PTC Therapeutics (NASDAQ:PTCT) Shares Down 4.6%

PTC Therapeutics, Inc. (NASDAQ:PTCT - Get Free Report) was down 4.6% during trading on Thursday . The company traded as low as $31.96 and last traded at $32.03. Approximately 98,391 shares were traded during mid-day trading, a decline of 89% from the average daily volume of 867,909 shares. The stock had previously closed at $33.59.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on PTCT shares. JPMorgan Chase & Co. restated an "overweight" rating and issued a $53.00 target price on shares of PTC Therapeutics in a research note on Thursday, June 20th. Bank of America upped their price target on PTC Therapeutics from $25.00 to $32.00 and gave the company an "underperform" rating in a research report on Friday, June 21st. Robert W. Baird assumed coverage on PTC Therapeutics in a research report on Wednesday. They issued an "outperform" rating and a $44.00 price target on the stock. Barclays upped their price target on PTC Therapeutics from $25.00 to $31.00 and gave the company an "equal weight" rating in a research report on Friday, August 9th. Finally, UBS Group assumed coverage on PTC Therapeutics in a research report on Monday, August 26th. They issued a "buy" rating and a $47.00 price target on the stock. Three analysts have rated the stock with a sell rating, seven have assigned a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, PTC Therapeutics has a consensus rating of "Hold" and an average price target of $37.13.

PTC Therapeutics Stock Down 5.9 %

The firm has a fifty day moving average of $32.99 and a 200-day moving average of $31.98. The firm has a market cap of $2.43 billion, a P/E ratio of -4.12 and a beta of 0.64.

PTC Therapeutics (NASDAQ:PTCT - Get Free Report) last released its earnings results on Thursday, August 8th. The biopharmaceutical company reported ($1.16) earnings per share for the quarter, missing the consensus estimate of ($1.00) by ($0.16). The business had revenue of $186.70 million during the quarter, compared to analysts' expectations of $192.12 million. Sell-side analysts anticipate that PTC Therapeutics, Inc. will post -5.09 EPS for the current year.

Insider Buying and Selling at PTC Therapeutics

In other PTC Therapeutics news, CFO Pierre Gravier sold 2,269 shares of the stock in a transaction dated Tuesday, July 16th. The stock was sold at an average price of $34.02, for a total value of $77,191.38. Following the transaction, the chief financial officer now owns 53,531 shares of the company's stock, valued at $1,821,124.62. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Insiders own 5.50% of the company's stock.

Institutional Investors Weigh In On PTC Therapeutics

A number of hedge funds have recently modified their holdings of the business. Quarry LP grew its holdings in shares of PTC Therapeutics by 100.0% during the second quarter. Quarry LP now owns 5,000 shares of the biopharmaceutical company's stock worth $153,000 after buying an additional 2,500 shares in the last quarter. Creative Planning grew its holdings in shares of PTC Therapeutics by 19.0% during the second quarter. Creative Planning now owns 10,128 shares of the biopharmaceutical company's stock worth $310,000 after buying an additional 1,619 shares in the last quarter. Algert Global LLC bought a new position in shares of PTC Therapeutics during the second quarter worth about $866,000. Mackenzie Financial Corp bought a new position in PTC Therapeutics in the second quarter valued at approximately $287,000. Finally, The Manufacturers Life Insurance Company grew its stake in PTC Therapeutics by 6.5% in the second quarter. The Manufacturers Life Insurance Company now owns 43,796 shares of the biopharmaceutical company's stock valued at $1,339,000 after purchasing an additional 2,660 shares in the last quarter.

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.