PTC Therapeutics (NASDAQ:PTCT) Shares Down 8.5% – Here’s Why

PTC Therapeutics, Inc. (NASDAQ:PTCT)’s stock price fell 8.5% during mid-day trading on Wednesday . The company traded as low as $64.63 and last traded at $64.27. Approximately 536,311 shares traded hands during trading, a decline of 54% from the average session volume of 1,162,848 shares. The stock had previously closed at $70.26.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on PTCT. Royal Bank Of Canada lowered their target price on PTC Therapeutics from $87.00 to $82.00 and set a “sector perform” rating on the stock in a research note on Friday, February 20th. Truist Financial upgraded PTC Therapeutics to a “strong-buy” rating in a report on Wednesday, March 25th. Wells Fargo & Company lowered their price target on PTC Therapeutics from $93.00 to $86.00 and set an “overweight” rating for the company in a research note on Friday, February 20th. Morgan Stanley increased their price objective on PTC Therapeutics from $90.00 to $92.00 and gave the stock an “overweight” rating in a report on Monday, February 23rd. Finally, TD Cowen reaffirmed a “hold” rating on shares of PTC Therapeutics in a research report on Thursday, January 29th. One research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $84.40.

PTC Therapeutics Stock Performance

The company’s 50 day moving average is $67.97 and its 200 day moving average is $72.03. The stock has a market capitalization of $5.39 billion, a price-to-earnings ratio of 8.41 and a beta of 0.55.

PTC Therapeutics (NASDAQ:PTCT) last announced its quarterly earnings data on Thursday, February 19th. The biopharmaceutical company reported ($1.67) earnings per share for the quarter, missing the consensus estimate of ($0.21) by ($1.46). PTC Therapeutics had a negative return on equity of 362.45% and a net margin of 39.44%.The firm had revenue of $164.68 million for the quarter, compared to analyst estimates of $281.45 million. During the same period in the previous year, the business posted ($0.85) EPS. PTC Therapeutics’s revenue for the quarter was down 22.7% compared to the same quarter last year. On average, equities research analysts anticipate that PTC Therapeutics, Inc. will post -0.74 earnings per share for the current fiscal year.

Insider Buying and Selling at PTC Therapeutics

In other PTC Therapeutics news, insider Neil Gregory Almstead sold 52,003 shares of the stock in a transaction dated Wednesday, April 1st. The shares were sold at an average price of $69.04, for a total transaction of $3,590,287.12. Following the sale, the insider owned 60,137 shares of the company’s stock, valued at $4,151,858.48. This represents a 46.37% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Matthew B. Klein sold 2,850 shares of the stock in a transaction that occurred on Tuesday, April 21st. The shares were sold at an average price of $70.91, for a total transaction of $202,093.50. Following the sale, the chief executive officer directly owned 394,070 shares in the company, valued at $27,943,503.70. This trade represents a 0.72% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold 126,492 shares of company stock worth $8,634,621 over the last 90 days. Company insiders own 5.50% of the company’s stock.

Hedge Funds Weigh In On PTC Therapeutics

Several institutional investors have recently modified their holdings of the stock. Hsbc Holdings PLC raised its position in shares of PTC Therapeutics by 1,772.2% during the first quarter. Hsbc Holdings PLC now owns 227,059 shares of the biopharmaceutical company’s stock worth $15,470,000 after purchasing an additional 214,931 shares during the period. Abel Hall LLC bought a new stake in PTC Therapeutics during the 1st quarter worth approximately $311,000. QRG Capital Management Inc. increased its stake in PTC Therapeutics by 19.9% during the 1st quarter. QRG Capital Management Inc. now owns 26,023 shares of the biopharmaceutical company’s stock worth $1,773,000 after purchasing an additional 4,312 shares in the last quarter. New York State Teachers Retirement System raised its holdings in PTC Therapeutics by 0.7% during the 1st quarter. New York State Teachers Retirement System now owns 44,953 shares of the biopharmaceutical company’s stock worth $3,063,000 after buying an additional 316 shares during the period. Finally, Sierra Summit Advisors LLC raised its holdings in PTC Therapeutics by 43.6% during the 1st quarter. Sierra Summit Advisors LLC now owns 11,790 shares of the biopharmaceutical company’s stock worth $803,000 after buying an additional 3,577 shares during the period.

PTC Therapeutics Company Profile

PTC Therapeutics, Inc is a biopharmaceutical company focused on the discovery, development and commercialization of small molecule and biologic therapies for the treatment of rare genetic disorders. Since its founding in 1998, PTC has dedicated its efforts to addressing high unmet medical needs by targeting underlying genetic causes of disease. The company’s research platform emphasizes mechanisms such as nonsense suppression and RNA modulation, enabling the development of novel treatments for conditions with limited therapeutic options.

Among PTC’s approved products is Translarna (ataluren), a first-in-class therapy designed to treat nonsense mutation Duchenne muscular dystrophy in select markets.