PTC Therapeutics (NASDAQ:PTCT) Stock Price Down 8.8% After Analyst Downgrade

PTC Therapeutics, Inc. (NASDAQ:PTCT)’s share price dropped 8.8% during trading on Monday after JPMorgan Chase & Co. lowered their price target on the stock from $78.00 to $75.00. JPMorgan Chase & Co. currently has an overweight rating on the stock. PTC Therapeutics traded as low as $45.40 and last traded at $49.45. Approximately 258,648 shares traded hands during mid-day trading, a decline of 67% from the average daily volume of 777,137 shares. The stock had previously closed at $54.24.

Other research analysts have also recently issued reports about the stock. Cantor Fitzgerald boosted their price target on shares of PTC Therapeutics from $76.00 to $113.00 and gave the stock an “overweight” rating in a report on Monday, February 3rd. Barclays upped their price objective on PTC Therapeutics from $45.00 to $56.00 and gave the company an “equal weight” rating in a research note on Tuesday, December 3rd. Citigroup increased their target price on shares of PTC Therapeutics from $32.00 to $45.00 and gave the stock a “sell” rating in a research report on Wednesday, February 12th. Bank of America raised shares of PTC Therapeutics from an “underperform” rating to a “neutral” rating and boosted their price target for the company from $41.00 to $55.00 in a research report on Tuesday, March 11th. Finally, Morgan Stanley reissued an “overweight” rating and set a $70.00 price objective (up previously from $67.00) on shares of PTC Therapeutics in a report on Friday, March 7th. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $63.77.

Insider Activity

In related news, EVP Lee Scott Golden sold 795 shares of the stock in a transaction dated Wednesday, February 19th. The stock was sold at an average price of $50.10, for a total transaction of $39,829.50. Following the completion of the sale, the executive vice president now directly owns 77,856 shares in the company, valued at $3,900,585.60. This represents a 1.01 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, VP Mark Elliott Boulding sold 15,521 shares of the stock in a transaction that occurred on Wednesday, March 12th. The shares were sold at an average price of $53.30, for a total value of $827,269.30. Following the sale, the vice president now directly owns 103,901 shares of the company’s stock, valued at approximately $5,537,923.30. This trade represents a 13.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 35,112 shares of company stock worth $1,799,047. 5.50% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On PTC Therapeutics

Several hedge funds and other institutional investors have recently modified their holdings of PTCT. Smartleaf Asset Management LLC increased its holdings in PTC Therapeutics by 78.7% during the 4th quarter. Smartleaf Asset Management LLC now owns 613 shares of the biopharmaceutical company’s stock valued at $28,000 after purchasing an additional 270 shares during the period. Sterling Capital Management LLC boosted its position in shares of PTC Therapeutics by 424.4% during the fourth quarter. Sterling Capital Management LLC now owns 645 shares of the biopharmaceutical company’s stock valued at $29,000 after purchasing an additional 522 shares in the last quarter. Venturi Wealth Management LLC purchased a new stake in PTC Therapeutics in the fourth quarter worth $68,000. GF Fund Management CO. LTD. bought a new position in shares of PTC Therapeutics in the 4th quarter worth about $73,000. Finally, Point72 Asia Singapore Pte. Ltd. bought a new position in shares of PTC Therapeutics during the fourth quarter valued at approximately $77,000.

PTC Therapeutics Trading Down 8.6 %

The company has a market cap of $3.68 billion, a PE ratio of -7.85 and a beta of 0.66. The firm has a 50 day moving average of $51.21 and a two-hundred day moving average of $45.46.

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.