PTC Therapeutics, Inc. (NASDAQ:PTCT) Sees Large Decrease in Short Interest

PTC Therapeutics, Inc. (NASDAQ:PTCT) was the target of a large decline in short interest during the month of June. As of June 30th, there was short interest totalling 5,600,000 shares, a decline of 23.8% from the June 15th total of 7,350,000 shares. Based on an average daily trading volume, of 967,000 shares, the days-to-cover ratio is presently 5.8 days.

Insider Transactions at PTC Therapeutics

In related news, CEO Matthew B. Klein sold 3,361 shares of PTC Therapeutics stock in a transaction on Friday, April 19th. The shares were sold at an average price of $24.89, for a total transaction of $83,655.29. Following the sale, the chief executive officer now directly owns 225,807 shares in the company, valued at approximately $5,620,336.23. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other news, CEO Matthew B. Klein sold 3,361 shares of PTC Therapeutics stock in a transaction on Friday, April 19th. The shares were sold at an average price of $24.89, for a total value of $83,655.29. Following 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Jerome B. Zeldis sold 20,000 shares of PTC Therapeutics stock in a transaction on Wednesday, May 22nd. The shares were sold at an average price of $38.24, for a total transaction of $764,800.00. Following the completion of the transaction, the director now owns 14,500 shares in the company, valued at $554,480. The disclosure for this sale can be found here. In the last quarter, insiders sold 24,323 shares of company stock worth $873,984. 5.50% of the stock is currently owned by insiders.

Institutional Investors Weigh In On PTC Therapeutics

Several hedge funds have recently bought and sold shares of PTCT. Hexagon Capital Partners LLC grew its holdings in shares of PTC Therapeutics by 132.0% during the 4th quarter. Hexagon Capital Partners LLC now owns 979 shares of the biopharmaceutical company’s stock valued at $27,000 after acquiring an additional 557 shares in the last quarter. Diversified Trust Co grew its stake in PTC Therapeutics by 6.7% in the fourth quarter. Diversified Trust Co now owns 14,204 shares of the biopharmaceutical company’s stock valued at $391,000 after purchasing an additional 896 shares in the last quarter. ProShare Advisors LLC grew its stake in PTC Therapeutics by 9.3% in the first quarter. ProShare Advisors LLC now owns 18,313 shares of the biopharmaceutical company’s stock valued at $533,000 after purchasing an additional 1,564 shares in the last quarter. Allspring Global Investments Holdings LLC acquired a new position in PTC Therapeutics in the 1st quarter worth about $46,000. Finally, State Board of Administration of Florida Retirement System raised its stake in shares of PTC Therapeutics by 9.4% during the 1st quarter. State Board of Administration of Florida Retirement System now owns 22,101 shares of the biopharmaceutical company’s stock worth $643,000 after purchasing an additional 1,890 shares in the last quarter.

PTC Therapeutics Trading Down 0.4 %

NASDAQ:PTCT traded down $0.14 during mid-day trading on Monday, reaching $33.13. 479,340 shares of the stock were exchanged, compared to its average volume of 960,303. The business has a fifty day moving average price of $34.64 and a 200 day moving average price of $30.31. PTC Therapeutics has a 1-year low of $17.53 and a 1-year high of $42.14. The firm has a market capitalization of $2.54 billion, a PE ratio of -4.31 and a beta of 0.65.

PTC Therapeutics (NASDAQ:PTCT) last announced its quarterly earnings data on Thursday, April 25th. The biopharmaceutical company reported ($1.20) EPS for the quarter, beating analysts’ consensus estimates 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. On average, sell-side analysts forecast that PTC Therapeutics will post -4.9 earnings per share for the current year.

Wall Street Analyst Weigh In

Several research analysts have issued reports on PTCT shares. JPMorgan Chase & Co. reiterated an “overweight” rating and issued a $53.00 price objective on shares of PTC Therapeutics in a research report on Thursday, June 20th. Bank of America raised their price objective on shares of PTC Therapeutics from $25.00 to $32.00 and gave the company an “underperform” rating in a research note on Friday, June 21st. Raymond James upgraded shares of PTC Therapeutics from an “underperform” rating to a “market perform” rating in a research report on Monday, May 20th. Jefferies Financial Group lifted their price target on shares of PTC Therapeutics from $35.00 to $46.00 and gave the company a “buy” rating in a research report on Monday, May 20th. Finally, Morgan Stanley upped their price target on PTC Therapeutics from $30.00 to $32.00 and gave the stock an “equal weight” rating in a report on Friday. Three equities research analysts have rated the stock with a sell rating, eight have given a hold rating and four have issued a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Hold” and an average price target of $37.53.

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.