Fifth Third Bancorp Buys 17,307 Shares of PTC Therapeutics, Inc. $PTCT

Fifth Third Bancorp raised its holdings in PTC Therapeutics, Inc. (NASDAQ:PTCT) by 12,362.1% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 17,447 shares of the biopharmaceutical company’s stock after buying an additional 17,307 shares during the period. Fifth Third Bancorp’s holdings in PTC Therapeutics were worth $1,189,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in PTCT. Janus Henderson Group PLC boosted its stake in shares of PTC Therapeutics by 28.6% during the 4th quarter. Janus Henderson Group PLC now owns 4,851,332 shares of the biopharmaceutical company’s stock worth $368,587,000 after acquiring an additional 1,077,776 shares during the period. State Street Corp boosted its position in shares of PTC Therapeutics by 34.2% in the fourth quarter. State Street Corp now owns 4,206,126 shares of the biopharmaceutical company’s stock valued at $319,497,000 after acquiring an additional 1,071,343 shares during the period. Toronto Dominion Bank grew its stake in shares of PTC Therapeutics by 27.5% in the fourth quarter. Toronto Dominion Bank now owns 4,138,215 shares of the biopharmaceutical company’s stock valued at $314,339,000 after acquiring an additional 891,690 shares in the last quarter. BNP Paribas Financial Markets increased its position in PTC Therapeutics by 4,013.1% during the fourth quarter. BNP Paribas Financial Markets now owns 828,662 shares of the biopharmaceutical company’s stock worth $62,945,000 after acquiring an additional 808,515 shares during the period. Finally, Vanguard Group Inc. increased its position in PTC Therapeutics by 6.2% during the fourth quarter. Vanguard Group Inc. now owns 8,803,203 shares of the biopharmaceutical company’s stock worth $668,691,000 after acquiring an additional 514,204 shares during the period.

Analyst Ratings Changes

PTCT has been the subject of several recent analyst reports. Raymond James Financial initiated coverage on PTC Therapeutics in a research note on Friday, April 10th. They set an “outperform” rating and a $108.00 target price for the company. TD Cowen raised shares of PTC Therapeutics from a “hold” rating to a “buy” rating and upped their price objective for the company from $75.00 to $90.00 in a research note on Friday, May 8th. Jefferies Financial Group raised 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. Morgan Stanley reissued an “overweight” rating and set a $94.00 price objective on shares of PTC Therapeutics in a report on Friday, May 8th. Finally, Wells Fargo & Company lowered their price objective 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, July 20th. Two investment analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating, one has given a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, PTC Therapeutics has a consensus rating of “Moderate Buy” and an average target price of $92.29.

Insider Activity at PTC Therapeutics

In related news, insider Neil Gregory Almstead sold 2,464 shares of the company’s stock in a transaction dated Thursday, July 9th. The shares were sold at an average price of $90.25, for a total value of $222,376.00. Following the completion of the sale, the insider directly owned 60,299 shares of the company’s stock, valued at $5,441,984.75. This represents a 3.93% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, VP Mark Elliott Boulding sold 5,079 shares of the firm’s 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 directly owned 105,272 shares in the company, valued at approximately $8,956,541.76. The trade was a 4.60% decrease in their position. 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 198,662 shares of company stock worth $16,347,994 over the last three months. 5.50% of the stock is owned by corporate insiders.

PTC Therapeutics Stock Down 2.1%

Shares of NASDAQ PTCT opened at $76.82 on Friday. The firm has a market cap of $6.37 billion, a P/E ratio of -32.97, a PEG ratio of 6.83 and a beta of 0.53. The company has a 50 day moving average of $77.19 and a 200 day moving average of $72.85. PTC Therapeutics, Inc. has a twelve month low of $43.17 and a twelve month high of $90.87.

PTC Therapeutics (NASDAQ:PTCT) last posted its quarterly earnings data on Thursday, May 7th. The biopharmaceutical company reported ($0.03) EPS for the quarter, topping the consensus estimate of ($0.45) by $0.42. The firm had revenue of $272.55 million for the quarter, compared to the consensus estimate of $217.42 million. PTC Therapeutics had a negative return on equity of 362.45% and a negative net margin of 22.58%.The business’s revenue for the quarter was up 43.5% compared to the same quarter last year. During the same quarter last year, the company earned $10.04 earnings per share. As a group, equities analysts expect that PTC Therapeutics, Inc. will post 0.41 earnings per share for the current fiscal year.

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.