Blackstone Inc. Sells 35,716 Shares of PTC Therapeutics, Inc. (NASDAQ:PTCT)

Blackstone Inc. lessened its position in PTC Therapeutics, Inc. (NASDAQ:PTCT - Free Report) by 3.3% in the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 1,059,574 shares of the biopharmaceutical company's stock after selling 35,716 shares during the quarter. Blackstone Inc. owned approximately 1.37% of PTC Therapeutics worth $47,829,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Vanguard Group Inc. lifted its position in shares of PTC Therapeutics by 0.6% during the 4th quarter. Vanguard Group Inc. now owns 9,178,822 shares of the biopharmaceutical company's stock worth $414,332,000 after purchasing an additional 53,688 shares during the last quarter. Pictet Asset Management Holding SA lifted its position in shares of PTC Therapeutics by 107.4% during the fourth quarter. Pictet Asset Management Holding SA now owns 736,388 shares of the biopharmaceutical company's stock worth $33,241,000 after purchasing an additional 381,319 shares in the last quarter. Northern Trust Corp increased its stake in shares of PTC Therapeutics by 7.8% in the 4th quarter. Northern Trust Corp now owns 727,976 shares of the biopharmaceutical company's stock valued at $32,861,000 after buying an additional 52,714 shares during the period. Renaissance Technologies LLC lifted its position in PTC Therapeutics by 21.3% during the 4th quarter. Renaissance Technologies LLC now owns 653,100 shares of the biopharmaceutical company's stock valued at $29,481,000 after purchasing an additional 114,900 shares during the period. Finally, Alliancebernstein L.P. raised its position in shares of PTC Therapeutics by 62.9% during the 4th quarter. Alliancebernstein L.P. now owns 361,644 shares of the biopharmaceutical company's stock valued at $16,325,000 after acquiring an additional 139,596 shares during the last quarter.

PTC Therapeutics Price Performance

Shares of PTC Therapeutics stock traded up $1.72 during trading on Friday, reaching $44.23. 1,538,280 shares of the company traded hands, compared to its average volume of 852,265. The company has a 50 day moving average price of $48.86 and a 200-day moving average price of $47.02. PTC Therapeutics, Inc. has a 1-year low of $28.72 and a 1-year high of $58.38. The firm has a market capitalization of $3.50 billion, a PE ratio of -7.45 and a beta of 0.52.

PTC Therapeutics (NASDAQ:PTCT - Get Free Report) last issued its quarterly earnings results on Tuesday, May 6th. The biopharmaceutical company reported $10.04 EPS for the quarter, beating analysts' consensus estimates of $0.85 by $9.19. The business had revenue of $1.18 billion for the quarter, compared to analysts' expectations of $437.16 million. During the same period in the previous year, the business posted ($1.20) earnings per share. The business's revenue was down 9.6% compared to the same quarter last year. Equities research analysts expect that PTC Therapeutics, Inc. will post -4.52 earnings per share for the current year.

Wall Street Analyst Weigh In

Several analysts have commented on PTCT shares. Citigroup upgraded shares of PTC Therapeutics from a "sell" rating to a "neutral" rating and dropped their target price for the stock from $50.00 to $40.00 in a report on Wednesday. Robert W. Baird cut their price target on shares of PTC Therapeutics from $70.00 to $66.00 and set an "outperform" rating for the company in a research note on Wednesday. StockNews.com upgraded PTC Therapeutics from a "hold" rating to a "strong-buy" rating in a research note on Thursday. Barclays reduced their price target on PTC Therapeutics from $56.00 to $42.00 and set an "equal weight" rating for the company in a research note on Thursday. Finally, Cantor Fitzgerald reduced their target price on PTC Therapeutics from $113.00 to $112.00 and set an "overweight" rating on the stock in a report on Wednesday. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating, nine have given a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $61.92.

Insider Activity at PTC Therapeutics

In other news, Director Allan Steven Jacobson sold 1,230 shares of PTC Therapeutics stock in a transaction on Tuesday, March 4th. The shares were sold at an average price of $51.52, for a total transaction of $63,369.60. Following the completion of the sale, the director now directly owns 19,118 shares of the company's stock, valued at approximately $984,959.36. The trade was a 6.04 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Matthew B. Klein sold 2,804 shares of the company's stock in a transaction on Tuesday, April 22nd. The shares were sold at an average price of $48.74, for a total transaction of $136,666.96. Following the completion of the sale, the chief executive officer now directly owns 273,234 shares of the company's stock, valued at $13,317,425.16. This trade represents a 1.02 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 32,305 shares of company stock worth $1,682,755. 5.50% of the stock is owned by corporate insiders.

PTC Therapeutics Profile

PTC Therapeutics, Inc, a biopharmaceutical company, focuses on the discovery, development, and commercialization of medicines to patients with rare disorders in the United States and internationally. The company offers Translarna and Emflaza for the treatment of Duchenne muscular dystrophy; Upstaza to treat aromatic l-amino acid decarboxylas (AADC) deficiency, a central nervous system disorder; Tegsedi and Waylivra for the treatment of rare diseases; and Evrysdi to treat spinal muscular atrophy (SMA) in adults and children.