PTC Therapeutics (NASDAQ:PTCT) Shares Gap Down to $24.69

PTC Therapeutics, Inc. (NASDAQ:PTCT - Get Free Report)'s share price gapped down prior to trading on Friday . The stock had previously closed at $24.69, but opened at $24.01. PTC Therapeutics shares last traded at $24.98, with a volume of 66,571 shares.

Wall Street Analysts Forecast Growth

PTCT has been the subject of a number of analyst reports. Cantor Fitzgerald restated an "overweight" rating and issued a $45.00 price objective on shares of PTC Therapeutics in a research note on Friday, April 12th. TD Cowen reduced their price objective on shares of PTC Therapeutics from $32.00 to $30.00 and set a "market perform" rating for the company in a research note on Friday, March 1st. Jefferies Financial Group boosted their price objective on shares of PTC Therapeutics from $33.00 to $35.00 and gave the stock a "buy" rating in a research note on Wednesday, March 20th. Finally, Royal Bank of Canada boosted their price objective on shares of PTC Therapeutics from $22.00 to $28.00 and gave the stock a "sector perform" rating in a research note on Friday, March 1st. Five analysts have rated the stock with a sell rating, six have issued a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat.com, PTC Therapeutics has a consensus rating of "Hold" and a consensus target price of $33.53.

PTC Therapeutics Stock Performance

The company has a market cap of $1.94 billion, a price-to-earnings ratio of -2.98 and a beta of 0.67. The business's 50 day moving average price is $28.08 and its 200-day moving average price is $25.59.

PTC Therapeutics (NASDAQ:PTCT - Get Free Report) last announced its quarterly earnings data on Thursday, February 29th. The biopharmaceutical company reported ($0.24) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.29 by ($0.53). The firm had revenue of $307.06 million for the quarter, compared to the consensus estimate of $315.90 million. On average, equities research analysts expect that PTC Therapeutics, Inc. will post -5.94 earnings per share for the current fiscal year.

Insider Activity

In other news, Director Allan Steven Jacobson sold 10,000 shares of the stock in a transaction on Monday, January 22nd. The shares were sold at an average price of $27.38, for a total value of $273,800.00. Following the completion of the transaction, the director now owns 12,348 shares in the company, valued at approximately $338,088.24. The sale was disclosed in a filing with the SEC, which is available at this link. In the last 90 days, insiders sold 13,043 shares of company stock worth $355,650. 5.30% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On PTC Therapeutics

Large investors have recently made changes to their positions in the company. Rathbones Group PLC bought a new stake in shares of PTC Therapeutics in the 3rd quarter worth about $532,000. Charles Schwab Investment Management Inc. grew its holdings in shares of PTC Therapeutics by 4.1% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 596,763 shares of the biopharmaceutical company's stock worth $13,373,000 after purchasing an additional 23,288 shares during the last quarter. Walleye Capital LLC grew its holdings in shares of PTC Therapeutics by 958.6% in the 3rd quarter. Walleye Capital LLC now owns 72,030 shares of the biopharmaceutical company's stock worth $1,614,000 after purchasing an additional 65,226 shares during the last quarter. Jacobs Levy Equity Management Inc. grew its holdings in PTC Therapeutics by 10.2% during the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 1,122,698 shares of the biopharmaceutical company's stock worth $25,160,000 after acquiring an additional 104,024 shares during the last quarter. Finally, Vanguard Group Inc. grew its holdings in PTC Therapeutics by 5.2% during the 3rd quarter. Vanguard Group Inc. now owns 7,945,489 shares of the biopharmaceutical company's stock worth $178,058,000 after acquiring an additional 393,012 shares during 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.