PTC Therapeutics (NASDAQ:PTCT) Shares Gap Up After Strong Earnings

PTC Therapeutics, Inc. (NASDAQ:PTCT - Get Free Report)'s stock price gapped up prior to trading on Wednesday after the company announced better than expected quarterly earnings. The stock had previously closed at $36.19, but opened at $39.40. PTC Therapeutics shares last traded at $39.92, with a volume of 455,281 shares traded.

The biopharmaceutical company reported $10.04 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.85 by $9.19. The company had revenue of $1.18 billion during the quarter, compared to analyst estimates of $437.16 million. The firm's revenue for the quarter was down 9.6% on a year-over-year basis. During the same quarter in the prior year, the company posted ($1.20) earnings per share.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on PTCT shares. StockNews.com upgraded PTC Therapeutics from a "hold" rating to a "strong-buy" rating in a research note on Thursday. Robert W. Baird lowered their price target on shares of PTC Therapeutics from $70.00 to $66.00 and set an "outperform" rating for the company in a research report on Wednesday, May 7th. Royal Bank of Canada lifted their price target on PTC Therapeutics from $57.00 to $58.00 and gave the company an "outperform" rating in a report on Wednesday, May 7th. Scotiabank initiated coverage on shares of PTC Therapeutics in a research note on Friday, March 7th. They set a "sector perform" rating and a $55.00 price objective on the stock. Finally, Barclays decreased their price target on shares of PTC Therapeutics from $56.00 to $42.00 and set an "equal weight" rating on the stock in a research report on Thursday. One investment analyst has rated the stock with a sell rating, four have given a hold rating, nine have issued a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, PTC Therapeutics has an average rating of "Moderate Buy" and a consensus target price of $61.92.

Insider Buying and Selling

In other news, EVP Lee Scott Golden sold 897 shares of the business's stock in a transaction dated Wednesday, April 2nd. The shares were sold at an average price of $46.95, for a total transaction of $42,114.15. Following the transaction, the executive vice president now owns 75,997 shares in the company, valued at approximately $3,568,059.15. The trade was a 1.17% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Matthew B. Klein sold 2,804 shares of the company's stock in a transaction dated Tuesday, April 22nd. The shares were sold at an average price of $48.74, for a total transaction of $136,666.96. Following the completion of the sale, the chief executive officer now directly owns 273,234 shares in the company, valued at approximately $13,317,425.16. The trade was a 1.02% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 32,305 shares of company stock worth $1,682,755 in the last quarter. 5.50% of the stock is currently owned by company insiders.

Institutional Trading of PTC Therapeutics

Several large investors have recently added to or reduced their stakes in PTCT. Janney Montgomery Scott LLC grew its stake in PTC Therapeutics by 8.3% during the fourth quarter. Janney Montgomery Scott LLC now owns 5,965 shares of the biopharmaceutical company's stock worth $269,000 after buying an additional 455 shares during the last quarter. KBC Group NV grew its stake in PTC Therapeutics by 36.4% during the fourth quarter. KBC Group NV now owns 3,045 shares of the biopharmaceutical company's stock worth $137,000 after buying an additional 813 shares during the last quarter. R Squared Ltd bought a new stake in PTC Therapeutics during the fourth quarter worth about $79,000. China Universal Asset Management Co. Ltd. grew its stake in PTC Therapeutics by 10.5% during the fourth quarter. China Universal Asset Management Co. Ltd. now owns 16,353 shares of the biopharmaceutical company's stock worth $738,000 after buying an additional 1,558 shares during the last quarter. Finally, Nadler Financial Group Inc. bought a new stake in PTC Therapeutics during the fourth quarter worth about $223,000.

PTC Therapeutics Price Performance

The stock has a market capitalization of $3.65 billion, a P/E ratio of -7.75 and a beta of 0.52. The company's 50 day simple moving average is $48.86 and its two-hundred day simple moving average is $47.06.

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.