Bank of New York Mellon Corp Has $35.62 Million Holdings in PTC Therapeutics, Inc. $PTCT

Bank of New York Mellon Corp grew its position in shares of PTC Therapeutics, Inc. (NASDAQ:PTCT) by 1.6% in the 1st quarter, HoldingsChannel reports. The fund owned 522,763 shares of the biopharmaceutical company’s stock after buying an additional 8,083 shares during the period. Bank of New York Mellon Corp’s holdings in PTC Therapeutics were worth $35,616,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of PTCT. Allworth Financial LP grew its position in PTC Therapeutics by 63.8% in the 4th 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 period. Measured Wealth Private Client Group LLC raised its holdings in PTC Therapeutics by 5.6% during the fourth quarter. Measured Wealth Private Client Group LLC now owns 4,963 shares of the biopharmaceutical company’s stock worth $377,000 after buying an additional 265 shares during the last quarter. Evolve Private Wealth LLC lifted its stake in shares of PTC Therapeutics by 5.2% in the first quarter. Evolve Private Wealth LLC now owns 6,122 shares of the biopharmaceutical company’s stock valued at $417,000 after buying an additional 305 shares in the last quarter. IFP Advisors Inc lifted its stake in shares of PTC Therapeutics by 68.1% in the third quarter. IFP Advisors Inc now owns 765 shares of the biopharmaceutical company’s stock valued at $47,000 after buying an additional 310 shares in the last quarter. Finally, New York State Teachers Retirement System grew its holdings in shares of PTC Therapeutics by 0.7% during the first quarter. New York State Teachers Retirement System now owns 44,953 shares of the biopharmaceutical company’s stock valued at $3,063,000 after buying an additional 316 shares during the last quarter.

Analysts Set New Price Targets

Several research firms have recently commented on PTCT. Cantor Fitzgerald boosted their target price on shares of PTC Therapeutics from $124.00 to $130.00 and gave the stock an “overweight” rating in a research report on Thursday, July 16th. Citigroup upgraded PTC Therapeutics from a “neutral” rating to a “buy” rating and lifted their price target for the company from $75.00 to $108.00 in a research note on Tuesday, June 9th. Royal Bank Of Canada boosted their price objective on PTC Therapeutics from $82.00 to $85.00 and gave the stock a “sector perform” rating in a report on Tuesday, July 7th. Jefferies Financial Group raised PTC Therapeutics from a “hold” rating to a “buy” rating and increased their price objective for the stock from $76.00 to $85.00 in a research note on Wednesday, May 27th. Finally, Wells Fargo & Company dropped their target price on PTC Therapeutics from $95.00 to $93.00 and set an “overweight” rating on the stock in a report on Monday, July 20th. Two research analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating, one has assigned a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $92.29.

Insider Transactions at PTC Therapeutics

In other news, insider Neil Gregory Almstead sold 24,613 shares of the company’s stock in a transaction that occurred on Tuesday, July 7th. The stock was sold at an average price of $88.89, for a total value of $2,187,849.57. Following the completion of the transaction, the insider directly owned 60,299 shares of the company’s stock, valued at $5,359,978.11. This represents a 28.99% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CAO Christine Marie Utter sold 19,686 shares of the stock in a transaction that occurred on Wednesday, June 17th. The shares were sold at an average price of $75.56, for a total value of $1,487,474.16. Following the sale, the chief accounting officer directly owned 70,199 shares of the company’s stock, valued at $5,304,236.44. The trade was a 21.90% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders have sold 198,662 shares of company stock worth $16,347,994. 5.50% of the stock is owned by insiders.

PTC Therapeutics Price Performance

PTCT opened at $76.82 on Friday. PTC Therapeutics, Inc. has a fifty-two week low of $43.17 and a fifty-two week high of $90.87. The firm has a market capitalization of $6.37 billion, a P/E ratio of -32.97, a PEG ratio of 6.69 and a beta of 0.53. The company’s 50-day moving average is $77.19 and its 200 day moving average is $72.85.

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

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.