PTC Therapeutics (NASDAQ:PTCT) Reaches New 12-Month Low – Time to Sell?

PTC Therapeutics, Inc. (NASDAQ:PTCT) reached a new 52-week low on Tuesday. The company traded as low as $60.76 and last traded at $60.9350, with a volume of 74,623 shares trading hands. The stock had previously closed at $62.92.

Analyst Ratings Changes

A number of brokerages recently issued reports on PTCT. Zacks Research downgraded PTC Therapeutics from a “strong-buy” rating to a “hold” rating in a research report on Thursday, August 6th. Weiss Ratings raised PTC Therapeutics from a “sell (d)” rating to a “sell (d+)” rating in a report on Thursday. Cantor Fitzgerald lifted their price objective on PTC Therapeutics from $130.00 to $137.00 and gave the company an “overweight” rating in a report on Tuesday, September 22nd. Barclays upped their target price on PTC Therapeutics from $120.00 to $122.00 and gave the company an “overweight” rating in a research report on Friday, August 14th. Finally, Royal Bank Of Canada cut their target price on PTC Therapeutics from $85.00 to $75.00 and set a “sector perform” rating for the company in a research report on Wednesday, October 7th. One research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, two have given a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $98.25.

PTC Therapeutics Stock Down 3.6%

The stock has a market capitalization of $5.06 billion, a price-to-earnings ratio of -104.64, a P/E/G ratio of 1.95 and a beta of 0.49. The business’s 50 day simple moving average is $68.26 and its 200-day simple moving average is $71.95.

PTC Therapeutics (NASDAQ:PTCT) last issued its earnings results on Thursday, July 30th. The biopharmaceutical company reported $0.92 EPS for the quarter, beating the consensus estimate of $0.24 by $0.68. The firm had revenue of $360.52 million during the quarter, compared to analyst estimates of $298.63 million. During the same quarter in the previous year, the firm posted ($0.83) earnings per share. PTC Therapeutics’s quarterly revenue was up 101.5% compared to the same quarter last year. On average, analysts expect that PTC Therapeutics, Inc. will post 1.19 earnings per share for the current year.

Insider Activity

In other PTC Therapeutics news, CEO Matthew B. Klein sold 10,292 shares of the company’s stock in a transaction on Tuesday, August 4th. The stock was sold at an average price of $68.57, for a total transaction of $705,722.44. Following the completion of the sale, the chief executive officer directly owned 383,868 shares in the company, valued at $26,321,828.76. This represents a 2.61% 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. 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. Also, VP Mark Boulding sold 2,813 shares of the firm’s stock in a transaction on Monday, August 17th. The shares were sold at an average price of $72.57, for a total value of $204,139.41. Following the completion of the sale, the vice president directly owned 105,272 shares in the company, valued at approximately $7,639,589.04. This represents a 2.60% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders sold 74,678 shares of company stock valued at $5,160,898. 5.30% of the stock is owned by insiders.

Institutional Trading of PTC Therapeutics

Institutional investors and hedge funds have recently modified their holdings of the business. Rock Springs Capital Management LP grew its position in PTC Therapeutics by 161.5% in the first quarter. Rock Springs Capital Management LP now owns 161,798 shares of the biopharmaceutical company’s stock valued at $11,023,000 after acquiring an additional 99,919 shares during the last quarter. Parkman Healthcare Partners LLC acquired a new position in PTC Therapeutics during the second quarter worth about $35,539,000. Janus Henderson Group PLC raised its stake in PTC Therapeutics by 48.3% during the first quarter. Janus Henderson Group PLC now owns 7,193,433 shares of the biopharmaceutical company’s stock worth $489,997,000 after acquiring an additional 2,342,101 shares in the last quarter. California State Teachers Retirement System lifted its holdings in shares of PTC Therapeutics by 23.5% in the first quarter. California State Teachers Retirement System now owns 84,320 shares of the biopharmaceutical company’s stock worth $5,745,000 after acquiring an additional 16,027 shares during the last quarter. Finally, William Blair Investment Management LLC bought a new position in shares of PTC Therapeutics in the second quarter worth about $140,520,000.

PTC Therapeutics Company Profile

PTC Therapeutics, Inc is a biopharmaceutical company focused on discovering, developing and commercializing medicines for rare diseases. Its research programs use technologies designed to address genetic and molecular causes of disease, including RNA biology, protein translation and gene therapy.

The company’s commercial portfolio includes Emflaza (deflazacort), a corticosteroid approved in the United States to treat Duchenne muscular dystrophy, and Upstaza (eladocagene exuparvovec), a gene therapy for aromatic L-amino acid decarboxylase deficiency in eligible patients.