PTC Therapeutics (NASDAQ:PTCT) Shares Gap Down – Here’s What Happened

Shares of PTC Therapeutics, Inc. (NASDAQ:PTCT) gapped down prior to trading on Monday . The stock had previously closed at $49.95, but opened at $39.44. PTC Therapeutics shares last traded at $40.94, with a volume of 977,245 shares.

Analyst Ratings Changes

PTCT has been the subject of a number of recent research reports. Cantor Fitzgerald increased their price objective on shares of PTC Therapeutics from $76.00 to $113.00 and gave the company an “overweight” rating in a report on Monday, February 3rd. Bank of America raised shares of PTC Therapeutics from an “underperform” rating to a “neutral” rating and lifted their target price for the stock from $41.00 to $55.00 in a research note on Tuesday, March 11th. Citigroup increased their price target on shares of PTC Therapeutics from $32.00 to $45.00 and gave the company a “sell” rating in a research note on Wednesday, February 12th. JPMorgan Chase & Co. cut their target price on PTC Therapeutics from $78.00 to $75.00 and set an “overweight” rating for the company in a research note on Monday, March 31st. Finally, Morgan Stanley reissued an “overweight” rating and set a $70.00 price objective (up from $67.00) on shares of PTC Therapeutics in a research report on Friday, March 7th. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $63.92.

PTC Therapeutics Stock Down 18.6 %

The business’s 50 day moving average is $50.00 and its two-hundred day moving average is $47.04. The firm has a market capitalization of $3.21 billion, a P/E ratio of -6.86 and a beta of 0.52.

Insider Buying and Selling at PTC Therapeutics

In related news, CEO Matthew B. Klein sold 2,804 shares of the company’s stock in a transaction on Tuesday, April 22nd. The stock was sold at an average price of $48.74, for a total transaction of $136,666.96. Following the transaction, the chief executive officer now directly owns 273,234 shares of the company’s stock, valued at approximately $13,317,425.16. The trade was a 1.02 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Pierre Gravier sold 1,168 shares of the 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 completion of the sale, the chief financial officer now directly owns 75,603 shares of the company’s stock, valued at $3,787,710.30. This trade represents a 1.52 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 32,305 shares of company stock valued at $1,682,755. 5.50% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On PTC Therapeutics

Institutional investors have recently modified their holdings of the stock. Smartleaf Asset Management LLC raised its holdings in shares of PTC Therapeutics by 78.7% during the fourth quarter. Smartleaf Asset Management LLC now owns 613 shares of the biopharmaceutical company’s stock worth $28,000 after acquiring an additional 270 shares in the last quarter. Sterling Capital Management LLC increased 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 buying an additional 522 shares during the last quarter. GAMMA Investing LLC raised its position in PTC Therapeutics by 86.3% during the first quarter. GAMMA Investing LLC now owns 952 shares of the biopharmaceutical company’s stock valued at $49,000 after acquiring an additional 441 shares in the last quarter. Venturi Wealth Management LLC bought a new position in PTC Therapeutics during the fourth quarter valued at approximately $68,000. Finally, GF Fund Management CO. LTD. acquired a new stake in PTC Therapeutics in the fourth quarter valued at approximately $73,000.

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.