PTC Therapeutics (NASDAQ:PTCT) Shares Gap Down – Here’s What Happened

PTC Therapeutics, Inc. (NASDAQ:PTCT) gapped down prior to trading on Friday . The stock had previously closed at $45.31, but opened at $44.04. PTC Therapeutics shares last traded at $44.76, with a volume of 67,092 shares traded.

Analyst Ratings Changes

A number of research firms have issued reports on PTCT. Robert W. Baird cut their price target on PTC Therapeutics from $70.00 to $66.00 and set an “outperform” rating for the company in a research note on Wednesday, May 7th. StockNews.com downgraded PTC Therapeutics from a “strong-buy” rating to a “buy” rating in a research note on Friday. Cantor Fitzgerald cut their price target on PTC Therapeutics from $113.00 to $112.00 and set an “overweight” rating for the company in a research note on Wednesday, May 7th. JPMorgan Chase & Co. cut their price target on PTC Therapeutics from $75.00 to $67.00 and set an “overweight” rating for the company in a research note on Wednesday, May 7th. Finally, Scotiabank began coverage on PTC Therapeutics in a research note on Friday, March 7th. They set a “sector perform” rating and a $55.00 price target for the company. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $61.92.

PTC Therapeutics Trading Up 1.5%

The stock has a 50 day moving average of $48.22 and a 200-day moving average of $47.19. The company has a market capitalization of $3.65 billion, a P/E ratio of -7.75 and a beta of 0.52.

PTC Therapeutics (NASDAQ:PTCT) last announced its quarterly earnings data on Tuesday, May 6th. The biopharmaceutical company reported $10.04 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.85 by $9.19. The company had revenue of $1.18 billion for the quarter, compared to the consensus estimate of $437.16 million. The company’s revenue was down 9.6% compared to the same quarter last year. During the same quarter last year, the firm posted ($1.20) earnings per share. As a group, sell-side analysts expect that PTC Therapeutics, Inc. will post -4.52 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CEO Matthew B. Klein sold 2,804 shares of the business’s stock in a transaction that occurred on Tuesday, April 22nd. The stock was sold at an average price of $48.74, for a total value of $136,666.96. Following the transaction, the chief executive officer now directly owns 273,234 shares of the company’s stock, valued at approximately $13,317,425.16. The trade was a 1.02% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Stephanie Okey sold 5,000 shares of the business’s stock in a transaction that occurred on Thursday, March 13th. The stock was sold at an average price of $54.00, for a total value of $270,000.00. Following the completion of the transaction, the director now directly owns 8,867 shares in the company, valued at approximately $478,818. This represents a 36.06% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 32,305 shares of company stock valued at $1,682,755. Corporate insiders own 5.50% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in PTCT. Janney Montgomery Scott LLC lifted its holdings in PTC Therapeutics by 8.3% in the 4th quarter. Janney Montgomery Scott LLC now owns 5,965 shares of the biopharmaceutical company’s stock worth $269,000 after purchasing an additional 455 shares in the last quarter. KBC Group NV boosted its position in shares of PTC Therapeutics by 36.4% during the 4th quarter. KBC Group NV now owns 3,045 shares of the biopharmaceutical company’s stock valued at $137,000 after acquiring an additional 813 shares during the last quarter. R Squared Ltd bought a new position in shares of PTC Therapeutics during the 4th quarter valued at approximately $79,000. China Universal Asset Management Co. Ltd. boosted its position in shares of PTC Therapeutics by 10.5% during the 4th quarter. China Universal Asset Management Co. Ltd. now owns 16,353 shares of the biopharmaceutical company’s stock valued at $738,000 after acquiring an additional 1,558 shares during the last quarter. Finally, Nadler Financial Group Inc. bought a new position in shares of PTC Therapeutics during the 4th quarter valued at approximately $223,000.

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.