PTC Therapeutics (NASDAQ:PTCT) Shares Down 7.4% - Time to Sell?

PTC Therapeutics, Inc. (NASDAQ:PTCT - Get Free Report)'s stock price fell 7.4% during mid-day trading on Friday . The company traded as low as $39.21 and last traded at $39.23. 229,263 shares were traded during mid-day trading, a decline of 73% from the average session volume of 843,456 shares. The stock had previously closed at $42.38.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on PTCT shares. Royal Bank of Canada lifted their target price on PTC Therapeutics from $32.00 to $34.00 and gave the stock a "sector perform" rating in a research note on Friday, October 4th. Cantor Fitzgerald reiterated an "overweight" rating and issued a $64.00 target price on shares of PTC Therapeutics in a research note on Tuesday, September 17th. UBS Group assumed coverage on shares of PTC Therapeutics in a research report on Monday, August 26th. They set a "buy" rating and a $47.00 target price for the company. Raymond James began coverage on shares of PTC Therapeutics in a report on Thursday, October 10th. They issued a "market perform" rating on the stock. Finally, Baird R W raised PTC Therapeutics to a "strong-buy" rating in a report on Wednesday, September 4th. Three equities research analysts have rated the stock with a sell rating, five have given a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus target price of $41.31.

PTC Therapeutics Trading Down 7.4 %

The firm has a market cap of $3.03 billion, a PE ratio of -6.60 and a beta of 0.63. The stock has a fifty day simple moving average of $38.40 and a two-hundred day simple moving average of $35.53.

Institutional Trading of PTC Therapeutics

Several institutional investors and hedge funds have recently bought and sold shares of PTCT. Allspring Global Investments Holdings LLC bought a new position in shares of PTC Therapeutics in the first quarter worth $46,000. Russell Investments Group Ltd. raised its holdings in shares of PTC Therapeutics by 57.9% in the 1st quarter. Russell Investments Group Ltd. now owns 301,790 shares of the biopharmaceutical company's stock valued at $8,779,000 after acquiring an additional 110,670 shares in the last quarter. ProShare Advisors LLC boosted its position in shares of PTC Therapeutics by 9.3% during the 1st quarter. ProShare Advisors LLC now owns 18,313 shares of the biopharmaceutical company's stock valued at $533,000 after acquiring an additional 1,564 shares during the last quarter. State Board of Administration of Florida Retirement System grew its holdings in shares of PTC Therapeutics by 9.4% during the first quarter. State Board of Administration of Florida Retirement System now owns 22,101 shares of the biopharmaceutical company's stock worth $643,000 after purchasing an additional 1,890 shares in the last quarter. Finally, Vanguard Group Inc. increased its position in shares of PTC Therapeutics by 6.5% in the first quarter. Vanguard Group Inc. now owns 9,369,014 shares of the biopharmaceutical company's stock worth $272,545,000 after purchasing an additional 568,171 shares during the last quarter.

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.