PTC Therapeutics, Inc. (NASDAQ:PTCT) Short Interest Update

PTC Therapeutics, Inc. (NASDAQ:PTCT) was the target of a significant decline in short interest during the month of July. As of July 15th, there was short interest totaling 9,833,980 shares, a decline of 43.2% from the June 30th total of 17,315,032 shares. Approximately 12.5% of the company’s stock are sold short. Based on an average daily trading volume, of 2,069,373 shares, the short-interest ratio is presently 4.8 days.

Insider Transactions at PTC Therapeutics

In related news, insider Neil Gregory Almstead sold 24,613 shares of the business’s stock in a transaction that occurred on Tuesday, July 7th. The shares were sold at an average price of $88.89, for a total value of $2,187,849.57. Following the completion of the transaction, the insider directly owned 60,299 shares in the company, valued at $5,359,978.11. The trade was a 28.99% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CAO Christine Marie Utter sold 19,686 shares of the company’s stock in a transaction that occurred on Wednesday, June 17th. The shares were sold at an average price of $75.56, for a total value of $1,487,474.16. Following the completion of the transaction, the chief accounting officer directly owned 70,199 shares in the company, valued at $5,304,236.44. This trade represents a 21.90% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders have sold 198,662 shares of company stock valued at $16,347,994. 5.50% of the stock is currently owned by insiders.

Institutional Trading of PTC Therapeutics

Several hedge funds have recently bought and sold shares of PTCT. Empowered Funds LLC purchased a new stake in PTC Therapeutics in the first quarter worth about $1,999,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in PTC Therapeutics by 11.5% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 178,755 shares of the biopharmaceutical company’s stock worth $9,109,000 after acquiring an additional 18,504 shares during the period. Quantbot Technologies LP lifted its holdings in PTC Therapeutics by 280.1% during the second quarter. Quantbot Technologies LP now owns 2,478 shares of the biopharmaceutical company’s stock valued at $121,000 after purchasing an additional 1,826 shares in the last quarter. Arrowstreet Capital Limited Partnership bought a new position in shares of PTC Therapeutics in the second quarter worth approximately $1,661,000. Finally, EverSource Wealth Advisors LLC increased its stake in shares of PTC Therapeutics by 247.4% in the second quarter. EverSource Wealth Advisors LLC now owns 1,143 shares of the biopharmaceutical company’s stock worth $56,000 after purchasing an additional 814 shares in the last quarter.

Wall Street Analyst Weigh In

Several research firms recently commented on PTCT. 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. TD Cowen upgraded shares of PTC Therapeutics from a “hold” rating to a “buy” rating and lifted their price target for the stock from $75.00 to $90.00 in a research note on Friday, May 8th. Wells Fargo & Company decreased their price objective on shares of PTC Therapeutics from $95.00 to $93.00 and set an “overweight” rating for the company in a report on Monday, July 20th. Morgan Stanley restated an “overweight” rating and issued a $94.00 target price on shares of PTC Therapeutics in a report on Friday, May 8th. Finally, Cantor Fitzgerald boosted their target price on shares of PTC Therapeutics from $124.00 to $130.00 and gave the company an “overweight” rating in a research note on Thursday, July 16th. Two research analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating, one has assigned a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $93.83.

PTC Therapeutics Price Performance

Shares of NASDAQ:PTCT traded down $0.88 during trading on Wednesday, hitting $74.51. The company’s stock had a trading volume of 465,123 shares, compared to its average volume of 1,455,037. The company has a 50-day moving average of $77.40 and a 200-day moving average of $72.81. PTC Therapeutics has a 12 month low of $43.17 and a 12 month high of $90.87. The firm has a market cap of $6.18 billion, a price-to-earnings ratio of -32.06, a P/E/G ratio of 6.60 and a beta of 0.53.

PTC Therapeutics (NASDAQ:PTCT) last announced its earnings results on Thursday, May 7th. The biopharmaceutical company reported ($0.03) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.45) by $0.42. PTC Therapeutics had a negative net margin of 22.58% and a negative return on equity of 362.45%. The company had revenue of $272.55 million during the quarter, compared to analyst estimates of $217.42 million. During the same period in the previous year, the business posted $10.04 earnings per share. The firm’s quarterly revenue was up 43.5% compared to the same quarter last year. As a group, research analysts anticipate that PTC Therapeutics will post 0.41 earnings per share for the current year.

PTC Therapeutics Company Profile

PTC Therapeutics, Inc is a biopharmaceutical company focused on the discovery, development and commercialization of small molecule and biologic therapies for the treatment of rare genetic disorders. Since its founding in 1998, PTC has dedicated its efforts to addressing high unmet medical needs by targeting underlying genetic causes of disease. The company’s research platform emphasizes mechanisms such as nonsense suppression and RNA modulation, enabling the development of novel treatments for conditions with limited therapeutic options.

Among PTC’s approved products is Translarna (ataluren), a first-in-class therapy designed to treat nonsense mutation Duchenne muscular dystrophy in select markets.