PTC Therapeutics (NASDAQ:PTCT) Shares Gap Down to $24.69

PTC Therapeutics, Inc. (NASDAQ:PTCT)’s share price gapped down before the market opened on Friday . The stock had previously closed at $24.69, but opened at $24.01. PTC Therapeutics shares last traded at $24.98, with a volume of 66,571 shares trading hands.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on PTCT shares. Jefferies Financial Group raised their target price on PTC Therapeutics from $33.00 to $35.00 and gave the company a “buy” rating in a research report on Wednesday, March 20th. TD Cowen decreased their price objective on PTC Therapeutics from $32.00 to $30.00 and set a “market perform” rating for the company in a report on Friday, March 1st. Cantor Fitzgerald reissued an “overweight” rating and issued a $45.00 price objective on shares of PTC Therapeutics in a report on Friday, April 12th. Finally, Royal Bank of Canada lifted their price objective on PTC Therapeutics from $22.00 to $28.00 and gave the stock a “sector perform” rating in a report on Friday, March 1st. Five investment analysts have rated the stock with a sell rating, six have assigned a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $33.53.

PTC Therapeutics Price Performance

The stock’s 50 day simple moving average is $28.08 and its two-hundred day simple moving average is $25.59. The firm has a market cap of $1.91 billion, a P/E ratio of -2.95 and a beta of 0.67.

PTC Therapeutics (NASDAQ:PTCT) last announced its earnings results on Thursday, February 29th. The biopharmaceutical company reported ($0.24) earnings per share for the quarter, missing analysts’ consensus estimates of $0.29 by ($0.53). The business had revenue of $307.06 million for the quarter, compared to analyst estimates of $315.90 million. Equities research analysts anticipate that PTC Therapeutics, Inc. will post -5.94 earnings per share for the current year.

Insider Activity

In related news, Director Allan Steven Jacobson sold 10,000 shares of the firm’s stock in a transaction that occurred on Monday, January 22nd. The shares were sold at an average price of $27.38, for a total value of $273,800.00. Following the sale, the director now owns 12,348 shares in the company, valued at $338,088.24. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders have sold a total of 12,256 shares of company stock worth $335,865 over the last 90 days. 5.30% of the stock is currently owned by insiders.

Institutional Investors Weigh In On PTC Therapeutics

Several institutional investors and hedge funds have recently added to or reduced their stakes in PTCT. Hexagon Capital Partners LLC boosted its holdings in PTC Therapeutics by 132.0% in the fourth quarter. Hexagon Capital Partners LLC now owns 979 shares of the biopharmaceutical company’s stock worth $27,000 after purchasing an additional 557 shares during the last quarter. China Universal Asset Management Co. Ltd. boosted its stake in shares of PTC Therapeutics by 99.7% during the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 1,941 shares of the biopharmaceutical company’s stock worth $43,000 after acquiring an additional 969 shares during the last quarter. KBC Group NV purchased a new position in shares of PTC Therapeutics during the 4th quarter worth $43,000. Allspring Global Investments Holdings LLC purchased a new position in shares of PTC Therapeutics during the 1st quarter worth $46,000. Finally, Nisa Investment Advisors LLC boosted its stake in shares of PTC Therapeutics by 317.0% during the 3rd quarter. Nisa Investment Advisors LLC now owns 2,656 shares of the biopharmaceutical company’s stock worth $60,000 after acquiring an additional 2,019 shares during the last quarter.

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.