JPMorgan Chase & Co. Lowers Stake in PTC Therapeutics, Inc. $PTCT

JPMorgan Chase & Co. cut its position in shares of PTC Therapeutics, Inc. (NASDAQ:PTCT) by 18.4% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 490,934 shares of the biopharmaceutical company’s stock after selling 110,626 shares during the quarter. JPMorgan Chase & Co.’s holdings in PTC Therapeutics were worth $30,129,000 at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. Empowered Funds LLC acquired a new position in shares of PTC Therapeutics in the 1st quarter valued at about $1,999,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in PTC Therapeutics by 11.5% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 178,755 shares of the biopharmaceutical company’s stock worth $9,109,000 after purchasing an additional 18,504 shares in the last quarter. PNC Financial Services Group Inc. increased its position in PTC Therapeutics by 42.1% during the 2nd quarter. PNC Financial Services Group Inc. now owns 995 shares of the biopharmaceutical company’s stock worth $49,000 after purchasing an additional 295 shares in the last quarter. Police & Firemen s Retirement System of New Jersey raised its holdings in PTC Therapeutics by 3.2% in the second quarter. Police & Firemen s Retirement System of New Jersey now owns 17,222 shares of the biopharmaceutical company’s stock valued at $841,000 after buying an additional 528 shares during the period. Finally, Swiss National Bank raised its holdings in PTC Therapeutics by 0.7% in the second quarter. Swiss National Bank now owns 135,565 shares of the biopharmaceutical company’s stock valued at $6,621,000 after buying an additional 1,000 shares during the period.

PTC Therapeutics Stock Down 2.6%

PTCT opened at $65.30 on Monday. The firm has a market capitalization of $5.41 billion, a P/E ratio of 8.44 and a beta of 0.51. The firm’s 50 day moving average is $70.70 and its 200-day moving average is $70.58. PTC Therapeutics, Inc. has a 52-week low of $35.95 and a 52-week high of $87.50.

PTC Therapeutics (NASDAQ:PTCT) last announced its earnings results on Thursday, February 19th. The biopharmaceutical company reported ($1.67) earnings per share for the quarter, missing the consensus estimate of ($0.21) by ($1.46). The firm had revenue of $164.68 million during the quarter, compared to analysts’ expectations of $281.45 million. PTC Therapeutics had a net margin of 39.44% and a negative return on equity of 362.45%. PTC Therapeutics’s revenue for the quarter was down 22.7% compared to the same quarter last year. During the same quarter last year, the company posted ($0.85) earnings per share. Equities analysts expect that PTC Therapeutics, Inc. will post -4.52 earnings per share for the current fiscal year.

Insider Transactions at PTC Therapeutics

In other news, Director Stephanie Okey sold 15,167 shares of PTC Therapeutics stock in a transaction dated Tuesday, March 10th. The stock was sold at an average price of $70.00, for a total transaction of $1,061,690.00. Following the sale, the director directly owned 8,000 shares of the company’s stock, valued at approximately $560,000. The trade was a 65.47% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Mark Elliott Boulding sold 4,879 shares of the business’s stock in a transaction dated Wednesday, January 7th. The stock was sold at an average price of $77.44, for a total value of $377,829.76. Following the completion of the transaction, the vice president owned 117,659 shares in the company, valued at approximately $9,111,512.96. This trade represents a 3.98% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 137,755 shares of company stock worth $9,945,471 over the last three months. Insiders own 5.50% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have issued reports on PTCT shares. Royal Bank Of Canada decreased their price objective on shares of PTC Therapeutics from $87.00 to $82.00 and set a “sector perform” rating for the company in a research note on Friday, February 20th. Wells Fargo & Company cut their target price on shares of PTC Therapeutics from $93.00 to $86.00 and set an “overweight” rating on the stock in a research note on Friday, February 20th. TD Cowen restated a “hold” rating on shares of PTC Therapeutics in a report on Thursday, January 29th. Bank of America decreased their price target on shares of PTC Therapeutics from $97.00 to $93.00 and set a “buy” rating for the company in a research report on Friday, February 20th. Finally, Cantor Fitzgerald reissued an “overweight” rating on shares of PTC Therapeutics in a research report on Friday, February 20th. Ten investment analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $82.79.

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.