PTC Therapeutics (NASDAQ:PTCT) Stock Price Up 4.7% – Here’s What Happened

PTC Therapeutics, Inc. (NASDAQ:PTCT)’s stock price rose 4.7% during mid-day trading on Monday. The stock traded as high as $65.75 and last traded at $65.60. Approximately 659,183 shares were traded during mid-day trading, a decline of 52% from the average daily volume of 1,381,305 shares. The stock had previously closed at $62.67.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on the company. Royal Bank Of Canada increased their price objective on PTC Therapeutics from $82.00 to $85.00 and gave the company a “sector perform” rating in a research report on Tuesday, July 7th. Weiss Ratings downgraded PTC Therapeutics from a “sell (d+)” rating to a “sell (d)” rating in a research report on Thursday, September 17th. Wells Fargo & Company upped their target price on PTC Therapeutics from $106.00 to $109.00 and gave the stock an “overweight” rating in a research note on Thursday, August 13th. Zacks Research cut shares of PTC Therapeutics from a “strong-buy” rating to a “hold” rating in a research report on Thursday, August 6th. Finally, Morgan Stanley lifted their price target on shares of PTC Therapeutics from $93.00 to $104.00 and gave the stock an “overweight” rating in a research note on Friday, July 31st. One research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, two have assigned a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat, PTC Therapeutics currently has a consensus rating of “Moderate Buy” and a consensus price target of $99.08.

PTC Therapeutics Stock Up 5.1%

The stock has a market cap of $5.49 billion, a P/E ratio of -113.49, a P/E/G ratio of 1.93 and a beta of 0.55. The company has a 50-day simple moving average of $70.73 and a two-hundred day simple moving average of $72.11.

PTC Therapeutics (NASDAQ:PTCT) last issued its earnings results on Thursday, July 30th. The biopharmaceutical company reported $0.92 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.24 by $0.68. PTC Therapeutics had a negative net margin of 3.80% and a negative return on equity of 362.45%. The firm had revenue of $360.52 million for the quarter, compared to analysts’ expectations of $298.63 million. During the same quarter last year, the business earned ($0.83) earnings per share. The business’s revenue was up 101.5% on a year-over-year basis. As a group, sell-side analysts forecast that PTC Therapeutics, Inc. will post 1.17 earnings per share for the current fiscal year.

Insider Transactions at PTC Therapeutics

In other news, Director Michael Schmertzler sold 12,500 shares of the company’s stock in a transaction dated Wednesday, August 26th. The shares were sold at an average price of $72.94, for a total transaction of $911,750.00. Following the completion of the transaction, the director directly owned 1,349,094 shares of the company’s stock, valued at approximately $98,402,916.36. This represents a 0.92% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, VP Mark Boulding sold 5,079 shares of the stock in a transaction dated Monday, July 6th. The stock was sold at an average price of $85.08, for a total transaction of $432,121.32. Following the sale, the vice president owned 105,272 shares of the company’s stock, valued at approximately $8,956,541.76. This represents a 4.60% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders have sold 128,256 shares of company stock valued at $10,260,965. Company insiders own 5.30% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of PTCT. BlackRock Inc. purchased a new position in shares of PTC Therapeutics during the second quarter valued at approximately $1,139,089,000. Jupiter Topco LLC bought a new position in shares of PTC Therapeutics during the second quarter valued at approximately $590,182,000. Janus Henderson Group PLC lifted its stake in PTC Therapeutics by 48.3% in the first quarter. Janus Henderson Group PLC now owns 7,193,433 shares of the biopharmaceutical company’s stock worth $489,997,000 after acquiring an additional 2,342,101 shares during the period. William Blair Investment Management LLC purchased a new stake in PTC Therapeutics in the second quarter worth $140,520,000. Finally, Bank of America Corp DE bought a new stake in PTC Therapeutics in the second quarter valued at $118,462,000.

About PTC Therapeutics

PTC Therapeutics, Inc is a biopharmaceutical company focused on discovering, developing and commercializing medicines for rare diseases. The company uses technologies involving RNA biology, gene therapy and small-molecule drug discovery to address conditions with limited treatment options, including rare neurological and metabolic disorders.

PTC’s commercial portfolio has included Translarna (ataluren), an investigational treatment in some markets for Duchenne muscular dystrophy associated with a nonsense mutation, and Emflaza (deflazacort), a corticosteroid approved in the United States for Duchenne muscular dystrophy.