PTC Therapeutics (NASDAQ:PTCT) Sets New 52-Week Low – Time to Sell?

PTC Therapeutics, Inc. (NASDAQ:PTCT)’s share price reached a new 52-week low during trading on Tuesday. The stock traded as low as $60.76 and last traded at $60.9350, with a volume of 74,623 shares. The stock had previously closed at $62.92.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on the company. UBS Group set a $90.00 target price on PTC Therapeutics in a research note on Thursday. Cantor Fitzgerald increased their price target on PTC Therapeutics from $130.00 to $137.00 and gave the company an “overweight” rating in a research report on Tuesday, September 22nd. Wells Fargo & Company lifted their price target on PTC Therapeutics from $106.00 to $109.00 and gave the stock an “overweight” rating in a report on Thursday, August 13th. Leerink Partners assumed coverage on PTC Therapeutics in a report on Monday, September 14th. They set an “outperform” rating and a $98.00 price target on the stock. Finally, Zacks Research cut PTC Therapeutics from a “strong-buy” rating to a “hold” rating in a research report on Thursday, August 6th. One research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, two have issued a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat.com, PTC Therapeutics presently has an average rating of “Moderate Buy” and a consensus price target of $97.62.

PTC Therapeutics Stock Performance

The company’s 50 day moving average price is $67.89 and its 200-day moving average price is $71.85.

PTC Therapeutics (NASDAQ:PTCT) last posted its quarterly earnings data on Thursday, July 30th. The biopharmaceutical company reported $0.92 EPS for the quarter, beating the consensus estimate of $0.24 by $0.68. The firm had revenue of $360.52 million during the quarter, compared to analysts’ expectations of $298.63 million. During the same quarter in the previous year, the company posted ($0.83) EPS. PTC Therapeutics’s revenue for the quarter was up 101.5% on a year-over-year basis. As a group, research analysts expect that PTC Therapeutics, Inc. will post 1.19 earnings per share for the current year.

Insider Transactions at PTC Therapeutics

In other PTC Therapeutics news, Director Glenn Steele, Jr. sold 12,000 shares of the company’s stock in a transaction dated Wednesday, September 30th. The shares were sold at an average price of $65.16, for a total transaction of $781,920.00. Following the sale, the director directly owned 22,500 shares of the company’s stock, valued at $1,466,100. This represents a 34.78% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, VP Mark Boulding sold 435 shares of the company’s stock in a transaction that occurred on Tuesday, October 6th. The shares were sold at an average price of $64.16, for a total transaction of $27,909.60. Following the sale, the vice president owned 105,272 shares in the company, valued at $6,754,251.52. The trade was a 0.41% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders have sold 74,870 shares of company stock valued at $5,173,236. Corporate insiders own 5.30% of the company’s stock.

Institutional Investors Weigh In On PTC Therapeutics

Several institutional investors have recently made changes to their positions in PTCT. BlackRock Inc. bought a new stake in shares of PTC Therapeutics during the 2nd quarter valued at about $1,139,089,000. Jupiter Topco LLC purchased a new position in shares of PTC Therapeutics during the second quarter worth about $590,182,000. Janus Henderson Group PLC increased its position in shares of PTC Therapeutics by 48.3% in the first quarter. Janus Henderson Group PLC now owns 7,193,433 shares of the biopharmaceutical company’s stock worth $489,997,000 after purchasing an additional 2,342,101 shares during the last quarter. William Blair Investment Management LLC purchased a new stake in PTC Therapeutics in the second quarter valued at approximately $140,520,000. Finally, Bank of America Corp DE purchased a new stake in PTC Therapeutics in the second quarter valued at approximately $118,462,000.

About PTC Therapeutics

PTC Therapeutics, Inc is a biopharmaceutical company focused on discovering, developing and commercializing medicines for rare diseases. Its research programs use technologies designed to address genetic and molecular causes of disease, including RNA biology, protein translation and gene therapy.

The company’s commercial portfolio includes Emflaza (deflazacort), a corticosteroid approved in the United States to treat Duchenne muscular dystrophy, and Upstaza (eladocagene exuparvovec), a gene therapy for aromatic L-amino acid decarboxylase deficiency in eligible patients.