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

PTC Therapeutics, Inc. (NASDAQ:PTCT - Get Free Report) saw a significant increase in short interest in March. As of March 31st, there was short interest totalling 5,420,000 shares, an increase of 26.0% from the March 15th total of 4,300,000 shares. Approximately 7.4% of the company's stock are sold short. Based on an average daily trading volume, of 871,300 shares, the short-interest ratio is currently 6.2 days.

PTC Therapeutics Stock Performance

NASDAQ PTCT remained flat at $48.19 during trading hours on Tuesday. 961,803 shares of the company traded hands, compared to its average volume of 811,778. The company has a market cap of $3.80 billion, a P/E ratio of -8.11 and a beta of 0.58. PTC Therapeutics has a 52-week low of $24.00 and a 52-week high of $58.38. The stock has a 50-day moving average of $50.15 and a 200-day moving average of $46.33.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on the stock. JPMorgan Chase & Co. reduced their price target on shares of PTC Therapeutics from $78.00 to $75.00 and set an "overweight" rating for the company in a research report on Monday, March 31st. Cantor Fitzgerald lifted their price target on PTC Therapeutics from $76.00 to $113.00 and gave the stock an "overweight" rating in a research report on Monday, February 3rd. Bank of America upgraded PTC Therapeutics from an "underperform" rating to a "neutral" rating and boosted their price objective for the company from $41.00 to $55.00 in a research note on Tuesday, March 11th. Scotiabank assumed coverage on shares of PTC Therapeutics in a research report on Friday, March 7th. They set a "sector perform" rating and a $55.00 target price on the stock. 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 investment analysts have rated the stock with a sell rating, five have assigned a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $63.92.

Insider Buying and Selling at PTC Therapeutics

In other news, Director Stephanie Okey sold 5,000 shares of the 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 owns 8,867 shares in the company, valued at approximately $478,818. This represents a 36.06 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, VP Mark Elliott Boulding sold 1,333 shares of the business's stock in a transaction that occurred on Wednesday, February 19th. The stock was sold at an average price of $50.10, for a total value of $66,783.30. Following the sale, the vice president now owns 105,515 shares of the company's stock, valued at approximately $5,286,301.50. The trade was a 1.25 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 29,501 shares of company stock worth $1,546,088 over the last ninety days. Corporate insiders own 5.50% of the company's stock.

Hedge Funds Weigh In On PTC Therapeutics

Large investors have recently modified their holdings of the business. Vanguard Group Inc. boosted its stake in shares of PTC Therapeutics by 0.6% in the fourth quarter. Vanguard Group Inc. now owns 9,178,822 shares of the biopharmaceutical company's stock valued at $414,332,000 after buying an additional 53,688 shares in the last quarter. Toronto Dominion Bank purchased a new stake in shares of PTC Therapeutics during the 4th quarter worth $148,363,000. Janus Henderson Group PLC grew its stake in shares of PTC Therapeutics by 24.4% during the 4th quarter. Janus Henderson Group PLC now owns 2,325,915 shares of the biopharmaceutical company's stock worth $105,015,000 after purchasing an additional 455,698 shares during the period. Geode Capital Management LLC grew its stake in shares of PTC Therapeutics by 0.6% during the 3rd quarter. Geode Capital Management LLC now owns 1,798,666 shares of the biopharmaceutical company's stock worth $66,743,000 after purchasing an additional 10,886 shares during the period. Finally, Point72 Asset Management L.P. increased its holdings in shares of PTC Therapeutics by 150.6% in the 4th quarter. Point72 Asset Management L.P. now owns 1,443,362 shares of the biopharmaceutical company's stock valued at $65,153,000 after purchasing an additional 867,502 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.