PTC Therapeutics (NASDAQ:PTCT) Shares Gap Down to $24.69

PTC Therapeutics, Inc. (NASDAQ:PTCT)’s share price gapped down before the market opened on Friday . The stock had previously closed at $24.69, but opened at $24.01. PTC Therapeutics shares last traded at $24.98, with a volume of 66,571 shares trading hands.

Analysts Set New Price Targets

PTCT has been the topic of a number of recent analyst reports. TD Cowen cut their price target on shares of PTC Therapeutics from $32.00 to $30.00 and set a “market perform” rating on the stock in a research note on Friday, March 1st. Jefferies Financial Group upped their price target on shares of PTC Therapeutics from $33.00 to $35.00 and gave the company a “buy” rating in a research note on Wednesday, March 20th. Royal Bank of Canada upped their price target on shares of PTC Therapeutics from $22.00 to $28.00 and gave the company a “sector perform” rating in a research note on Friday, March 1st. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $45.00 price objective on shares of PTC Therapeutics in a report on Friday, April 12th. Five equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat.com, PTC Therapeutics presently has a consensus rating of “Hold” and an average target price of $33.53.

PTC Therapeutics Price Performance

The stock has a market capitalization of $1.91 billion, a PE ratio of -2.95 and a beta of 0.67. The stock’s fifty day moving average is $28.08 and its 200-day moving average is $25.59.

PTC Therapeutics (NASDAQ:PTCT) last posted its quarterly earnings results on Thursday, February 29th. The biopharmaceutical company reported ($0.24) earnings per share for the quarter, missing the consensus estimate of $0.29 by ($0.53). The firm had revenue of $307.06 million for the quarter, compared to analysts’ expectations of $315.90 million. On average, analysts forecast that PTC Therapeutics, Inc. will post -5.94 EPS for the current year.

Insider Transactions at PTC Therapeutics

In other PTC Therapeutics news, Director Allan Steven Jacobson sold 10,000 shares of PTC Therapeutics stock in a transaction dated Monday, January 22nd. The shares were sold at an average price of $27.38, for a total transaction of $273,800.00. Following the transaction, the director now directly owns 12,348 shares of the company’s stock, valued at $338,088.24. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Over the last three months, insiders have sold 12,256 shares of company stock valued at $335,865. Corporate insiders own 5.30% of the company’s stock.

Hedge Funds Weigh In On PTC Therapeutics

A number of institutional investors have recently bought and sold shares of the company. Armistice Capital LLC increased its position in shares of PTC Therapeutics by 90.0% during the third quarter. Armistice Capital LLC now owns 6,150,000 shares of the biopharmaceutical company’s stock valued at $137,822,000 after acquiring an additional 2,914,000 shares during the last quarter. Wellington Management Group LLP increased its position in shares of PTC Therapeutics by 39.0% during the third quarter. Wellington Management Group LLP now owns 9,436,188 shares of the biopharmaceutical company’s stock valued at $211,465,000 after acquiring an additional 2,649,824 shares during the last quarter. Vanguard Group Inc. increased its position in shares of PTC Therapeutics by 10.8% during the fourth quarter. Vanguard Group Inc. now owns 8,800,843 shares of the biopharmaceutical company’s stock valued at $242,551,000 after acquiring an additional 855,354 shares during the last quarter. Voloridge Investment Management LLC increased its position in shares of PTC Therapeutics by 373.2% during the fourth quarter. Voloridge Investment Management LLC now owns 819,746 shares of the biopharmaceutical company’s stock valued at $22,592,000 after acquiring an additional 646,513 shares during the last quarter. Finally, Norges Bank acquired a new stake in shares of PTC Therapeutics during the fourth quarter valued at about $24,587,000.

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.