PTC Therapeutics (NASDAQ:PTCT) Shares Gap Down on Disappointing Earnings

PTC Therapeutics, Inc. (NASDAQ:PTCT) gapped down before the market opened on Friday after the company announced weaker than expected quarterly earnings. The stock had previously closed at $32.45, but opened at $29.38. PTC Therapeutics shares last traded at $32.10, with a volume of 35,804 shares changing hands.

The biopharmaceutical company reported ($1.16) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.00) by ($0.16). The business had revenue of $186.70 million for the quarter, compared to analysts’ expectations of $192.12 million.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on the stock. The Goldman Sachs Group lifted their price target on shares of PTC Therapeutics from $18.00 to $32.00 and gave the company a “sell” rating in a research note on Tuesday, May 28th. Bank of America lifted their price objective on shares of PTC Therapeutics from $25.00 to $32.00 and gave the company an “underperform” rating in a research report on Friday, June 21st. Raymond James raised shares of PTC Therapeutics from an “underperform” rating to a “market perform” rating in a research report on Monday, May 20th. Barclays lifted their price objective on shares of PTC Therapeutics from $25.00 to $31.00 and gave the company an “equal weight” rating in a research report on Friday. Finally, Citigroup lifted their price objective on shares of PTC Therapeutics from $18.00 to $26.00 and gave the company a “sell” rating in a research report on Tuesday, May 21st. Three analysts have rated the stock with a sell rating, seven have given a hold rating and four have issued a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $35.69.

Insider Buying and Selling at PTC Therapeutics

In other PTC Therapeutics news, Director Jerome B. Zeldis sold 20,000 shares of the stock in a transaction that occurred on Wednesday, May 22nd. The shares were sold at an average price of $38.24, for a total transaction of $764,800.00. Following the transaction, the director now owns 14,500 shares in the company, valued at approximately $554,480. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other news, CFO Pierre Gravier sold 2,269 shares of the company’s stock in a transaction that occurred on Tuesday, July 16th. The shares were sold at an average price of $34.02, for a total transaction of $77,191.38. Following the completion of the sale, the chief financial officer now owns 53,531 shares of the company’s stock, valued at approximately $1,821,124.62. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Jerome B. Zeldis sold 20,000 shares of the stock in a transaction that occurred on Wednesday, May 22nd. The shares were sold at an average price of $38.24, for a total transaction of $764,800.00. Following the completion of the transaction, the director now directly owns 14,500 shares of the company’s stock, valued at approximately $554,480. The disclosure for this sale can be found here. Insiders own 5.50% of the company’s stock.

Hedge Funds Weigh In On PTC Therapeutics

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. DekaBank Deutsche Girozentrale increased its position in PTC Therapeutics by 20.9% in the 2nd quarter. DekaBank Deutsche Girozentrale now owns 29,016 shares of the biopharmaceutical company’s stock valued at $887,000 after acquiring an additional 5,016 shares during the period. American Century Companies Inc. increased its position in PTC Therapeutics by 108.7% in the 2nd quarter. American Century Companies Inc. now owns 37,394 shares of the biopharmaceutical company’s stock valued at $1,144,000 after acquiring an additional 19,475 shares during the period. VitalStone Financial LLC acquired a new position in PTC Therapeutics in the 2nd quarter valued at approximately $286,000. Headlands Technologies LLC increased its position in PTC Therapeutics by 83.2% in the 2nd quarter. Headlands Technologies LLC now owns 6,611 shares of the biopharmaceutical company’s stock valued at $202,000 after acquiring an additional 3,002 shares during the period. Finally, Cowen AND Company LLC increased its position in PTC Therapeutics by 0.8% in the 2nd quarter. Cowen AND Company LLC now owns 3,756,469 shares of the biopharmaceutical company’s stock valued at $114,873,000 after acquiring an additional 30,843 shares during the period.

PTC Therapeutics Stock Performance

The company’s 50-day simple moving average is $34.05 and its 200-day simple moving average is $30.92. The stock has a market capitalization of $2.49 billion, a price-to-earnings ratio of -4.18 and a beta of 0.65.

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.