PTC Therapeutics, Inc. (NASDAQ:PTCT) Short Interest Update

PTC Therapeutics, Inc. (NASDAQ:PTCT) saw a significant decrease in short interest in the month of July. As of July 15th, there was short interest totaling 9,833,980 shares, a decrease of 43.2% from the June 30th total of 17,315,032 shares. Currently, 12.5% of the company’s stock are sold short. Based on an average daily trading volume, of 2,069,373 shares, the short-interest ratio is presently 4.8 days.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on PTCT. Weiss Ratings lowered shares of PTC Therapeutics from a “hold (c-)” rating to a “sell (d)” rating in a research report on Monday, May 11th. Cantor Fitzgerald raised their target price on shares of PTC Therapeutics from $124.00 to $130.00 and gave the company an “overweight” rating in a research report on Thursday, July 16th. TD Cowen upgraded shares of PTC Therapeutics from a “hold” rating to a “buy” rating and lifted their price target for the company from $75.00 to $90.00 in a research note on Friday, May 8th. Zacks Research raised shares of PTC Therapeutics from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, July 7th. Finally, Citigroup raised shares of PTC Therapeutics from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $75.00 to $108.00 in a research report on Tuesday, June 9th. Two analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating, one has issued a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat.com, PTC Therapeutics currently has a consensus rating of “Moderate Buy” and a consensus price target of $93.83.

Insider Activity at PTC Therapeutics

In related news, insider Eric Pauwels sold 21,277 shares of the stock in a transaction dated Wednesday, June 10th. The stock was 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 directly owned 73,411 shares in the company, valued at approximately $5,505,825. This trade represents a 22.47% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Matthew B. Klein sold 12,572 shares of PTC Therapeutics stock in a transaction that occurred on Thursday, May 14th. The shares were sold at an average price of $72.95, for a total value of $917,127.40. Following the completion of the sale, the chief executive officer directly owned 393,998 shares in the company, valued at approximately $28,742,154.10. This represents a 3.09% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 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 sold 198,662 shares of company stock valued at $16,347,994 over the last ninety days. Company insiders own 5.50% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Janus Henderson Group PLC raised its holdings in shares of PTC Therapeutics by 48.3% in the 1st quarter. Janus Henderson Group PLC now owns 7,193,433 shares of the biopharmaceutical company’s stock valued at $489,997,000 after purchasing an additional 2,342,101 shares during the period. State Street Corp increased its position in PTC Therapeutics by 34.2% during the fourth quarter. State Street Corp now owns 4,206,126 shares of the biopharmaceutical company’s stock worth $319,497,000 after buying an additional 1,071,343 shares during the last quarter. Toronto Dominion Bank raised its stake in PTC Therapeutics by 27.5% in the fourth quarter. Toronto Dominion Bank now owns 4,138,215 shares of the biopharmaceutical company’s stock valued at $314,339,000 after buying an additional 891,690 shares during the period. BNP Paribas Financial Markets raised its stake in PTC Therapeutics by 4,013.1% in the fourth quarter. BNP Paribas Financial Markets now owns 828,662 shares of the biopharmaceutical company’s stock valued at $62,945,000 after buying an additional 808,515 shares during the period. Finally, Vanguard Group Inc. lifted its position in shares of PTC Therapeutics by 6.2% in the fourth quarter. Vanguard Group Inc. now owns 8,803,203 shares of the biopharmaceutical company’s stock valued at $668,691,000 after buying an additional 514,204 shares during the last quarter.

PTC Therapeutics Trading Up 0.3%

Shares of PTC Therapeutics stock traded up $0.19 on Thursday, reaching $74.68. 211,680 shares of the company were exchanged, compared to its average volume of 1,451,532. The company has a market capitalization of $6.19 billion, a price-to-earnings ratio of -31.92, a PEG ratio of 6.56 and a beta of 0.53. PTC Therapeutics has a one year low of $43.17 and a one year high of $90.87. The company has a 50-day moving average of $77.47 and a 200 day moving average of $72.79.

PTC Therapeutics (NASDAQ:PTCT) last released its earnings results on Thursday, May 7th. The biopharmaceutical company reported ($0.03) earnings per share for the quarter, beating the consensus estimate of ($0.45) by $0.42. The business 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 revenue was up 43.5% on a year-over-year basis. During the same period last year, the business earned $10.04 earnings per share. Analysts predict that PTC Therapeutics will post 0.41 earnings per share for the current year.

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.