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

PTC Therapeutics, Inc. (NASDAQ:PTCT) gapped down prior to trading 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 changing hands.

Several other analysts also recently commented on PTCT. Citigroup upped their price objective on shares of PTC Therapeutics from $32.00 to $45.00 and gave the company a “sell” rating in a report on Wednesday, February 12th. Royal Bank of Canada increased their price target on PTC Therapeutics from $60.00 to $63.00 and gave the stock an “outperform” rating in a research report on Tuesday, February 18th. UBS Group boosted their price objective on PTC Therapeutics from $47.00 to $71.00 and gave the company a “buy” rating in a report on Tuesday, December 3rd. Barclays upped their target price on PTC Therapeutics from $45.00 to $56.00 and gave the stock an “equal weight” rating in a research note on Tuesday, December 3rd. Finally, The Goldman Sachs Group lifted their price target on PTC Therapeutics from $32.00 to $42.00 and gave the company a “sell” rating in a research report on Wednesday, December 4th. Three analysts have rated the stock with a sell rating, four have assigned a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, PTC Therapeutics currently has a consensus rating of “Hold” and an average price target of $59.62.

Insider Activity at PTC Therapeutics

In other PTC Therapeutics news, Director Jerome B. Zeldis sold 24,000 shares of the firm’s stock in a transaction on Monday, December 2nd. The stock was sold at an average price of $51.50, for a total value of $1,236,000.00. Following the transaction, the director now owns 14,500 shares in the company, valued at approximately $746,750. This trade represents a 62.34 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, VP Mark Elliott Boulding sold 85,600 shares of PTC Therapeutics stock in a transaction on 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 directly owns 92,389 shares in the company, valued at approximately $4,828,249.14. This trade represents a 48.09 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 218,590 shares of company stock valued at $11,264,023. 5.50% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

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

PTC Therapeutics Trading Up 9.3 %

The firm has a fifty day moving average price of $47.16 and a 200 day moving average price of $42.17. The firm has a market cap of $4.26 billion, a PE ratio of -9.30 and a beta of 0.62.

About PTC Therapeutics

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.