PTC Therapeutics (NASDAQ:PTCT) Stock Price Down 8.8% on Analyst Downgrade

Shares of PTC Therapeutics, Inc. (NASDAQ:PTCT) were down 8.8% during 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. Approximately 258,648 shares were traded during mid-day trading, a decline of 67% from the average daily volume of 777,137 shares. The stock had previously closed at $54.24.

Other research analysts have also recently issued research reports about the company. Citigroup boosted their price target on PTC Therapeutics from $32.00 to $45.00 and gave the stock a “sell” rating in a research note on Wednesday, February 12th. Bank of America raised PTC Therapeutics from an “underperform” rating to a “neutral” rating and upped their target price for the company from $41.00 to $55.00 in a research report on Tuesday, March 11th. Morgan Stanley reissued an “overweight” rating and set a $70.00 price target (up previously from $67.00) on shares of PTC Therapeutics in a research report on Friday, March 7th. UBS Group upped their price target on shares of PTC Therapeutics from $47.00 to $71.00 and gave the company a “buy” rating in a report on Tuesday, December 3rd. Finally, StockNews.com downgraded shares of PTC Therapeutics from a “buy” rating to a “hold” rating in a research report on Monday, February 17th. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, PTC Therapeutics presently has a consensus rating of “Moderate Buy” and an average target price of $63.77.

Insider Activity

In related news, CEO Matthew B. Klein sold 8,279 shares of PTC Therapeutics stock in a transaction dated Tuesday, December 31st. The shares were sold at an average price of $45.16, for a total value of $373,879.64. Following the sale, the chief executive officer now directly owns 217,528 shares in the company, valued at $9,823,564.48. This trade represents a 3.67 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Stephanie Okey sold 5,000 shares of the business’s stock in a transaction dated Thursday, March 13th. The shares were sold at an average price of $54.00, for a total transaction of $270,000.00. Following the transaction, the director now directly owns 8,867 shares of the company’s stock, valued at $478,818. The trade was a 36.06 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 43,391 shares of company stock valued at $2,172,927. 5.50% of the stock is currently owned by insiders.

Institutional Investors Weigh In On PTC Therapeutics

A number of hedge funds have recently made changes to their positions in PTCT. Smartleaf Asset Management LLC grew its holdings in PTC Therapeutics by 78.7% in the 4th quarter. Smartleaf Asset Management LLC now owns 613 shares of the biopharmaceutical company’s stock worth $28,000 after buying an additional 270 shares in the last quarter. Sterling Capital Management LLC boosted its position in PTC Therapeutics by 424.4% during the 4th quarter. Sterling Capital Management LLC now owns 645 shares of the biopharmaceutical company’s stock worth $29,000 after acquiring an additional 522 shares during the period. Venturi Wealth Management LLC acquired a new position in PTC Therapeutics during the 4th quarter worth $68,000. GF Fund Management CO. LTD. bought a new position in shares of PTC Therapeutics in the fourth quarter worth $73,000. Finally, Point72 Asia Singapore Pte. Ltd. acquired a new position in shares of PTC Therapeutics during the fourth quarter valued at $77,000.

PTC Therapeutics Stock Down 9.6 %

The firm has a market capitalization of $3.87 billion, a P/E ratio of -8.28 and a beta of 0.66. The business’s 50 day moving average is $51.04 and its two-hundred day moving average is $45.24.

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.