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

PTC Therapeutics, Inc. (NASDAQ:PTCT)’s stock price traded down 8.8% during mid-day 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 mid-day trading, a decline of 67% from the average session volume of 777,137 shares. The stock had previously closed at $54.24.

Several other equities research analysts have also commented on PTCT. UBS Group boosted their price target on PTC Therapeutics from $47.00 to $71.00 and gave the stock a “buy” rating in a research note on Tuesday, December 3rd. The Goldman Sachs Group boosted their target price on PTC Therapeutics from $32.00 to $42.00 and gave the stock a “sell” rating in a research report on Wednesday, December 4th. Scotiabank started coverage on PTC Therapeutics in a research report on Friday, March 7th. They issued a “sector perform” rating and a $55.00 price target for the company. Barclays boosted their price objective on shares of PTC Therapeutics from $45.00 to $56.00 and gave the stock an “equal weight” rating in a research report on Tuesday, December 3rd. Finally, StockNews.com downgraded PTC Therapeutics from a “buy” rating to a “hold” rating in a research report on Monday, February 17th. Two analysts have rated the stock with a sell rating, five have assigned a hold rating, eight have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, PTC Therapeutics presently has an average rating of “Moderate Buy” and an average price target of $63.77.

Insiders Place Their Bets

In other news, Director Stephanie Okey sold 5,000 shares of the firm’s stock in a transaction dated Thursday, March 13th. The stock was sold at an average price of $54.00, for a total value of $270,000.00. Following the transaction, the director now directly owns 8,867 shares in the company, valued at $478,818. This trade represents a 36.06 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, VP Mark Elliott Boulding sold 1,543 shares of the business’s stock in a transaction dated Tuesday, January 7th. The stock was sold at an average price of $45.34, for a total value of $69,959.62. Following the sale, the vice president now owns 108,846 shares of the company’s stock, valued at $4,935,077.64. The trade was a 1.40 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 43,391 shares of company stock valued at $2,172,927 over the last quarter. Company insiders own 5.50% of the company’s stock.

Institutional Investors Weigh In On PTC Therapeutics

Several large investors have recently made changes to their positions in the business. Vanguard Group Inc. boosted its position in PTC Therapeutics by 0.6% during the 4th quarter. Vanguard Group Inc. now owns 9,178,822 shares of the biopharmaceutical company’s stock worth $414,332,000 after purchasing an additional 53,688 shares during the period. Toronto Dominion Bank acquired a new position in shares of PTC Therapeutics during the fourth quarter worth about $148,363,000. State Street Corp boosted its position in shares of PTC Therapeutics by 5.4% in the third quarter. State Street Corp now owns 2,899,040 shares of the biopharmaceutical company’s stock worth $107,554,000 after buying an additional 149,700 shares during the period. Janus Henderson Group PLC boosted its position in shares of PTC Therapeutics by 24.4% in the fourth quarter. Janus Henderson Group PLC now owns 2,325,915 shares of the biopharmaceutical company’s stock worth $105,015,000 after buying an additional 455,698 shares during the period. Finally, Geode Capital Management LLC grew its stake in shares of PTC Therapeutics by 0.6% in the third quarter. Geode Capital Management LLC now owns 1,798,666 shares of the biopharmaceutical company’s stock valued at $66,743,000 after buying an additional 10,886 shares in the last quarter.

PTC Therapeutics Stock Performance

The firm has a fifty day moving average of $51.04 and a 200 day moving average of $45.24. The firm has a market capitalization of $3.87 billion, a PE ratio of -8.28 and a beta of 0.66.

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.