PTC Therapeutics (NASDAQ:PTCT) Shares Gap Up Following Strong Earnings

PTC Therapeutics, Inc. (NASDAQ:PTCT) gapped up before the market opened on Friday after the company announced better than expected quarterly earnings. The stock had previously closed at $25.49, but opened at $27.00. PTC Therapeutics shares last traded at $27.60, with a volume of 86,284 shares changing hands.

The biopharmaceutical company reported ($1.20) earnings per share for the quarter, topping the consensus estimate of ($1.21) by $0.01. The company had revenue of $210.12 million for the quarter, compared to analyst estimates of $160.27 million.

Analyst Upgrades and Downgrades

PTCT has been the subject of several recent analyst reports. Cantor Fitzgerald reissued an “overweight” rating and set a $45.00 price objective on shares of PTC Therapeutics in a report on Friday, April 12th. TD Cowen decreased their price objective on shares of PTC Therapeutics from $32.00 to $30.00 and set a “market perform” rating for the company in a report on Friday, March 1st. Jefferies Financial Group raised their price objective on shares of PTC Therapeutics from $33.00 to $35.00 and gave the stock a “buy” rating in a report on Wednesday, March 20th. Finally, Royal Bank of Canada lifted their price target on shares of PTC Therapeutics from $22.00 to $28.00 and gave the company a “sector perform” rating in a report on Friday, March 1st. Five investment analysts have rated the stock with a sell rating, six have issued a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $33.53.

Insider Buying and Selling at PTC Therapeutics

In other PTC Therapeutics news, CEO Matthew B. Klein sold 3,361 shares of the business’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 transaction, the chief executive officer now directly owns 225,807 shares of the company’s stock, valued at approximately $5,620,336.23. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders sold 6,404 shares of company stock valued at $165,506 in the last ninety days. Company insiders own 5.30% of the company’s stock.

Institutional Trading of PTC Therapeutics

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Pinnacle Associates Ltd. raised its position in shares of PTC Therapeutics by 1.8% during the 1st quarter. Pinnacle Associates Ltd. now owns 156,938 shares of the biopharmaceutical company’s stock worth $4,565,000 after buying an additional 2,734 shares in the last quarter. Assenagon Asset Management S.A. raised its position in shares of PTC Therapeutics by 26.2% during the 1st quarter. Assenagon Asset Management S.A. now owns 306,231 shares of the biopharmaceutical company’s stock worth $8,908,000 after buying an additional 63,570 shares in the last quarter. Allspring Global Investments Holdings LLC bought a new stake in shares of PTC Therapeutics during the 1st quarter worth about $46,000. Los Angeles Capital Management LLC raised its position in shares of PTC Therapeutics by 23.1% during the 1st quarter. Los Angeles Capital Management LLC now owns 10,800 shares of the biopharmaceutical company’s stock worth $314,000 after buying an additional 2,024 shares in the last quarter. Finally, Vanguard Group Inc. raised its position in shares of PTC Therapeutics by 10.8% during the 4th quarter. Vanguard Group Inc. now owns 8,800,843 shares of the biopharmaceutical company’s stock worth $242,551,000 after buying an additional 855,354 shares in the last quarter.

PTC Therapeutics Trading Up 12.1 %

The company has a market capitalization of $2.19 billion, a P/E ratio of -3.72 and a beta of 0.67. The business’s 50-day simple moving average is $28.15 and its 200 day simple moving average is $25.81.

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.