89, for a total value of $83,655.29. Following the completion of the sale, the chief executive officer now directly owns 225,807 shares of the company’s stock, valued at approximately $5,620,336.23. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders sold a total of 6,404 shares of company stock worth $165,506 over the last 90 days. Company insiders own 5.30% of the company’s stock.

Institutional Trading of PTC Therapeutics

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Hexagon Capital Partners LLC grew its position in PTC Therapeutics by 132.0% during the fourth quarter. Hexagon Capital Partners LLC now owns 979 shares of the biopharmaceutical company’s stock worth $27,000 after buying an additional 557 shares during the period. China Universal Asset Management Co. Ltd. grew its holdings in shares of PTC Therapeutics by 99.7% in the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 1,941 shares of the biopharmaceutical company’s stock worth $43,000 after acquiring an additional 969 shares during the period. Allspring Global Investments Holdings LLC purchased a new position in PTC Therapeutics in the 1st quarter valued at approximately $46,000. Nisa Investment Advisors LLC raised its holdings in PTC Therapeutics by 317.0% during the third quarter. Nisa Investment Advisors LLC now owns 2,656 shares of the biopharmaceutical company’s stock worth $60,000 after purchasing an additional 2,019 shares during the last quarter. Finally, Headlands Technologies LLC boosted its position in PTC Therapeutics by 248.0% during the fourth quarter. Headlands Technologies LLC now owns 4,684 shares of the biopharmaceutical company’s stock worth $129,000 after purchasing an additional 3,338 shares in the last quarter.

PTC Therapeutics Stock Up 12.1 %

The company has a market cap of $2.19 billion, a price-to-earnings ratio of -3.42 and a beta of 0.67. The company has a fifty day simple moving average of $28.15 and a two-hundred day simple moving average of $25.79.

PTC Therapeutics Company Profile

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.