PTC Therapeutics, Inc. (NASDAQ:PTCT) Sees Significant Decrease in Short Interest

PTC Therapeutics, Inc. (NASDAQ:PTCT) was the recipient of a significant decline in short interest in September. As of September 30th, there was short interest totalling 4,270,000 shares, a decline of 18.2% from the September 15th total of 5,220,000 shares. Based on an average trading volume of 623,500 shares, the days-to-cover ratio is currently 6.8 days.

Insiders Place Their Bets

In other PTC Therapeutics news, CFO Pierre Gravier sold 2,269 shares of the business’s stock in a transaction dated Tuesday, July 16th. The stock was sold at an average price of $34.02, for a total transaction of $77,191.38. Following the completion of the transaction, the chief financial officer now owns 53,531 shares of the company’s stock, valued at approximately $1,821,124.62. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 5.50% of the company’s stock.

Hedge Funds Weigh In On PTC Therapeutics

A number of institutional investors have recently modified their holdings of PTCT. Allspring Global Investments Holdings LLC acquired a new position in shares of PTC Therapeutics during the first quarter worth approximately $46,000. CWM LLC raised its position in PTC Therapeutics by 354.7% in the 3rd quarter. CWM LLC now owns 2,687 shares of the biopharmaceutical company’s stock valued at $100,000 after buying an additional 2,096 shares during the last quarter. Quest Partners LLC purchased a new stake in PTC Therapeutics in the 2nd quarter valued at $128,000. Quarry LP raised its position in PTC Therapeutics by 100.0% in the 2nd quarter. Quarry LP now owns 5,000 shares of the biopharmaceutical company’s stock valued at $153,000 after buying an additional 2,500 shares during the last quarter. Finally, Lazard Asset Management LLC raised its position in PTC Therapeutics by 268.9% in the 1st quarter. Lazard Asset Management LLC now owns 6,504 shares of the biopharmaceutical company’s stock valued at $188,000 after buying an additional 4,741 shares during the last quarter.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on the company. Bank of America boosted their price target on PTC Therapeutics from $25.00 to $32.00 and gave the stock an “underperform” rating in a report on Friday, June 21st. JPMorgan Chase & Co. restated an “overweight” rating and set a $53.00 price target on shares of PTC Therapeutics in a report on Thursday, June 20th. UBS Group assumed coverage on PTC Therapeutics in a report on Monday, August 26th. They set a “buy” rating and a $47.00 price target on the stock. Raymond James assumed coverage on PTC Therapeutics in a report on Thursday. They set a “market perform” rating on the stock. Finally, Royal Bank of Canada boosted their price target on PTC Therapeutics from $32.00 to $34.00 and gave the stock a “sector perform” rating in a report on Friday, October 4th. Three investment analysts have rated the stock with a sell rating, five have given a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company has an average rating of “Hold” and an average target price of $40.08.

PTC Therapeutics Stock Performance

Shares of PTCT opened at $39.00 on Monday. PTC Therapeutics has a 52-week low of $17.53 and a 52-week high of $41.81. The business’s 50 day moving average price is $34.59 and its two-hundred day moving average price is $33.19. The firm has a market cap of $2.99 billion, a PE ratio of -5.08 and a beta of 0.65.

PTC Therapeutics (NASDAQ:PTCT) last issued its earnings results on Thursday, August 8th. The biopharmaceutical company reported ($1.16) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.00) by ($0.16). The firm had revenue of $186.70 million during the quarter, compared to the consensus estimate of $192.12 million. Research analysts predict that PTC Therapeutics will post -5.09 EPS for the current fiscal year.

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.