PTC Therapeutics (NASDAQ:PTCT) Shares Gap Down to $34.66

PTC Therapeutics, Inc. (NASDAQ:PTCT)’s stock price gapped down prior to trading on Friday . The stock had previously closed at $34.66, but opened at $29.25. PTC Therapeutics shares last traded at $31.59, with a volume of 189,966 shares changing hands.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on the stock. Morgan Stanley upgraded shares of PTC Therapeutics from an “underweight” rating to an “equal weight” rating and raised their target price for the company from $28.00 to $30.00 in a research note on Monday, April 29th. Cantor Fitzgerald restated an “overweight” rating and set a $45.00 price objective on shares of PTC Therapeutics in a research report on Friday, April 12th. The Goldman Sachs Group raised their price objective on shares of PTC Therapeutics from $18.00 to $32.00 and gave the stock a “sell” rating in a research report on Tuesday, May 28th. TD Cowen cut their price objective on shares of PTC Therapeutics from $32.00 to $30.00 and set a “market perform” rating for the company in a research report on Friday, March 1st. Finally, Raymond James upgraded shares of PTC Therapeutics from an “underperform” rating to a “market perform” rating in a research report on Monday, May 20th. Three research analysts have rated the stock with a sell rating, eight have given a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $36.27.

PTC Therapeutics Stock Down 13.1 %

The business’s 50 day simple moving average is $34.12 and its two-hundred day simple moving average is $29.98. The stock has a market cap of $2.31 billion, a P/E ratio of -4.11 and a beta of 0.70.

PTC Therapeutics (NASDAQ:PTCT) last posted its earnings results on Thursday, April 25th. The biopharmaceutical company reported ($1.20) earnings per share for the quarter, topping analysts’ consensus estimates of ($1.21) by $0.01. The company had revenue of $210.12 million for the quarter, compared to the consensus estimate of $160.27 million. As a group, research analysts forecast that PTC Therapeutics, Inc. will post -4.88 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other PTC Therapeutics news, Director Jerome B. Zeldis sold 20,000 shares of the business’s stock in a transaction on Wednesday, May 22nd. The shares were sold at an average price of $38.24, for a total transaction of $764,800.00. Following the sale, the director now owns 14,500 shares of the company’s stock, valued at $554,480. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In other news, Director Jerome B. Zeldis sold 20,000 shares of PTC Therapeutics stock in a transaction on Wednesday, May 22nd. The shares were sold at an average price of $38.24, for a total transaction of $764,800.00. Following the transaction, the director now owns 14,500 shares in the company, valued at $554,480. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Matthew B. Klein sold 3,361 shares of the business’s stock in a transaction on Friday, April 19th. The shares were sold at an average price of $24.89, for a total transaction of $83,655.29. Following the completion of the transaction, the chief executive officer now owns 225,807 shares in the company, valued at approximately $5,620,336.23. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 24,849 shares of company stock valued at $888,907. 5.50% of the stock is currently owned by insiders.

Hedge Funds Weigh In On PTC Therapeutics

Several institutional investors have recently made changes to their positions in the stock. Wellington Management Group LLP raised its holdings in shares of PTC Therapeutics by 4.0% during the fourth quarter. Wellington Management Group LLP now owns 9,816,603 shares of the biopharmaceutical company’s stock valued at $270,546,000 after purchasing an additional 380,415 shares during the period. Vanguard Group Inc. raised its holdings in shares of PTC Therapeutics by 6.5% during the first quarter. Vanguard Group Inc. now owns 9,369,014 shares of the biopharmaceutical company’s stock valued at $272,545,000 after purchasing an additional 568,171 shares during the period. RTW Investments LP raised its holdings in shares of PTC Therapeutics by 2.6% during the fourth quarter. RTW Investments LP now owns 7,423,970 shares of the biopharmaceutical company’s stock valued at $204,605,000 after purchasing an additional 188,774 shares during the period. Armistice Capital LLC raised its holdings in shares of PTC Therapeutics by 11.6% during the fourth quarter. Armistice Capital LLC now owns 6,864,000 shares of the biopharmaceutical company’s stock valued at $189,172,000 after purchasing an additional 714,000 shares during the period. Finally, Janus Henderson Group PLC raised its holdings in shares of PTC Therapeutics by 40.5% during the first quarter. Janus Henderson Group PLC now owns 3,669,816 shares of the biopharmaceutical company’s stock valued at $106,744,000 after purchasing an additional 1,057,223 shares during the period.

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.