PTC Therapeutics (NASDAQ:PTCT) Shares Gap Down to $34.66

Shares of PTC Therapeutics, Inc. (NASDAQ:PTCT) gapped down before the market opened on Friday . The stock had previously closed at $34.66, but opened at $29.25. PTC Therapeutics shares last traded at $31.59, with a volume of 189,966 shares changing hands.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on PTCT. Morgan Stanley raised shares of PTC Therapeutics from an “underweight” rating to an “equal weight” rating and boosted their target price for the company from $28.00 to $30.00 in a report on Monday, April 29th. The Goldman Sachs Group boosted their target price on shares of PTC Therapeutics from $18.00 to $32.00 and gave the company a “sell” rating in a report on Tuesday, May 28th. Citigroup boosted their target price on shares of PTC Therapeutics from $18.00 to $26.00 and gave the company a “sell” rating in a report on Tuesday, May 21st. Raymond James raised shares of PTC Therapeutics from an “underperform” rating to a “market perform” rating in a report on Monday, May 20th. Finally, JPMorgan Chase & Co. reaffirmed an “overweight” rating and issued a $53.00 price target on shares of PTC Therapeutics in a report on Thursday, June 20th. Three equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $36.27.

PTC Therapeutics Stock Down 11.8 %

The firm’s 50-day moving average is $34.23 and its 200-day moving average is $30.04. The company has a market capitalization of $2.35 billion, a PE ratio of -3.98 and a beta of 0.70.

PTC Therapeutics (NASDAQ:PTCT) last announced its earnings results on Thursday, April 25th. The biopharmaceutical company reported ($1.20) earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.21) by $0.01. The company had revenue of $210.12 million during the quarter, compared to analysts’ expectations of $160.27 million. As a group, equities research analysts predict that PTC Therapeutics, Inc. will post -4.88 EPS for the current year.

Insider Buying and Selling at PTC Therapeutics

In other PTC Therapeutics news, CEO Matthew B. Klein sold 3,361 shares of the company’s stock in a transaction dated Friday, April 19th. The shares were sold at an average price of $24.89, for a total transaction of $83,655.29. Following the completion of the sale, the chief executive officer now directly owns 225,807 shares in the company, valued at $5,620,336.23. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. In other PTC Therapeutics news, Director Jerome B. Zeldis sold 20,000 shares of the company’s stock in a transaction dated Wednesday, May 22nd. The shares were sold at an average price of $38.24, for a total transaction of $764,800.00. Following the completion of the sale, the director now directly owns 14,500 shares in the company, valued at $554,480. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO Matthew B. Klein sold 3,361 shares of the company’s stock in a transaction dated Friday, April 19th. The shares were sold at an average price of $24.89, for a total transaction of $83,655.29. Following the sale, the chief executive officer now owns 225,807 shares of the company’s stock, valued at $5,620,336.23. The disclosure for this sale can be found here. Insiders sold a total of 24,849 shares of company stock worth $888,907 over the last three months. Company insiders own 5.50% of the company’s stock.

Institutional Trading of PTC Therapeutics

A number of institutional investors have recently modified their holdings of the company. Wellington Management Group LLP boosted its holdings in shares of PTC Therapeutics by 4.0% during the fourth quarter. Wellington Management Group LLP now owns 9,816,603 shares of the biopharmaceutical company’s stock worth $270,546,000 after purchasing an additional 380,415 shares during the period. Vanguard Group Inc. boosted its holdings in shares of PTC Therapeutics by 6.5% during the first quarter. Vanguard Group Inc. now owns 9,369,014 shares of the biopharmaceutical company’s stock worth $272,545,000 after purchasing an additional 568,171 shares during the period. RTW Investments LP boosted its holdings in shares of PTC Therapeutics by 2.6% during the fourth quarter. RTW Investments LP now owns 7,423,970 shares of the biopharmaceutical company’s stock worth $204,605,000 after purchasing an additional 188,774 shares during the period. Armistice Capital LLC boosted its holdings in shares of PTC Therapeutics by 11.6% during the fourth quarter. Armistice Capital LLC now owns 6,864,000 shares of the biopharmaceutical company’s stock worth $189,172,000 after purchasing an additional 714,000 shares during the period. Finally, Janus Henderson Group PLC boosted its holdings in shares of PTC Therapeutics by 40.5% during the first quarter. Janus Henderson Group PLC now owns 3,669,816 shares of the biopharmaceutical company’s stock worth $106,744,000 after purchasing an additional 1,057,223 shares during the period.

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.