PTC Therapeutics, Inc. (NASDAQ:PTCT) Short Interest Update

PTC Therapeutics, Inc. (NASDAQ:PTCT) was the recipient of a large increase in short interest during the month of March. As of March 31st, there was short interest totalling 5,420,000 shares, an increase of 26.0% from the March 15th total of 4,300,000 shares. Based on an average trading volume of 871,300 shares, the short-interest ratio is currently 6.2 days. Currently, 7.4% of the shares of the company are short sold.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on PTCT. Morgan Stanley reiterated 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. Cantor Fitzgerald raised their price target on PTC Therapeutics from $76.00 to $113.00 and gave the company an “overweight” rating in a report on Monday, February 3rd. Royal Bank of Canada boosted their price objective on PTC Therapeutics from $60.00 to $63.00 and gave the stock an “outperform” rating in a report on Tuesday, February 18th. Bank of America upgraded shares of PTC Therapeutics from an “underperform” rating to a “neutral” rating and lifted their price target for the stock from $41.00 to $55.00 in a research report on Tuesday, March 11th. Finally, JPMorgan Chase & Co. reduced their target price on PTC Therapeutics from $78.00 to $75.00 and set an “overweight” rating on the stock in a report on Monday, March 31st. Two analysts have rated the stock with a sell rating, five have assigned a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $63.77.

Insiders Place Their Bets

In related news, Director Stephanie Okey sold 5,000 shares of the business’s stock in a transaction dated Thursday, March 13th. The stock was sold at an average price of $54.00, for a total transaction of $270,000.00. Following the completion of the transaction, the director now owns 8,867 shares of the company’s stock, valued at approximately $478,818. The trade was a 36.06 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Mark Elliott Boulding sold 1,333 shares of the company’s stock in a transaction dated Wednesday, February 19th. The shares were sold at an average price of $50.10, for a total transaction of $66,783.30. Following the transaction, the vice president now directly owns 105,515 shares of the company’s stock, valued at $5,286,301.50. This represents a 1.25 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 29,501 shares of company stock valued at $1,546,088 in the last quarter. Insiders own 5.50% of the company’s stock.

Institutional Investors Weigh In On PTC Therapeutics

Several hedge funds and other institutional investors have recently added to or reduced their stakes in PTCT. Toronto Dominion Bank bought a new position in PTC Therapeutics in the fourth quarter valued at approximately $148,363,000. Driehaus Capital Management LLC bought a new position in shares of PTC Therapeutics in the fourth quarter valued at $46,993,000. Point72 Asset Management L.P. increased its holdings in PTC Therapeutics by 150.6% during the fourth quarter. Point72 Asset Management L.P. now owns 1,443,362 shares of the biopharmaceutical company’s stock worth $65,153,000 after buying an additional 867,502 shares during the last quarter. Janus Henderson Group PLC raised its position in PTC Therapeutics by 24.4% during the fourth quarter. Janus Henderson Group PLC now owns 2,325,915 shares of the biopharmaceutical company’s stock worth $105,015,000 after acquiring an additional 455,698 shares in the last quarter. Finally, Pictet Asset Management Holding SA lifted its stake in PTC Therapeutics by 107.4% in the fourth quarter. Pictet Asset Management Holding SA now owns 736,388 shares of the biopharmaceutical company’s stock valued at $33,241,000 after acquiring an additional 381,319 shares during the last quarter.

PTC Therapeutics Price Performance

Shares of PTCT traded up $1.02 during mid-day trading on Monday, hitting $48.41. 475,297 shares of the company’s stock were exchanged, compared to its average volume of 808,045. PTC Therapeutics has a 52 week low of $24.00 and a 52 week high of $58.38. The company has a market cap of $3.82 billion, a PE ratio of -8.15 and a beta of 0.58. The company has a 50-day simple moving average of $50.20 and a 200 day simple moving average of $46.23.

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.