PTC Therapeutics (NASDAQ:PTCT) Shares Gap Down After Analyst Downgrade

Shares of PTC Therapeutics, Inc. (NASDAQ:PTCT) gapped down before the market opened on Friday after JPMorgan Chase & Co. lowered their price target on the stock from $74.00 to $72.00. The stock had previously closed at $50.57, but opened at $45.45. JPMorgan Chase & Co. currently has an overweight rating on the stock. PTC Therapeutics shares last traded at $52.17, with a volume of 138,606 shares traded.

A number of other research firms have also recently commented on PTCT. Cantor Fitzgerald raised their price target on shares of PTC Therapeutics from $76.00 to $113.00 and gave the company an “overweight” rating in a research note on Monday, February 3rd. Morgan Stanley upgraded shares of PTC Therapeutics from an “equal weight” rating to an “overweight” rating and raised their target price for the company from $45.00 to $67.00 in a research report on Friday, December 13th. Barclays upped their price target on shares of PTC Therapeutics from $45.00 to $56.00 and gave the stock an “equal weight” rating in a report on Tuesday, December 3rd. Wells Fargo & Company increased their price target on PTC Therapeutics from $56.00 to $68.00 and gave the company an “overweight” rating in a research note on Tuesday, November 26th. Finally, The Goldman Sachs Group boosted their price objective on PTC Therapeutics from $32.00 to $42.00 and gave the stock a “sell” rating in a research report on Wednesday, December 4th. Three analysts have rated the stock with a sell rating, three have given a hold rating, eight have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, PTC Therapeutics presently has a consensus rating of “Hold” and a consensus target price of $62.08.

Insider Buying and Selling at PTC Therapeutics

In related news, VP Mark Elliott Boulding sold 85,600 shares of the company’s stock in a transaction dated Monday, December 2nd. The stock was sold at an average price of $52.26, for a total transaction of $4,473,456.00. Following the sale, the vice president now owns 92,389 shares in the company, valued at $4,828,249.14. This represents a 48.09 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Neil Gregory Almstead sold 1,300 shares of the firm’s stock in a transaction that occurred on Wednesday, February 19th. The stock was sold at an average price of $50.10, for a total value of $65,130.00. Following the sale, the insider now directly owns 101,931 shares of the company’s stock, valued at $5,106,743.10. This represents a 1.26 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 218,590 shares of company stock valued at $11,264,023. 5.50% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On PTC Therapeutics

A number of institutional investors and hedge funds have recently modified their holdings of PTCT. Toronto Dominion Bank bought a new stake in shares of PTC Therapeutics in the 4th quarter valued at $148,363,000. Driehaus Capital Management LLC bought a new stake in PTC Therapeutics in the fourth quarter valued at $46,993,000. Point72 Asset Management L.P. increased its stake in PTC Therapeutics by 150.6% in the fourth quarter. Point72 Asset Management L.P. now owns 1,443,362 shares of the biopharmaceutical company’s stock valued at $65,153,000 after purchasing an additional 867,502 shares in the last quarter. Janus Henderson Group PLC raised its holdings in shares of PTC Therapeutics by 24.4% during the fourth quarter. Janus Henderson Group PLC now owns 2,325,915 shares of the biopharmaceutical company’s stock valued at $105,015,000 after purchasing an additional 455,698 shares during the period. Finally, Pictet Asset Management Holding SA boosted its position in shares of PTC Therapeutics by 107.4% during the 4th quarter. Pictet Asset Management Holding SA now owns 736,388 shares of the biopharmaceutical company’s stock worth $33,241,000 after purchasing an additional 381,319 shares in the last quarter.

PTC Therapeutics Stock Performance

The company has a 50 day moving average price of $47.16 and a 200 day moving average price of $42.17. The company has a market capitalization of $4.26 billion, a price-to-earnings ratio of -9.30 and a beta of 0.62.

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.