PTC Therapeutics (NASDAQ:PTCT) Sees Unusually-High Trading Volume – Here’s What Happened

PTC Therapeutics, Inc. (NASDAQ:PTCT) saw unusually-high trading volume on Tuesday . Approximately 1,801,762 shares changed hands during mid-day trading, an increase of 41% from the previous session’s volume of 1,276,599 shares.The stock last traded at $74.4020 and had previously closed at $76.77.

Analyst Ratings Changes

PTCT has been the topic of several analyst reports. Weiss Ratings downgraded shares of PTC Therapeutics from a “hold (c-)” rating to a “sell (d)” rating in a report on Monday, May 11th. Wall Street Zen downgraded shares of PTC Therapeutics from a “buy” rating to a “hold” rating in a report on Saturday, February 21st. Barclays reissued an “overweight” rating and set a $120.00 price objective on shares of PTC Therapeutics in a report on Monday, February 23rd. Royal Bank Of Canada boosted their price objective on shares of PTC Therapeutics from $81.00 to $82.00 and gave the stock a “sector perform” rating in a report on Friday, May 8th. Finally, TD Cowen raised shares of PTC Therapeutics from a “hold” rating to a “buy” rating and boosted their price objective for the stock from $75.00 to $90.00 in a report on Friday, May 8th. One analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, one has assigned a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat, PTC Therapeutics has a consensus rating of “Moderate Buy” and an average price target of $91.36.

PTC Therapeutics Stock Up 7.2%

The stock has a market cap of $6.51 billion, a PE ratio of -33.70, a P/E/G ratio of 3.37 and a beta of 0.56. The business’s fifty day moving average is $71.03 and its 200 day moving average is $71.93.

PTC Therapeutics (NASDAQ:PTCT) last announced its earnings results on Thursday, May 7th. The biopharmaceutical company reported ($0.03) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.45) by $0.42. The company had revenue of $272.55 million during the quarter, compared to analysts’ expectations of $217.42 million. PTC Therapeutics had a negative net margin of 22.58% and a negative return on equity of 362.45%. The firm’s quarterly revenue was up 43.5% compared to the same quarter last year. During the same quarter in the previous year, the business posted $10.04 earnings per share. As a group, analysts predict that PTC Therapeutics, Inc. will post 0.78 EPS for the current year.

Insider Activity at PTC Therapeutics

In other PTC Therapeutics news, insider Eric Pauwels sold 21,277 shares of PTC Therapeutics stock in a transaction dated Wednesday, June 10th. The shares were sold at an average price of $75.00, for a total transaction of $1,595,775.00. Following the completion of the transaction, the insider owned 73,411 shares in the company, valued at approximately $5,505,825. The trade was a 22.47% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Lee Scott Golden sold 829 shares of PTC Therapeutics stock in a transaction dated Thursday, April 2nd. The stock was sold at an average price of $67.99, for a total transaction of $56,363.71. Following the transaction, the executive vice president owned 79,115 shares of the company’s stock, valued at approximately $5,379,028.85. The trade was a 1.04% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold a total of 98,148 shares of company stock valued at $7,001,475 in the last quarter. 5.50% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On PTC Therapeutics

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. UMB Bank n.a. acquired a new position in PTC Therapeutics during the fourth quarter worth about $26,000. Smartleaf Asset Management LLC raised its position in PTC Therapeutics by 101.3% during the third quarter. Smartleaf Asset Management LLC now owns 469 shares of the biopharmaceutical company’s stock worth $28,000 after acquiring an additional 236 shares during the last quarter. Optiver Holding B.V. raised its position in PTC Therapeutics by 96.5% during the third quarter. Optiver Holding B.V. now owns 507 shares of the biopharmaceutical company’s stock worth $31,000 after acquiring an additional 249 shares during the last quarter. Comerica Bank raised its position in PTC Therapeutics by 868.5% during the third quarter. Comerica Bank now owns 523 shares of the biopharmaceutical company’s stock worth $32,000 after acquiring an additional 469 shares during the last quarter. Finally, Salomon & Ludwin LLC acquired a new position in shares of PTC Therapeutics in the fourth quarter valued at approximately $41,000.

About PTC Therapeutics

PTC Therapeutics, Inc is a biopharmaceutical company focused on the discovery, development and commercialization of small molecule and biologic therapies for the treatment of rare genetic disorders. Since its founding in 1998, PTC has dedicated its efforts to addressing high unmet medical needs by targeting underlying genetic causes of disease. The company’s research platform emphasizes mechanisms such as nonsense suppression and RNA modulation, enabling the development of novel treatments for conditions with limited therapeutic options.

Among PTC’s approved products is Translarna (ataluren), a first-in-class therapy designed to treat nonsense mutation Duchenne muscular dystrophy in select markets.