First Citizens Bank & Trust Co. Makes New $857,000 Investment in PTC Therapeutics, Inc. $PTCT

First Citizens Bank & Trust Co. bought a new position in shares of PTC Therapeutics, Inc. (NASDAQ:PTCT) during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 12,581 shares of the biopharmaceutical company’s stock, valued at approximately $857,000.

A number of other large investors have also recently modified their holdings of PTCT. PNC Financial Services Group Inc. grew its stake in PTC Therapeutics by 8.5% in the first quarter. PNC Financial Services Group Inc. now owns 3,128 shares of the biopharmaceutical company’s stock worth $213,000 after purchasing an additional 244 shares in the last quarter. Dimensional Fund Advisors LP raised its position in PTC Therapeutics by 42.0% during the 1st quarter. Dimensional Fund Advisors LP now owns 890,715 shares of the biopharmaceutical company’s stock valued at $60,674,000 after purchasing an additional 263,623 shares in the last quarter. Swiss National Bank raised its position in PTC Therapeutics by 1.3% during the 1st quarter. Swiss National Bank now owns 142,865 shares of the biopharmaceutical company’s stock valued at $9,733,000 after purchasing an additional 1,800 shares in the last quarter. Gallacher Capital Management LLC purchased a new stake in shares of PTC Therapeutics in the 1st quarter worth $206,000. Finally, Financiere des Professionnels Fonds d investissement inc. lifted its holdings in shares of PTC Therapeutics by 24.2% in the 1st quarter. Financiere des Professionnels Fonds d investissement inc. now owns 7,228 shares of the biopharmaceutical company’s stock worth $492,000 after buying an additional 1,407 shares during the period.

Insider Activity at PTC Therapeutics

In other PTC Therapeutics news, VP Mark Elliott Boulding sold 5,079 shares of the firm’s stock in a transaction dated Monday, July 6th. The stock was sold at an average price of $85.08, for a total value of $432,121.32. Following the completion of the sale, the vice president owned 105,272 shares of the company’s stock, valued at approximately $8,956,541.76. This trade represents a 4.60% 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 the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Mary L. Smith sold 15,834 shares of the business’s stock in a transaction that occurred on Thursday, July 9th. The stock was sold at an average price of $90.00, for a total transaction of $1,425,060.00. Following the sale, the director directly owned 21,813 shares in the company, valued at approximately $1,963,170. This represents a 42.06% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 198,662 shares of company stock valued at $16,347,994 over the last 90 days. Insiders own 5.50% of the company’s stock.

PTC Therapeutics Trading Up 0.1%

PTCT opened at $78.45 on Friday. The firm has a market cap of $6.51 billion, a price-to-earnings ratio of -33.67, a PEG ratio of 5.48 and a beta of 0.53. PTC Therapeutics, Inc. has a 12 month low of $43.17 and a 12 month high of $90.87. The stock has a fifty day moving average price of $77.08 and a 200-day moving average price of $72.82.

PTC Therapeutics (NASDAQ:PTCT) last issued its quarterly earnings data on Thursday, May 7th. The biopharmaceutical company reported ($0.03) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.45) by $0.42. PTC Therapeutics had a negative return on equity of 362.45% and a negative net margin of 22.58%.The company had revenue of $272.55 million for the quarter, compared to the consensus estimate of $217.42 million. During the same quarter last year, the company earned $10.04 earnings per share. The firm’s revenue for the quarter was up 43.5% compared to the same quarter last year. On average, equities research analysts forecast that PTC Therapeutics, Inc. will post 0.52 EPS for the current year.

Wall Street Analyst Weigh In

PTCT has been the topic of several research reports. Zacks Research upgraded PTC Therapeutics from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, July 7th. Weiss Ratings lowered shares of PTC Therapeutics from a “hold (c-)” rating to a “sell (d)” rating in a research note on Monday, May 11th. Jefferies Financial Group upgraded shares of PTC Therapeutics from a “hold” rating to a “buy” rating and increased their target price for the stock from $76.00 to $85.00 in a report on Wednesday, May 27th. Wells Fargo & Company cut their target price on shares of PTC Therapeutics from $95.00 to $93.00 and set an “overweight” rating on the stock in a research report on Monday. Finally, Raymond James Financial initiated coverage on shares of PTC Therapeutics in a report on Friday, April 10th. They issued an “outperform” rating and a $108.00 price target for the company. Two equities research analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating, one has issued a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $92.29.

PTC Therapeutics 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.