PTC Therapeutics (NASDAQ:PTCT) Trading Down 4.6%

PTC Therapeutics, Inc. (NASDAQ:PTCT) was down 4.6% on Thursday . The company traded as low as $31.96 and last traded at $32.03. Approximately 98,391 shares were traded during mid-day trading, a decline of 89% from the average daily volume of 867,909 shares. The stock had previously closed at $33.59.

Analysts Set New Price Targets

Several analysts have recently commented on the stock. Morgan Stanley increased their price target on shares of PTC Therapeutics from $30.00 to $32.00 and gave the company an “equal weight” rating in a research note on Friday, July 12th. Baird R W raised PTC Therapeutics to a “strong-buy” rating in a research note on Wednesday. Citigroup upped their price target on PTC Therapeutics from $18.00 to $26.00 and gave the company a “sell” rating in a research note on Tuesday, May 21st. UBS Group started coverage on PTC Therapeutics in a research report on Monday, August 26th. They issued a “buy” rating and a $47.00 price objective for the company. Finally, Raymond James upgraded shares of PTC Therapeutics from an “underperform” rating to a “market perform” rating in a research report on Monday, May 20th. Three research analysts have rated the stock with a sell rating, seven have given a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $37.13.

PTC Therapeutics Price Performance

The firm has a market capitalization of $2.43 billion, a P/E ratio of -4.11 and a beta of 0.64. The firm’s 50 day moving average is $32.93 and its two-hundred day moving average is $31.98.

PTC Therapeutics (NASDAQ:PTCT) last issued its earnings results on Thursday, August 8th. The biopharmaceutical company reported ($1.16) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.00) by ($0.16). The firm had revenue of $186.70 million for the quarter, compared to the consensus estimate of $192.12 million. Analysts anticipate that PTC Therapeutics, Inc. will post -5.09 EPS for the current fiscal year.

Insider Activity at PTC Therapeutics

In other PTC Therapeutics news, CFO Pierre Gravier sold 2,269 shares of the company’s stock in a transaction on Tuesday, July 16th. The shares were sold at an average price of $34.02, for a total value of $77,191.38. Following the transaction, the chief financial officer now directly owns 53,531 shares in the company, valued at $1,821,124.62. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 5.50% of the stock is owned by company insiders.

Hedge Funds Weigh In On PTC Therapeutics

Several institutional investors and hedge funds have recently made changes to their positions in the company. Janus Henderson Group PLC grew its stake in shares of PTC Therapeutics by 40.5% in the first quarter. Janus Henderson Group PLC now owns 3,669,816 shares of the biopharmaceutical company’s stock valued at $106,744,000 after acquiring an additional 1,057,223 shares in the last quarter. Vanguard Group Inc. raised its position in shares of PTC Therapeutics by 10.8% in the fourth quarter. Vanguard Group Inc. now owns 8,800,843 shares of the biopharmaceutical company’s stock valued at $242,551,000 after buying an additional 855,354 shares in the last quarter. Armistice Capital LLC boosted its stake in shares of PTC Therapeutics by 11.6% in the fourth quarter. Armistice Capital LLC now owns 6,864,000 shares of the biopharmaceutical company’s stock valued at $189,172,000 after buying an additional 714,000 shares during the period. Norges Bank bought a new stake in shares of PTC Therapeutics in the fourth quarter valued at approximately $15,058,000. Finally, Wellington Management Group LLP grew its position in PTC Therapeutics by 4.0% during the fourth quarter. Wellington Management Group LLP now owns 9,816,603 shares of the biopharmaceutical company’s stock worth $270,546,000 after buying an additional 380,415 shares in the last quarter.

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.