PTC Therapeutics, Inc. (NASDAQ:PTCT) Short Interest Down 43.2% in July

PTC Therapeutics, Inc. (NASDAQ:PTCT) was the recipient of a significant drop in short interest in the month of July. As of July 15th, there was short interest totaling 9,833,980 shares, a drop of 43.2% from the June 30th total of 17,315,032 shares. Based on an average daily volume of 2,069,373 shares, the days-to-cover ratio is currently 4.8 days. Approximately 12.5% of the shares of the company are short sold.

PTC Therapeutics Stock Down 7.4%

PTC Therapeutics stock opened at $69.97 on Friday. The firm has a market capitalization of $5.80 billion, a PE ratio of -29.48, a P/E/G ratio of 6.49 and a beta of 0.53. PTC Therapeutics has a 52 week low of $43.17 and a 52 week high of $90.87. The firm’s 50-day simple moving average is $77.59 and its 200 day simple moving average is $72.77.

PTC Therapeutics (NASDAQ:PTCT) last posted its earnings results on Thursday, July 30th. The biopharmaceutical company reported $0.92 earnings per share 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 the consensus estimate of $298.63 million. PTC Therapeutics had a negative net margin of 22.58% and a negative return on equity of 362.45%. The firm’s revenue for the quarter was up 101.5% on a year-over-year basis. During the same period last year, the firm posted ($0.83) EPS. On average, research analysts expect that PTC Therapeutics will post 0.41 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

PTCT has been the subject of a number of recent analyst reports. Weiss Ratings downgraded shares of PTC Therapeutics from a “hold (c-)” rating to a “sell (d)” rating in a research report on Monday, May 11th. Cantor Fitzgerald boosted their target price on shares of PTC Therapeutics from $124.00 to $130.00 and gave the stock an “overweight” rating in a research report on Thursday, July 16th. Raymond James Financial began coverage on shares of PTC Therapeutics in a research note on Friday, April 10th. They issued an “outperform” rating and a $108.00 price objective for the company. Jefferies Financial Group upgraded shares of PTC Therapeutics from a “hold” rating to a “buy” rating and upped their target price for the stock from $76.00 to $85.00 in a research report on Wednesday, May 27th. Finally, Zacks Research raised shares of PTC Therapeutics from a “hold” rating to a “strong-buy” rating in a report on Tuesday, July 7th. Two investment analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating, one has assigned a Hold rating and two have given a Sell rating to the company. According to MarketBeat.com, PTC Therapeutics currently has an average rating of “Moderate Buy” and an average target price of $94.92.

Insider Buying and Selling

In other news, VP Mark Elliott Boulding sold 5,079 shares of PTC Therapeutics stock in a transaction dated Monday, July 6th. The shares were sold at an average price of $85.08, for a total value of $432,121.32. Following the sale, the vice president owned 105,272 shares of the company’s stock, valued at $8,956,541.76. The trade was a 4.60% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Neil Gregory Almstead sold 2,464 shares of the business’s stock in a transaction dated Thursday, July 9th. The stock was sold at an average price of $90.25, for a total transaction of $222,376.00. Following the transaction, the insider owned 60,299 shares in the company, valued at approximately $5,441,984.75. This trade represents a 3.93% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 198,662 shares of company stock valued at $16,347,994 over the last three months. 5.50% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of PTCT. UMB Bank n.a. purchased a new stake in PTC Therapeutics in the 4th quarter valued at approximately $26,000. Comerica Bank increased its position in PTC Therapeutics by 868.5% during the third quarter. Comerica Bank now owns 523 shares of the biopharmaceutical company’s stock worth $32,000 after buying an additional 469 shares in the last quarter. Salomon & Ludwin LLC acquired a new position in shares of PTC Therapeutics in the fourth quarter worth $41,000. IFP Advisors Inc raised its holdings in shares of PTC Therapeutics by 68.1% in the third quarter. IFP Advisors Inc now owns 765 shares of the biopharmaceutical company’s stock worth $47,000 after acquiring an additional 310 shares during the last quarter. Finally, Allworth Financial LP lifted its position in shares of PTC Therapeutics by 63.8% in the fourth quarter. Allworth Financial LP now owns 634 shares of the biopharmaceutical company’s stock valued at $48,000 after acquiring an additional 247 shares in the last quarter.

PTC Therapeutics Company Profile

PTC Therapeutics, Inc is a biopharmaceutical company focused on the discovery, development and commercialization of small molecule and biologic therapies for the treatment of rare genetic disorders. Since its founding in 1998, PTC has dedicated its efforts to addressing high unmet medical needs by targeting underlying genetic causes of disease. The company’s research platform emphasizes mechanisms such as nonsense suppression and RNA modulation, enabling the development of novel treatments for conditions with limited therapeutic options.

Among PTC’s approved products is Translarna (ataluren), a first-in-class therapy designed to treat nonsense mutation Duchenne muscular dystrophy in select markets.