PTC Therapeutics (NASDAQ:PTCT) Trading Down 8.8% After Analyst Downgrade

PTC Therapeutics, Inc. (NASDAQ:PTCT)’s stock price fell 8.8% during trading on Monday after JPMorgan Chase & Co. lowered their price target on the stock from $78.00 to $75.00. JPMorgan Chase & Co. currently has an overweight rating on the stock. PTC Therapeutics traded as low as $45.40 and last traded at $49.45. 258,648 shares traded hands during trading, a decline of 67% from the average session volume of 777,137 shares. The stock had previously closed at $54.24.

A number of other research firms also recently commented on PTCT. Robert W. Baird boosted their target price on PTC Therapeutics from $52.00 to $70.00 and gave the stock an “outperform” rating in a research report on Tuesday, December 3rd. Cantor Fitzgerald boosted their price objective on shares of PTC Therapeutics from $76.00 to $113.00 and gave the stock an “overweight” rating in a research report on Monday, February 3rd. Scotiabank began coverage on shares of PTC Therapeutics in a report on Friday, March 7th. They set a “sector perform” rating and a $55.00 target price for the company. Morgan Stanley restated an “overweight” rating and set a $70.00 target price (up previously from $67.00) on shares of PTC Therapeutics in a research report on Friday, March 7th. Finally, Royal Bank of Canada increased their price target on shares of PTC Therapeutics from $60.00 to $63.00 and gave the company an “outperform” rating in a research report on Tuesday, February 18th. Two analysts have rated the stock with a sell rating, five have assigned a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $63.77.

Insider Buying and Selling

In related news, Director Stephanie Okey sold 5,000 shares of the business’s stock in a transaction that occurred on Thursday, March 13th. The shares were sold at an average price of $54.00, for a total value of $270,000.00. Following the completion of the sale, the director now directly owns 8,867 shares in the company, valued at approximately $478,818. The trade was a 36.06 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Christine Marie Utter sold 1,291 shares of the stock in a transaction that occurred on Tuesday, January 7th. The stock was sold at an average price of $45.34, for a total transaction of $58,533.94. Following the transaction, the chief accounting officer now directly owns 65,983 shares in the company, valued at approximately $2,991,669.22. This represents a 1.92 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 35,112 shares of company stock worth $1,799,047. 5.50% of the stock is owned by insiders.

Institutional Trading of PTC Therapeutics

Several institutional investors have recently made changes to their positions in PTCT. Vontobel Holding Ltd. acquired a new position in PTC Therapeutics during the 4th quarter worth approximately $521,000. Charles Schwab Investment Management Inc. raised its position in shares of PTC Therapeutics by 7.3% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 706,730 shares of the biopharmaceutical company’s stock valued at $26,220,000 after purchasing an additional 47,902 shares in the last quarter. Two Sigma Advisers LP boosted its stake in PTC Therapeutics by 10.3% during the 3rd quarter. Two Sigma Advisers LP now owns 429,842 shares of the biopharmaceutical company’s stock valued at $15,947,000 after acquiring an additional 40,300 shares during the last quarter. Raymond James Financial Inc. bought a new position in shares of PTC Therapeutics during the fourth quarter worth about $2,200,000. Finally, Proficio Capital Partners LLC acquired a new position in shares of PTC Therapeutics in the 4th quarter worth approximately $758,000.

PTC Therapeutics Price Performance

The business’s fifty day simple moving average is $51.18 and its 200 day simple moving average is $45.37. The stock has a market cap of $4.02 billion, a price-to-earnings ratio of -8.58 and a beta of 0.66.

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.