PTC Therapeutics (NASDAQ:PTCT) Trading Down 3.4% – Here’s What Happened

Shares of PTC Therapeutics, Inc. (NASDAQ:PTCT) were down 3.4% on Wednesday . The company traded as low as $39.35 and last traded at $39.38. Approximately 394,177 shares were traded during trading, a decline of 54% from the average daily volume of 853,565 shares. The stock had previously closed at $40.77.

Analyst Ratings Changes

Several brokerages have recently issued reports on PTCT. Morgan Stanley upped their target price on shares of PTC Therapeutics from $30.00 to $32.00 and gave the company an “equal weight” rating in a report on Friday, July 12th. Robert W. Baird restated an “outperform” rating and issued a $44.00 price objective on shares of PTC Therapeutics in a research note on Tuesday. JPMorgan Chase & Co. reiterated an “overweight” rating and set a $53.00 target price on shares of PTC Therapeutics in a research report on Thursday, June 20th. Barclays boosted their target price on PTC Therapeutics from $25.00 to $31.00 and gave the company an “equal weight” rating in a report on Friday, August 9th. Finally, Bank of America raised their price target on PTC Therapeutics from $25.00 to $32.00 and gave the stock an “underperform” rating in a research note on Friday, June 21st. Three research analysts have rated the stock with a sell rating, five have issued a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $39.08.

PTC Therapeutics Stock Down 2.0 %

The company’s fifty day moving average price is $34.22 and its two-hundred day moving average price is $33.00. The firm has a market cap of $3.06 billion, a PE ratio of -5.31 and a beta of 0.65.

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 during the quarter, compared to analyst estimates of $192.12 million. As a group, analysts predict that PTC Therapeutics, Inc. will post -5.09 earnings per share for the current year.

Insiders Place Their Bets

In other news, CFO Pierre Gravier sold 2,269 shares of the stock in a transaction dated Tuesday, July 16th. The shares were sold at an average price of $34.02, for a total value of $77,191.38. Following the completion of the transaction, the chief financial officer now owns 53,531 shares in the company, valued at $1,821,124.62. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders own 5.50% of the company’s stock.

Hedge Funds Weigh In On PTC Therapeutics

Hedge funds have recently bought and sold shares of the company. Allspring Global Investments Holdings LLC purchased a new stake in PTC Therapeutics during the first quarter worth $46,000. CWM LLC raised its stake in shares of PTC Therapeutics by 354.7% during the 3rd quarter. CWM LLC now owns 2,687 shares of the biopharmaceutical company’s stock worth $100,000 after buying an additional 2,096 shares during the last quarter. Quest Partners LLC purchased a new stake in shares of PTC Therapeutics in the 2nd quarter worth about $128,000. Quarry LP grew its stake in PTC Therapeutics by 100.0% in the 2nd quarter. Quarry LP now owns 5,000 shares of the biopharmaceutical company’s stock valued at $153,000 after acquiring an additional 2,500 shares during the last quarter. Finally, Lazard Asset Management LLC grew its stake in PTC Therapeutics by 268.9% in the 1st quarter. Lazard Asset Management LLC now owns 6,504 shares of the biopharmaceutical company’s stock valued at $188,000 after acquiring an additional 4,741 shares during the last quarter.

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.