NEW YORK (TheStreet) -- PTC Therapeutics (PTCT) - Get Report stock is down by 41.37% to $16.57 on heavy trading volume Tuesday after the company received a "Refuse to File" letter from the FDA regarding its New Drug Application.
The South Plainfield, NJ-based bio-pharmaceutical company received the letter regarding its treatment for Duchenne muscular dystrophy, which is a muscle disorder.
The letter states that PTC's application was not sufficiently complete, PTC said in a statement on Tuesday. The company "is reviewing its content to determine the appropriate next steps."
So far today, 5.84 million shares of PTC have traded, well above the company's 30-day average of about 911,000 shares.
Separately, recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
TheStreet Ratings rates this stock as a "sell" with a ratings score of D. The company's weaknesses can be seen in multiple areas, such as its feeble growth in its earnings per share, deteriorating net income, disappointing return on equity, weak operating cash flow and generally disappointing historical performance in the stock itself.
You can view the full analysis from the report here: PTCT