PTC Therapeutics (NASDAQ:PTCT) Shares Gap Down After Analyst Downgrade

PTC Therapeutics, Inc. (NASDAQ:PTCT)’s stock price gapped down before the market opened on Friday after JPMorgan Chase & Co. lowered their price target on the stock from $74.00 to $72.00. The stock had previously closed at $50.57, but opened at $45.45. JPMorgan Chase & Co. currently has an overweight rating on the stock. PTC Therapeutics shares last traded at $52.17, with a volume of 138,606 shares traded.

A number of other equities research analysts also recently weighed in on the stock. UBS Group boosted their price target on shares of PTC Therapeutics from $47.00 to $71.00 and gave the stock a “buy” rating in a research note on Tuesday, December 3rd. Morgan Stanley raised PTC Therapeutics from an “equal weight” rating to an “overweight” rating and increased their price target for the company from $45.00 to $67.00 in a research note on Friday, December 13th. Barclays lifted their price objective on PTC Therapeutics from $45.00 to $56.00 and gave the stock an “equal weight” rating in a research note on Tuesday, December 3rd. Cantor Fitzgerald increased their target price on PTC Therapeutics from $76.00 to $113.00 and gave the company an “overweight” rating in a research note on Monday, February 3rd. Finally, Royal Bank of Canada raised their target price on PTC Therapeutics from $60.00 to $63.00 and gave the stock an “outperform” rating in a report on Tuesday, February 18th. Three research analysts have rated the stock with a sell rating, four have given a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $59.62.

Insider Buying and Selling at PTC Therapeutics

In other news, CAO Christine Marie Utter sold 17,800 shares of PTC Therapeutics stock in a transaction that occurred on Monday, December 2nd. The shares were sold at an average price of $51.77, for a total value of $921,506.00. Following the sale, the chief accounting officer now directly owns 52,428 shares in the company, valued at $2,714,197.56. This trade represents a 25.35 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Pierre Gravier sold 1,168 shares of the business’s stock in a transaction on Wednesday, February 19th. The stock was sold at an average price of $50.10, for a total transaction of $58,516.80. Following the completion of the sale, the chief financial officer now directly owns 75,603 shares in the company, valued at approximately $3,787,710.30. This represents a 1.52 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 218,590 shares of company stock valued at $11,264,023 in the last 90 days. 5.50% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On PTC Therapeutics

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. grew its holdings in shares of PTC Therapeutics by 0.6% in the 4th quarter. Vanguard Group Inc. now owns 9,178,822 shares of the biopharmaceutical company’s stock valued at $414,332,000 after acquiring an additional 53,688 shares in the last quarter. Toronto Dominion Bank bought a new position in PTC Therapeutics in the fourth quarter valued at approximately $148,363,000. State Street Corp increased its position in shares of PTC Therapeutics by 5.4% during the 3rd quarter. State Street Corp now owns 2,899,040 shares of the biopharmaceutical company’s stock worth $107,554,000 after purchasing an additional 149,700 shares during the last quarter. Janus Henderson Group PLC raised its stake in shares of PTC Therapeutics by 24.4% during the 4th quarter. Janus Henderson Group PLC now owns 2,325,915 shares of the biopharmaceutical company’s stock worth $105,015,000 after purchasing an additional 455,698 shares in the last quarter. Finally, Geode Capital Management LLC boosted its holdings in shares of PTC Therapeutics by 0.6% in the 3rd quarter. Geode Capital Management LLC now owns 1,798,666 shares of the biopharmaceutical company’s stock valued at $66,743,000 after buying an additional 10,886 shares during the last quarter.

PTC Therapeutics Price Performance

The firm has a market capitalization of $4.26 billion, a P/E ratio of -9.30 and a beta of 0.62. The firm’s 50 day moving average is $46.98 and its two-hundred day moving average is $42.01.

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.