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

PTC Therapeutics, Inc. (NASDAQ:PTCT)’s stock price was down 3.4% on Friday . The company traded as low as $43.53 and last traded at $43.57. Approximately 30,044 shares were traded during mid-day trading, a decline of 96% from the average daily volume of 840,922 shares. The stock had previously closed at $45.11.

Analysts Set New Price Targets

Several equities research analysts recently commented on the stock. StockNews.com lowered shares of PTC Therapeutics from a “buy” rating to a “hold” rating in a research note on Tuesday, November 19th. Wells Fargo & Company boosted their price target on PTC Therapeutics from $56.00 to $68.00 and gave the stock an “overweight” rating in a research report on Tuesday, November 26th. JPMorgan Chase & Co. raised their price objective on PTC Therapeutics from $51.00 to $62.00 and gave the company an “overweight” rating in a research report on Tuesday, November 19th. Raymond James started coverage on PTC Therapeutics in a report on Thursday, October 10th. They issued a “market perform” rating on the stock. Finally, Cantor Fitzgerald reissued an “overweight” rating and issued a $64.00 target price on shares of PTC Therapeutics in a research note on Tuesday, September 17th. Three investment analysts have rated the stock with a sell rating, six have given a hold rating, six have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $44.69.

PTC Therapeutics Price Performance

The business has a 50-day moving average of $40.22 and a 200 day moving average of $36.30. The company has a market cap of $3.38 billion, a PE ratio of -7.39 and a beta of 0.63.

Hedge Funds Weigh In On PTC Therapeutics

A number of institutional investors have recently bought and sold shares of the stock. Armistice Capital LLC grew its stake in shares of PTC Therapeutics by 2.9% during the 2nd quarter. Armistice Capital LLC now owns 6,962,227 shares of the biopharmaceutical company’s stock valued at $212,905,000 after acquiring an additional 198,227 shares during the period. Cowen AND Company LLC lifted its holdings in PTC Therapeutics by 0.8% during the second quarter. Cowen AND Company LLC now owns 3,756,469 shares of the biopharmaceutical company’s stock valued at $114,873,000 after purchasing an additional 30,843 shares in the last quarter. State Street Corp boosted its position in shares of PTC Therapeutics by 5.4% in the third quarter. State Street Corp now owns 2,899,040 shares of the biopharmaceutical company’s stock worth $107,554,000 after purchasing an additional 149,700 shares during the period. Geode Capital Management LLC increased its stake in shares of PTC Therapeutics by 0.6% in the third quarter. Geode Capital Management LLC now owns 1,798,666 shares of the biopharmaceutical company’s stock worth $66,743,000 after purchasing an additional 10,886 shares in the last quarter. Finally, Renaissance Technologies LLC raised its position in shares of PTC Therapeutics by 7.4% during the 2nd quarter. Renaissance Technologies LLC now owns 818,100 shares of the biopharmaceutical company’s stock valued at $25,017,000 after purchasing an additional 56,700 shares during the period.

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.