Armistice Capital LLC Sells 475,403 Shares of PTC Therapeutics, Inc. $PTCT

Armistice Capital LLC decreased its position in shares of PTC Therapeutics, Inc. (NASDAQ:PTCT) by 14.5% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,801,869 shares of the biopharmaceutical company’s stock after selling 475,403 shares during the quarter. PTC Therapeutics makes up approximately 2.5% of Armistice Capital LLC’s portfolio, making the stock its biggest position. Armistice Capital LLC owned 3.49% of PTC Therapeutics worth $212,830,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of the company. Empowered Funds LLC bought a new position in PTC Therapeutics during the 1st quarter worth $1,999,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in shares of PTC Therapeutics by 11.5% in 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 acquiring an additional 18,504 shares in the last quarter. Quantbot Technologies LP raised its position in shares of PTC Therapeutics by 280.1% in the 2nd quarter. Quantbot Technologies LP now owns 2,478 shares of the biopharmaceutical company’s stock worth $121,000 after acquiring an additional 1,826 shares in the last quarter. Arrowstreet Capital Limited Partnership bought a new position in shares of PTC Therapeutics in the 2nd quarter worth about $1,661,000. Finally, EverSource Wealth Advisors LLC grew its stake in shares of PTC Therapeutics by 247.4% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,143 shares of the biopharmaceutical company’s stock valued at $56,000 after buying an additional 814 shares during the period.

Analyst Ratings Changes

Several analysts have recently commented on the company. Bank of America reduced their target price on PTC Therapeutics from $97.00 to $93.00 and set a “buy” rating for the company in a research note on Friday, February 20th. Morgan Stanley restated an “overweight” rating and issued a $94.00 target price on shares of PTC Therapeutics in a research note on Friday, May 8th. Truist Financial upgraded PTC Therapeutics to a “strong-buy” rating in a research note on Wednesday, March 25th. Royal Bank Of Canada raised their target price on PTC Therapeutics from $81.00 to $82.00 and gave the company a “sector perform” rating in a research note on Friday, May 8th. Finally, Raymond James Financial assumed coverage on PTC Therapeutics in a research note on Friday, April 10th. They issued an “outperform” rating and a $108.00 target price for the company. One equities research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, one has issued 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 $91.36.

PTC Therapeutics Stock Performance

PTCT stock opened at $78.53 on Thursday. The company has a market capitalization of $6.51 billion, a P/E ratio of -33.70, a price-to-earnings-growth ratio of 3.37 and a beta of 0.56. PTC Therapeutics, Inc. has a 52-week low of $43.17 and a 52-week high of $87.50. The business has a 50-day simple moving average of $71.03 and a two-hundred day simple moving average of $71.93.

PTC Therapeutics (NASDAQ:PTCT) last released its quarterly earnings results on Thursday, May 7th. The biopharmaceutical company reported ($0.03) earnings per share (EPS) for the quarter, beating 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 return on equity of 362.45% and a negative net margin of 22.58%.The company’s quarterly revenue was up 43.5% on a year-over-year basis. During the same quarter in the previous year, the business earned $10.04 EPS. As a group, sell-side analysts forecast that PTC Therapeutics, Inc. will post 0.78 earnings per share for the current fiscal year.

Insider Buying and Selling at PTC Therapeutics

In other PTC Therapeutics news, insider Eric Pauwels sold 21,277 shares of PTC Therapeutics stock in a transaction dated Wednesday, June 10th. The stock was sold at an average price of $75.00, for a total transaction of $1,595,775.00. Following the completion of the transaction, the insider owned 73,411 shares in the company, valued at approximately $5,505,825. The trade was a 22.47% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, VP Mark Elliott Boulding sold 3,540 shares of PTC Therapeutics stock in a transaction dated Friday, May 8th. The shares were sold at an average price of $78.97, for a total value of $279,553.80. Following the transaction, the vice president owned 105,212 shares of the company’s stock, valued at $8,308,591.64. This trade represents a 3.26% 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. In the last three months, insiders have sold 98,148 shares of company stock worth $7,001,475. 5.50% of the stock is currently owned by corporate insiders.

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.