PTC Therapeutics (NASDAQ:PTCT) Shares Down 8.8% Following Analyst Downgrade

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

PTCT has been the subject of a number of other research reports. UBS Group increased 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. Scotiabank initiated coverage on PTC Therapeutics in a research note on Friday, March 7th. They set a "sector perform" rating and a $55.00 price target on the stock. Citigroup raised their price objective on PTC Therapeutics from $32.00 to $45.00 and gave the company a "sell" rating in a research note on Wednesday, February 12th. Robert W. Baird boosted their target price on PTC Therapeutics from $52.00 to $70.00 and gave the stock an "outperform" rating in a research report on Tuesday, December 3rd. Finally, StockNews.com cut PTC Therapeutics from a "buy" rating to a "hold" rating in a research report on Monday, February 17th. Two analysts have rated the stock with a sell rating, five have issued a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $63.77.

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Insider Activity

In related 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 transaction of $270,000.00. Following the transaction, the director now directly owns 8,867 shares in the company, valued at approximately $478,818. This represents a 36.06 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, VP Mark Elliott Boulding sold 1,543 shares of the company's stock in a transaction dated Tuesday, January 7th. The shares were sold at an average price of $45.34, for a total transaction of $69,959.62. Following the transaction, the vice president now directly owns 108,846 shares of the company's stock, valued at approximately $4,935,077.64. This represents a 1.40 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 35,112 shares of company stock valued at $1,799,047 over the last 90 days. Insiders own 5.50% of the company's stock.

Institutional Investors Weigh In On PTC Therapeutics

A number of institutional investors have recently bought and sold shares of PTCT. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in PTC Therapeutics by 0.3% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 65,681 shares of the biopharmaceutical company's stock worth $2,967,000 after purchasing an additional 205 shares during the period. Arizona State Retirement System raised its position in shares of PTC Therapeutics by 1.1% in the 4th quarter. Arizona State Retirement System now owns 20,095 shares of the biopharmaceutical company's stock worth $907,000 after buying an additional 219 shares during the period. Choreo LLC boosted its holdings in PTC Therapeutics by 2.0% in the fourth quarter. Choreo LLC now owns 11,961 shares of the biopharmaceutical company's stock valued at $541,000 after acquiring an additional 240 shares during the last quarter. Summit Investment Advisors Inc. grew its position in PTC Therapeutics by 3.3% during the fourth quarter. Summit Investment Advisors Inc. now owns 7,968 shares of the biopharmaceutical company's stock valued at $360,000 after acquiring an additional 253 shares during the period. Finally, Smartleaf Asset Management LLC increased its stake in PTC Therapeutics by 78.7% during the fourth quarter. Smartleaf Asset Management LLC now owns 613 shares of the biopharmaceutical company's stock worth $28,000 after acquiring an additional 270 shares during the last quarter.

PTC Therapeutics Stock Down 7.5 %

The company has a market capitalization of $3.41 billion, a price-to-earnings ratio of -7.28 and a beta of 0.58. The company has a 50 day simple moving average of $51.28 and a 200 day simple moving average of $45.49.

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.