PTC Therapeutics, Inc. (NASDAQ:PTCT) Sees Large Decrease in Short Interest

PTC Therapeutics, Inc. (NASDAQ:PTCT) was the recipient of a large drop in short interest in the month of September. As of September 30th, there was short interest totalling 4,270,000 shares, a drop of 18.2% from the September 15th total of 5,220,000 shares. Based on an average trading volume of 623,500 shares, the short-interest ratio is presently 6.8 days.

PTC Therapeutics Trading Down 4.0 %

Shares of PTCT traded down $1.58 on Tuesday, reaching $37.56. 820,508 shares of the company’s stock traded hands, compared to its average volume of 856,492. The stock’s 50 day simple moving average is $34.75 and its two-hundred day simple moving average is $33.29. The stock has a market cap of $2.88 billion, a PE ratio of -5.10 and a beta of 0.65. PTC Therapeutics has a 52-week low of $17.53 and a 52-week high of $41.81.

PTC Therapeutics (NASDAQ:PTCT) last announced its quarterly earnings data on Thursday, August 8th. The biopharmaceutical company reported ($1.16) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.00) by ($0.16). The business had revenue of $186.70 million during the quarter, compared to analysts’ expectations of $192.12 million. Analysts forecast that PTC Therapeutics will post -5.09 earnings per share for the current year.

Institutional Trading of PTC Therapeutics

A number of large investors have recently added to or reduced their stakes in PTCT. Wellington Management Group LLP grew its holdings in PTC Therapeutics by 4.0% during the fourth quarter. Wellington Management Group LLP now owns 9,816,603 shares of the biopharmaceutical company’s stock valued at $270,546,000 after purchasing an additional 380,415 shares during the period. Vanguard Group Inc. grew its stake in shares of PTC Therapeutics by 10.8% during the 4th quarter. Vanguard Group Inc. now owns 8,800,843 shares of the biopharmaceutical company’s stock worth $242,551,000 after acquiring an additional 855,354 shares during the period. Los Angeles Capital Management LLC increased its holdings in PTC Therapeutics by 23.1% in the 1st quarter. Los Angeles Capital Management LLC now owns 10,800 shares of the biopharmaceutical company’s stock worth $314,000 after acquiring an additional 2,024 shares during the last quarter. Allspring Global Investments Holdings LLC bought a new stake in PTC Therapeutics in the 1st quarter valued at about $46,000. Finally, China Universal Asset Management Co. Ltd. lifted its holdings in PTC Therapeutics by 69.0% during the first quarter. China Universal Asset Management Co. Ltd. now owns 14,752 shares of the biopharmaceutical company’s stock valued at $429,000 after purchasing an additional 6,025 shares during the last quarter.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on the company. Robert W. Baird reissued an “outperform” rating and issued a $44.00 price objective on shares of PTC Therapeutics in a research note on Tuesday, October 8th. UBS Group initiated coverage on PTC Therapeutics in a research note on Monday, August 26th. They issued a “buy” rating and a $47.00 price target on the stock. Morgan Stanley raised their price objective on shares of PTC Therapeutics from $32.00 to $45.00 and gave the stock an “equal weight” rating in a research report on Friday. JPMorgan Chase & Co. reiterated an “overweight” rating and set a $53.00 target price on shares of PTC Therapeutics in a research report on Thursday, June 20th. Finally, Baird R W raised shares of PTC Therapeutics to a “strong-buy” rating in a research note on Wednesday, September 4th. Three investment analysts have rated the stock with a sell rating, five have given a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $40.08.

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.