PTC Therapeutics, Inc. (NASDAQ:PTCT) Sees Significant Growth in Short Interest

PTC Therapeutics, Inc. (NASDAQ:PTCT) was the target of a significant growth in short interest in March. As of March 31st, there was short interest totalling 5,420,000 shares, a growth 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 stock are short sold.

Insider Activity

In related news, CAO Christine Marie Utter sold 879 shares of the firm’s stock in a transaction on Wednesday, February 19th. The shares were sold at an average price of $50.10, for a total transaction of $44,037.90. Following the completion of the transaction, the chief accounting officer now directly owns 63,442 shares of the company’s stock, valued at approximately $3,178,444.20. This trade represents a 1.37 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Pierre Gravier sold 1,168 shares of the business’s stock in a transaction on Wednesday, February 19th. The stock was sold at an average price of $50.10, for a total transaction of $58,516.80. Following the completion of the sale, the chief financial officer now owns 75,603 shares in the company, valued at approximately $3,787,710.30. The trade was a 1.52 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 29,501 shares of company stock worth $1,546,088 over the last ninety days. Corporate insiders own 5.50% of the company’s stock.

Institutional Trading of PTC Therapeutics

A number of large investors have recently made changes to their positions in PTCT. Smartleaf Asset Management LLC boosted its position in PTC Therapeutics by 78.7% in the 4th quarter. Smartleaf Asset Management LLC now owns 613 shares of the biopharmaceutical company’s stock valued at $28,000 after buying an additional 270 shares during the period. Sterling Capital Management LLC grew its stake in PTC Therapeutics by 424.4% in the fourth quarter. Sterling Capital Management LLC now owns 645 shares of the biopharmaceutical company’s stock worth $29,000 after purchasing an additional 522 shares in the last quarter. GAMMA Investing LLC increased its holdings in PTC Therapeutics by 86.3% during the 1st quarter. GAMMA Investing LLC now owns 952 shares of the biopharmaceutical company’s stock worth $49,000 after purchasing an additional 441 shares during the period. Venturi Wealth Management LLC bought a new stake in PTC Therapeutics during the 4th quarter valued at $68,000. Finally, GF Fund Management CO. LTD. bought a new position in shares of PTC Therapeutics during the 4th quarter worth $73,000.

PTC Therapeutics Stock Up 1.7 %

PTCT opened at $48.19 on Tuesday. The business has a fifty day moving average of $50.18 and a 200 day moving average of $46.32. The stock has a market cap of $3.80 billion, a P/E ratio of -8.11 and a beta of 0.58. PTC Therapeutics has a 52-week low of $24.00 and a 52-week high of $58.38.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on the stock. JPMorgan Chase & Co. cut their target price on shares of PTC Therapeutics from $78.00 to $75.00 and set an “overweight” rating for the company in a report on Monday, March 31st. StockNews.com cut shares of PTC Therapeutics from a “buy” rating to a “hold” rating in a research note on Monday, February 17th. Scotiabank began coverage on shares of PTC Therapeutics in a research report on Friday, March 7th. They set a “sector perform” rating and a $55.00 target price on the stock. Royal Bank of Canada increased their price target on shares of PTC Therapeutics from $60.00 to $63.00 and gave the company an “outperform” rating in a report on Tuesday, February 18th. Finally, Citigroup boosted their price objective on PTC Therapeutics from $32.00 to $45.00 and gave the stock a “sell” rating in a research note on Wednesday, February 12th. Two analysts have rated the stock with a sell rating, five have assigned a hold rating, eight have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, PTC Therapeutics has an average rating of “Moderate Buy” and a consensus price target of $63.77.

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.