Allspring Global Investments Holdings LLC Has $3.29 Million Position in PTC Therapeutics, Inc. $PTCT

Allspring Global Investments Holdings LLC increased its position in shares of PTC Therapeutics, Inc. (NASDAQ:PTCT) by 292.9% in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 47,871 shares of the biopharmaceutical company’s stock after buying an additional 35,686 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in PTC Therapeutics were worth $3,291,000 as of its most recent SEC filing.

A number of other large investors have also recently bought and sold shares of the company. UMB Bank n.a. bought a new stake in shares of PTC Therapeutics in the fourth quarter worth $26,000. Comerica Bank increased its position in shares of PTC Therapeutics by 868.5% in the third quarter. Comerica Bank now owns 523 shares of the biopharmaceutical company’s stock valued at $32,000 after acquiring an additional 469 shares during the last quarter. Salomon & Ludwin LLC bought a new stake in PTC Therapeutics during the fourth quarter worth about $41,000. IFP Advisors Inc boosted its position in PTC Therapeutics by 68.1% during the third quarter. IFP Advisors Inc now owns 765 shares of the biopharmaceutical company’s stock valued at $47,000 after purchasing an additional 310 shares during the last quarter. Finally, Allworth Financial LP boosted its position in PTC Therapeutics by 63.8% during the fourth quarter. Allworth Financial LP now owns 634 shares of the biopharmaceutical company’s stock valued at $48,000 after purchasing an additional 247 shares during the last quarter.

Insider Buying and Selling

In related news, Director Mary L. Smith sold 15,834 shares of the firm’s stock in a transaction dated Thursday, July 9th. The stock was sold at an average price of $90.00, for a total value of $1,425,060.00. Following the sale, the director directly owned 21,813 shares of the company’s stock, valued at $1,963,170. This trade represents a 42.06% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Neil Gregory Almstead sold 2,464 shares of the firm’s stock in a transaction that occurred on Thursday, July 9th. The shares were sold at an average price of $90.25, for a total transaction of $222,376.00. Following the completion of the sale, the insider owned 60,299 shares in the company, valued at approximately $5,441,984.75. The trade was 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 worth $16,347,994 in the last ninety days. 5.50% of the stock is owned by insiders.

PTC Therapeutics Stock Down 2.1%

PTCT stock opened at $76.82 on Friday. The business has a 50-day simple moving average of $77.19 and a 200 day simple moving average of $72.85. The company has a market cap of $6.37 billion, a PE ratio of -32.97, a price-to-earnings-growth ratio of 6.83 and a beta of 0.53. PTC Therapeutics, Inc. has a 52 week low of $43.17 and a 52 week high of $90.87.

PTC Therapeutics (NASDAQ:PTCT) last announced its quarterly earnings data on Thursday, May 7th. The biopharmaceutical company reported ($0.03) EPS for the quarter, beating the consensus estimate of ($0.45) by $0.42. PTC Therapeutics had a negative net margin of 22.58% and a negative return on equity of 362.45%. The business had revenue of $272.55 million during the quarter, compared to the consensus estimate of $217.42 million. During the same period in the previous year, the business earned $10.04 earnings per share. The company’s revenue was up 43.5% on a year-over-year basis. On average, analysts anticipate that PTC Therapeutics, Inc. will post 0.41 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on PTCT shares. Jefferies Financial Group raised PTC Therapeutics from a “hold” rating to a “buy” rating and increased their price objective for the company from $76.00 to $85.00 in a report on Wednesday, May 27th. Weiss Ratings lowered shares of PTC Therapeutics from a “hold (c-)” rating to a “sell (d)” rating in a research report on Monday, May 11th. Cantor Fitzgerald upped their target price on shares of PTC Therapeutics from $124.00 to $130.00 and gave the company an “overweight” rating in a report on Thursday, July 16th. Wells Fargo & Company cut their target price on shares of PTC Therapeutics from $95.00 to $93.00 and set an “overweight” rating for the company in a research note on Monday, July 20th. Finally, TD Cowen upgraded PTC Therapeutics from a “hold” rating to a “buy” rating and lifted their price target for the stock from $75.00 to $90.00 in a report on Friday, May 8th. Two analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating, one has issued a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus 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.