PTC Therapeutics (NASDAQ:PTCT) Shares Gap Down - What's Next?

PTC Therapeutics, Inc. (NASDAQ:PTCT - Get Free Report) shares gapped down before the market opened on Monday . The stock had previously closed at $49.95, but opened at $39.44. PTC Therapeutics shares last traded at $40.94, with a volume of 977,245 shares traded.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on PTCT shares. Morgan Stanley reaffirmed an "overweight" rating and set a $70.00 target price (up from $67.00) on shares of PTC Therapeutics in a research report on Friday, March 7th. Bank of America raised PTC Therapeutics from a "neutral" rating to a "buy" rating and lifted their price target for the stock from $55.00 to $68.00 in a research note on Friday. StockNews.com raised shares of PTC Therapeutics from a "hold" rating to a "strong-buy" rating in a research note on Thursday. Cantor Fitzgerald dropped their target price on shares of PTC Therapeutics from $113.00 to $112.00 and set an "overweight" rating on the stock in a research report on Wednesday. Finally, Barclays reduced their price target on shares of PTC Therapeutics from $56.00 to $42.00 and set an "equal weight" rating for the company in a research report on Thursday. One analyst has rated the stock with a sell rating, four have issued a hold rating, nine have assigned a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat.com, PTC Therapeutics currently has an average rating of "Moderate Buy" and a consensus price target of $61.92.

PTC Therapeutics Trading Up 4.0 %

The firm has a market capitalization of $3.50 billion, a PE ratio of -7.45 and a beta of 0.52. The firm's fifty day moving average price is $48.86 and its 200 day moving average price is $46.99.

PTC Therapeutics (NASDAQ:PTCT - Get Free Report) last posted its earnings results on Tuesday, May 6th. The biopharmaceutical company reported $10.04 earnings per share for the quarter, beating the consensus estimate of $0.85 by $9.19. The company had revenue of $1.18 billion for the quarter, compared to the consensus estimate of $437.16 million. During the same quarter last year, the business earned ($1.20) earnings per share. PTC Therapeutics's quarterly revenue was down 9.6% on a year-over-year basis. As a group, research analysts expect that PTC Therapeutics, Inc. will post -4.52 EPS for the current year.

Insider Activity at PTC Therapeutics

In other news, CAO Christine Marie Utter sold 879 shares of the company'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 transaction of $44,037.90. Following the completion of the transaction, the chief accounting officer now directly owns 63,442 shares in the company, valued at $3,178,444.20. The trade was a 1.37 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Eric Pauwels sold 1,378 shares of the firm's stock in a transaction on Wednesday, February 19th. The stock was sold at an average price of $50.10, for a total transaction of $69,037.80. Following the completion of the sale, the chief executive officer now owns 85,427 shares in the company, valued at approximately $4,279,892.70. The trade was a 1.59 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 32,305 shares of company stock worth $1,682,755 in the last 90 days. 5.50% of the stock is owned by company insiders.

Institutional Investors Weigh In On PTC Therapeutics

A number of institutional investors have recently added to or reduced their stakes in the company. Deutsche Bank AG lifted its position in shares of PTC Therapeutics by 262.1% in the 1st quarter. Deutsche Bank AG now owns 341,724 shares of the biopharmaceutical company's stock worth $17,414,000 after acquiring an additional 247,346 shares during the period. Westfield Capital Management Co. LP bought a new position in PTC Therapeutics in the first quarter worth $259,000. PNC Financial Services Group Inc. boosted its stake in PTC Therapeutics by 84.2% during the first quarter. PNC Financial Services Group Inc. now owns 700 shares of the biopharmaceutical company's stock worth $36,000 after buying an additional 320 shares in the last quarter. Natixis Advisors LLC increased its holdings in PTC Therapeutics by 26.2% in the 1st quarter. Natixis Advisors LLC now owns 15,220 shares of the biopharmaceutical company's stock valued at $776,000 after buying an additional 3,160 shares during the period. Finally, Bayforest Capital Ltd acquired a new position in shares of PTC Therapeutics in the 1st quarter valued at $415,000.

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.