PTC Therapeutics (NASDAQ:PTCT) Shares Down 7.4% – Here’s Why

PTC Therapeutics, Inc. (NASDAQ:PTCT)’s share price was down 7.4% during trading on Friday . The company traded as low as $39.21 and last traded at $39.23. Approximately 229,263 shares were traded during trading, a decline of 73% from the average daily volume of 843,456 shares. The stock had previously closed at $42.38.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on PTCT shares. Robert W. Baird lifted their target price on PTC Therapeutics from $44.00 to $48.00 and gave the company an “outperform” rating in a research report on Friday, November 8th. StockNews.com upgraded shares of PTC Therapeutics from a “hold” rating to a “buy” rating in a report on Monday, November 11th. Barclays increased their target price on shares of PTC Therapeutics from $31.00 to $43.00 and gave the stock an “equal weight” rating in a report on Monday, November 11th. Morgan Stanley boosted their price target on shares of PTC Therapeutics from $32.00 to $45.00 and gave the stock an “equal weight” rating in a research note on Friday, October 11th. Finally, Royal Bank of Canada increased their price objective on PTC Therapeutics from $32.00 to $34.00 and gave the company a “sector perform” rating in a research note on Friday, October 4th. Three equities research analysts have rated the stock with a sell rating, five have given a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $41.31.

PTC Therapeutics Stock Performance

The firm has a market capitalization of $3.03 billion, a price-to-earnings ratio of -6.60 and a beta of 0.63. The company has a 50-day moving average price of $38.40 and a 200-day moving average price of $35.53.

Hedge Funds Weigh In On PTC Therapeutics

Several hedge funds have recently added to or reduced their stakes in PTCT. Allspring Global Investments Holdings LLC acquired a new position in shares of PTC Therapeutics in the 1st quarter valued at $46,000. KBC Group NV lifted its position in PTC Therapeutics by 29.2% in the third quarter. KBC Group NV now owns 2,232 shares of the biopharmaceutical company’s stock valued at $83,000 after acquiring an additional 504 shares during the last quarter. CWM LLC boosted its stake in PTC Therapeutics by 354.7% in the third quarter. CWM LLC now owns 2,687 shares of the biopharmaceutical company’s stock valued at $100,000 after acquiring an additional 2,096 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. grew its holdings in shares of PTC Therapeutics by 21.5% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,782 shares of the biopharmaceutical company’s stock worth $104,000 after purchasing an additional 492 shares during the last quarter. Finally, Quest Partners LLC purchased a new position in shares of PTC Therapeutics during the second quarter worth about $128,000.

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.