PTC Therapeutics, Inc. (NASDAQ:PTCT) Short Interest Up 26.0% in March

PTC Therapeutics, Inc. (NASDAQ:PTCT) saw a significant growth in short interest in the month of March. As of March 31st, there was short interest totalling 5,420,000 shares, a growth of 26.0% from the March 15th total of 4,300,000 shares. Based on an average daily trading volume, of 871,300 shares, the days-to-cover ratio is currently 6.2 days. Currently, 7.4% of the company’s shares are short sold.

PTC Therapeutics Trading Up 1.7 %

Shares of NASDAQ PTCT opened at $48.19 on Tuesday. PTC Therapeutics has a 12-month low of $24.00 and a 12-month high of $58.38. The firm has a market capitalization of $3.80 billion, a price-to-earnings ratio of -8.11 and a beta of 0.58. The firm has a 50 day moving average of $50.18 and a 200 day moving average of $46.32.

Insider Activity at PTC Therapeutics

In other PTC Therapeutics news, CFO Pierre Gravier sold 1,168 shares of the company’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 transaction of $58,516.80. Following the transaction, the chief financial officer now owns 75,603 shares in the company, valued at approximately $3,787,710.30. This represents a 1.52 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Allan Steven Jacobson sold 1,230 shares of the stock in a transaction that occurred on Tuesday, March 4th. The stock was sold at an average price of $51.52, for a total value of $63,369.60. Following the completion of the transaction, the director now directly owns 19,118 shares of the company’s stock, valued at $984,959.36. This represents a 6.04 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 29,501 shares of company stock worth $1,546,088 over the last 90 days. 5.50% of the stock is owned by company insiders.

Institutional Investors Weigh In On PTC Therapeutics

Several hedge funds and other institutional investors have recently modified their holdings of PTCT. Toronto Dominion Bank purchased a new stake in PTC Therapeutics in the fourth quarter worth about $148,363,000. Driehaus Capital Management LLC purchased a new stake in PTC Therapeutics in the 4th quarter worth approximately $46,993,000. Point72 Asset Management L.P. raised its stake in PTC Therapeutics by 150.6% during the 4th quarter. Point72 Asset Management L.P. now owns 1,443,362 shares of the biopharmaceutical company’s stock worth $65,153,000 after acquiring an additional 867,502 shares during the period. Janus Henderson Group PLC lifted its holdings in 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 in the last quarter. Finally, Pictet Asset Management Holding SA boosted its position in shares of PTC Therapeutics by 107.4% in the fourth 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 during the period.

Analyst Ratings Changes

A number of brokerages have weighed in on PTCT. Bank of America upgraded shares of PTC Therapeutics from an “underperform” rating to a “neutral” rating and upped their price objective for the stock from $41.00 to $55.00 in a report on Tuesday, March 11th. Citigroup boosted their target price on PTC Therapeutics from $32.00 to $45.00 and gave the stock a “sell” rating in a report on Wednesday, February 12th. Cantor Fitzgerald lifted their price target on PTC Therapeutics from $76.00 to $113.00 and gave the stock an “overweight” rating in a research report on Monday, February 3rd. Scotiabank started coverage on shares of PTC Therapeutics in a research report on Friday, March 7th. They set a “sector perform” rating and a $55.00 price objective on the stock. Finally, Morgan Stanley reiterated an “overweight” rating and issued a $70.00 target price (up previously from $67.00) on shares of PTC Therapeutics in a research note on Friday, March 7th. Two investment analysts have rated the stock with a sell rating, five have given a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $63.77.

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.