PTC Therapeutics Inc. (PTCT) Sees Strong Trading Volume
Shares of PTC Therapeutics Inc. (NASDAQ:PTCT) saw unusually-strong trading volume on Tuesday . Approximately 2,190,269 shares were traded during mid-day trading, an increase of 141% from the previous session’s volume of 910,033 shares.The stock last traded at $6.00 and had previously closed at $6.76.
A number of research analysts have weighed in on PTCT shares. Wedbush lowered their target price on PTC Therapeutics from $12.00 to $10.00 and set a “neutral” rating on the stock in a report on Tuesday. Cowen and Company reissued a “hold” rating on shares of PTC Therapeutics in a report on Sunday, April 17th. Jefferies Group reissued a “hold” rating and issued a $8.00 target price on shares of PTC Therapeutics in a report on Friday, May 6th. Credit Suisse Group AG downgraded PTC Therapeutics from an “outperform” rating to a “neutral” rating in a report on Tuesday. Finally, Zacks Investment Research raised PTC Therapeutics from a “sell” rating to a “hold” rating in a report on Tuesday. One research analyst has rated the stock with a sell rating, ten have given a hold rating and two have given a buy rating to the stock. The company currently has an average rating of “Hold” and an average price target of $35.97.
The stock’s 50 day moving average is $7.07 and its 200 day moving average is $10.99. The firm’s market cap is $199.44 million.
PTC Therapeutics (NASDAQ:PTCT) last issued its quarterly earnings results on Thursday, May 5th. The biopharmaceutical company reported ($1.22) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($1.26) by $0.04. The business earned $18.90 million during the quarter, compared to analyst estimates of $13.74 million. The company’s revenue was up 152.0% on a year-over-year basis. During the same quarter last year, the firm posted ($1.15) earnings per share. On average, analysts forecast that PTC Therapeutics Inc. will post ($4.93) earnings per share for the current fiscal year.
Other hedge funds and institutional investors have modified their holdings of the company. Westfield Capital Management Co. LP increased its position in shares of PTC Therapeutics by 49.6% in the fourth quarter. Westfield Capital Management Co. LP now owns 1,872,220 shares of the biopharmaceutical company’s stock valued at $60,660,000 after buying an additional 621,079 shares during the period. Jennison Associates LLC boosted its stake in shares of PTC Therapeutics by 5.9% in the fourth quarter. Jennison Associates LLC now owns 1,023,987 shares of the biopharmaceutical company’s stock valued at $33,177,000 after buying an additional 57,092 shares in the last quarter. Marshall Wace LLP boosted its stake in shares of PTC Therapeutics by 50.6% in the fourth quarter. Marshall Wace LLP now owns 44,410 shares of the biopharmaceutical company’s stock valued at $1,439,000 after buying an additional 14,926 shares in the last quarter. Turner Investments L.P. bought a new stake in shares of PTC Therapeutics during the fourth quarter valued at about $1,532,000. Finally, South Dakota Investment Council bought a new stake in shares of PTC Therapeutics during the fourth quarter valued at about $2,145,000.
PTC Therapeutics, Inc is a biopharmaceutical company focused on the discovery, development and commercialization of orally administered, small molecule therapeutics that focus on post-transcriptional control processes. The Company’s lead product, Translarna (ataluren), is used for the treatment of nonsense mutation Duchenne muscular dystrophy (nmDMD) in ambulatory patients with age of over five years and older.
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