PTC Therapeutics, Inc. $PTCT Shares Sold by BI Asset Management Fondsmaeglerselskab A S

BI Asset Management Fondsmaeglerselskab A S reduced its stake in PTC Therapeutics, Inc. (NASDAQ:PTCT) by 48.7% during the 1st quarter, Holdings Channel reports. The institutional investor owned 81,878 shares of the biopharmaceutical company’s stock after selling 77,599 shares during the period. BI Asset Management Fondsmaeglerselskab A S’s holdings in PTC Therapeutics were worth $5,578,000 at the end of the most recent quarter.

A number of other large investors also recently bought and sold shares of PTCT. Thrivent Financial for Lutherans acquired a new position in shares of PTC Therapeutics in the 4th quarter worth approximately $4,191,000. Teachers Retirement System of The State of Kentucky increased its holdings in PTC Therapeutics by 86.9% in the 4th quarter. Teachers Retirement System of The State of Kentucky now owns 40,858 shares of the biopharmaceutical company’s stock valued at $3,103,000 after purchasing an additional 19,000 shares during the last quarter. Jefferies Financial Group Inc. purchased a new stake in PTC Therapeutics in the third quarter valued at approximately $97,252,000. Ritholtz Wealth Management purchased a new stake in PTC Therapeutics in the fourth quarter valued at approximately $1,863,000. Finally, Comerica Bank raised its position in PTC Therapeutics by 3,231.9% in the fourth quarter. Comerica Bank now owns 17,426 shares of the biopharmaceutical company’s stock valued at $1,324,000 after purchasing an additional 16,903 shares during the period.

Insider Transactions at PTC Therapeutics

In other PTC Therapeutics news, VP Mark Elliott Boulding sold 10,462 shares of the stock in a transaction that occurred on Wednesday, June 17th. The shares were sold at an average price of $78.65, for a total value of $822,836.30. Following the transaction, the vice president directly owned 105,272 shares in the company, valued at $8,279,642.80. This represents a 9.04% decrease in their ownership of the stock. The sale was disclosed in a document filed 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 transaction of $1,487,474.16. Following the completion of the transaction, the chief accounting officer owned 70,199 shares in the company, valued at $5,304,236.44. This represents a 21.90% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 128,296 shares of company stock valued at $9,311,785 over the last three months. 5.50% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

PTCT has been the subject of several research analyst reports. Barclays restated an “overweight” rating and set a $120.00 price target on shares of PTC Therapeutics in a research report on Monday, February 23rd. TD Cowen upgraded PTC Therapeutics from a “hold” rating to a “buy” rating and boosted their price objective for the company from $75.00 to $90.00 in a report on Friday, May 8th. Morgan Stanley reissued an “overweight” rating and set a $94.00 target price on shares of PTC Therapeutics in a research note on Friday, May 8th. 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 on the stock. Finally, Citigroup upgraded PTC Therapeutics from a “neutral” rating to a “buy” rating and raised their target price for the company from $75.00 to $108.00 in a report on Tuesday, June 9th. One investment analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, one has given a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, PTC Therapeutics presently has an average rating of “Moderate Buy” and an average price target of $91.36.

PTC Therapeutics Price Performance

PTC Therapeutics stock opened at $80.96 on Tuesday. The stock has a market cap of $6.72 billion, a PE ratio of -34.75, a P/E/G ratio of 3.63 and a beta of 0.55. The stock’s fifty day moving average is $71.57 and its two-hundred day moving average is $71.89. PTC Therapeutics, Inc. has a 1-year low of $43.17 and a 1-year high of $87.50.

PTC Therapeutics (NASDAQ:PTCT) last released its quarterly earnings data on Thursday, May 7th. The biopharmaceutical company reported ($0.03) earnings per share (EPS) for the quarter, topping the consensus estimate 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 business had revenue of $272.55 million during the quarter, compared to analysts’ expectations of $217.42 million. During the same period in the prior year, the firm posted $10.04 EPS. The business’s quarterly revenue was up 43.5% compared to the same quarter last year. On average, research analysts expect that PTC Therapeutics, Inc. will post 0.78 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.