PTC Therapeutics (NASDAQ:PTCT) Shares Gap Down to $34.66

PTC Therapeutics, Inc. (NASDAQ:PTCT) gapped down before the market opened on Friday . The stock had previously closed at $34.66, but opened at $29.25. PTC Therapeutics shares last traded at $31.59, with a volume of 189,966 shares changing hands.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on PTCT. TD Cowen reduced their price objective on PTC Therapeutics from $32.00 to $30.00 and set a “market perform” rating for the company in a research note on Friday, March 1st. Morgan Stanley raised PTC Therapeutics from an “underweight” rating to an “equal weight” rating and raised their price objective for the stock from $28.00 to $30.00 in a research note on Monday, April 29th. Raymond James raised PTC Therapeutics from an “underperform” rating to a “market perform” rating in a research report on Monday, May 20th. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $45.00 target price on shares of PTC Therapeutics in a research report on Friday, April 12th. Finally, Citigroup increased their price objective on PTC Therapeutics from $18.00 to $26.00 and gave the stock a “sell” rating in a report on Tuesday, May 21st. Three equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat, PTC Therapeutics currently has a consensus rating of “Hold” and a consensus target price of $36.27.

PTC Therapeutics Trading Down 13.1 %

The firm has a market cap of $2.31 billion, a price-to-earnings ratio of -4.11 and a beta of 0.70. The firm has a 50-day moving average of $34.12 and a two-hundred day moving average of $29.98.

PTC Therapeutics (NASDAQ:PTCT) last posted its quarterly earnings data on Thursday, April 25th. The biopharmaceutical company reported ($1.20) earnings per share for the quarter, topping the consensus estimate of ($1.21) by $0.01. The business had revenue of $210.12 million for the quarter, compared to analyst estimates of $160.27 million. As a group, equities analysts anticipate that PTC Therapeutics, Inc. will post -4.88 EPS for the current year.

Insider Buying and Selling

In related news, Director Jerome B. Zeldis sold 20,000 shares of the business’s stock in a transaction dated Wednesday, May 22nd. The stock was sold at an average price of $38.24, for a total transaction of $764,800.00. Following the transaction, the director now directly owns 14,500 shares in the company, valued at $554,480. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, Director Jerome B. Zeldis sold 20,000 shares of the business’s stock in a transaction dated Wednesday, May 22nd. The stock was sold at an average price of $38.24, for a total transaction of $764,800.00. Following the transaction, the director now directly owns 14,500 shares in the company, valued at $554,480. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Matthew B. Klein sold 3,361 shares of the company’s stock in a transaction that occurred on Friday, April 19th. The shares were 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 owns 225,807 shares in the company, valued at $5,620,336.23. The disclosure for this sale can be found here. In the last 90 days, insiders sold 24,849 shares of company stock valued at $888,907. Insiders own 5.50% of the company’s stock.

Institutional Investors Weigh In On PTC Therapeutics

Several large investors have recently modified their holdings of PTCT. Hexagon Capital Partners LLC boosted its holdings in shares of PTC Therapeutics by 132.0% in the 4th quarter. Hexagon Capital Partners LLC now owns 979 shares of the biopharmaceutical company’s stock worth $27,000 after acquiring an additional 557 shares in the last quarter. Allspring Global Investments Holdings LLC acquired a new position in shares of PTC Therapeutics in the 1st quarter worth approximately $46,000. Headlands Technologies LLC boosted its holdings in shares of PTC Therapeutics by 248.0% in the 4th quarter. Headlands Technologies LLC now owns 4,684 shares of the biopharmaceutical company’s stock worth $129,000 after acquiring an additional 3,338 shares in the last quarter. Lazard Asset Management LLC boosted its holdings in shares of PTC Therapeutics by 268.9% in the 1st quarter. Lazard Asset Management LLC now owns 6,504 shares of the biopharmaceutical company’s stock worth $188,000 after acquiring an additional 4,741 shares in the last quarter. Finally, China Universal Asset Management Co. Ltd. boosted its holdings in shares of PTC Therapeutics by 349.6% in the 4th quarter. China Universal Asset Management Co. Ltd. now owns 8,727 shares of the biopharmaceutical company’s stock worth $241,000 after acquiring an additional 6,786 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.