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

PTC Therapeutics, Inc. (NASDAQ:PTCT)’s share price traded down 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 were traded during trading, a decline of 67% from the average session volume of 777,137 shares. The stock had previously closed at $54.24.

Other analysts have also recently issued research reports about the company. Cantor Fitzgerald upped their price objective on PTC Therapeutics from $76.00 to $113.00 and gave the company an “overweight” rating in a research report on Monday, February 3rd. Morgan Stanley restated an “overweight” rating and issued a $70.00 price target (up previously from $67.00) on shares of PTC Therapeutics in a research report on Friday, March 7th. Barclays raised their price objective on shares of PTC Therapeutics from $45.00 to $56.00 and gave the company an “equal weight” rating in a research report on Tuesday, December 3rd. Citigroup upped their target price on shares of PTC Therapeutics from $32.00 to $45.00 and gave the stock a “sell” rating in a report on Wednesday, February 12th. Finally, Scotiabank started coverage on PTC Therapeutics in a research note on Friday, March 7th. They issued a “sector perform” rating and a $55.00 price target for the company. Two analysts have rated the stock with a sell rating, five have given a hold rating, eight have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $63.77.

Insider Activity at PTC Therapeutics

In other news, Director Stephanie Okey sold 5,000 shares of PTC Therapeutics stock in a transaction on Thursday, March 13th. The stock was sold at an average price of $54.00, for a total transaction 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. This trade represents 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 this link. Also, CEO Eric Pauwels sold 1,599 shares of PTC Therapeutics stock in a transaction dated Tuesday, January 7th. The shares were sold at an average price of $45.34, for a total transaction of $72,498.66. Following the sale, the chief executive officer now owns 88,941 shares of the company’s stock, valued at $4,032,584.94. The trade was a 1.77 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 35,112 shares of company stock valued at $1,799,047. Insiders own 5.50% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the company. Smartleaf Asset Management LLC grew its position in shares of PTC Therapeutics by 78.7% during the 4th quarter. Smartleaf Asset Management LLC now owns 613 shares of the biopharmaceutical company’s stock worth $28,000 after buying an additional 270 shares in the last quarter. Sterling Capital Management LLC raised its holdings in PTC Therapeutics by 424.4% in the fourth quarter. Sterling Capital Management LLC now owns 645 shares of the biopharmaceutical company’s stock worth $29,000 after purchasing an additional 522 shares in the last quarter. Venturi Wealth Management LLC purchased a new stake in shares of PTC Therapeutics during the fourth quarter valued at about $68,000. GF Fund Management CO. LTD. purchased a new stake in PTC Therapeutics during the fourth quarter valued at approximately $73,000. Finally, Point72 Asia Singapore Pte. Ltd. purchased a new stake in PTC Therapeutics in the fourth quarter valued at about $77,000.

PTC Therapeutics Price Performance

The stock has a market cap of $3.68 billion, a price-to-earnings ratio of -7.85 and a beta of 0.66. The company’s fifty day moving average price is $51.21 and its 200-day moving average price is $45.46.

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.