PTC Therapeutics (NASDAQ:PTCT) Stock Price Down 3.4% – Here’s Why

Shares of PTC Therapeutics, Inc. (NASDAQ:PTCT) dropped 3.4% during trading on Friday . The company traded as low as $43.53 and last traded at $43.57. Approximately 30,044 shares changed hands during trading, a decline of 96% from the average daily volume of 840,922 shares. The stock had previously closed at $45.11.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on PTCT shares. Barclays lifted their price target on shares of PTC Therapeutics from $31.00 to $43.00 and gave the stock an “equal weight” rating in a research note on Monday, November 11th. Wells Fargo & Company boosted their price target on PTC Therapeutics from $56.00 to $68.00 and gave the company an “overweight” rating in a report on Tuesday. UBS Group began coverage on PTC Therapeutics in a research note on Monday, August 26th. They issued a “buy” rating and a $47.00 price objective on the stock. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $64.00 price objective on shares of PTC Therapeutics in a research report on Tuesday, September 17th. Finally, Baird R W raised shares of PTC Therapeutics to a “strong-buy” rating in a report on Wednesday, September 4th. Three investment analysts have rated the stock with a sell rating, six have assigned a hold rating, six have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $44.69.

PTC Therapeutics Stock Down 3.6 %

The stock has a market cap of $3.35 billion, a P/E ratio of -7.59 and a beta of 0.63. The business has a 50 day moving average price of $40.07 and a 200 day moving average price of $36.18.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the stock. Armistice Capital LLC grew its stake in PTC Therapeutics by 2.9% in the 2nd quarter. Armistice Capital LLC now owns 6,962,227 shares of the biopharmaceutical company’s stock worth $212,905,000 after acquiring an additional 198,227 shares in the last quarter. Cowen AND Company LLC raised its position in PTC Therapeutics by 0.8% during 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 purchasing an additional 30,843 shares in the last quarter. State Street Corp lifted its holdings in shares of PTC Therapeutics by 5.4% in the 3rd quarter. State Street Corp now owns 2,899,040 shares of the biopharmaceutical company’s stock worth $107,554,000 after buying an additional 149,700 shares during the period. Geode Capital Management LLC increased its stake in shares of PTC Therapeutics by 0.6% during the third quarter. Geode Capital Management LLC now owns 1,798,666 shares of the biopharmaceutical company’s stock valued at $66,743,000 after buying an additional 10,886 shares during the period. Finally, Renaissance Technologies LLC raised its holdings in shares of PTC Therapeutics by 7.4% in the second quarter. Renaissance Technologies LLC now owns 818,100 shares of the biopharmaceutical company’s stock valued at $25,017,000 after acquiring an additional 56,700 shares in the last quarter.

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.