Blackstone Inc. Has $47.83 Million Position in PTC Therapeutics, Inc. (NASDAQ:PTCT)

Blackstone Inc. trimmed its holdings in PTC Therapeutics, Inc. (NASDAQ:PTCT - Free Report) by 3.3% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,059,574 shares of the biopharmaceutical company's stock after selling 35,716 shares during the quarter. Blackstone Inc. owned about 1.37% of PTC Therapeutics worth $47,829,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also added to or reduced their stakes in the business. Smartleaf Asset Management LLC boosted its holdings in shares of PTC Therapeutics by 78.7% during the 4th quarter. Smartleaf Asset Management LLC now owns 613 shares of the biopharmaceutical company's stock worth $28,000 after buying an additional 270 shares in the last quarter. Sterling Capital Management LLC lifted its position in shares of PTC Therapeutics by 424.4% during the 4th quarter. Sterling Capital Management LLC now owns 645 shares of the biopharmaceutical company's stock valued at $29,000 after acquiring an additional 522 shares during the period. Venturi Wealth Management LLC bought a new position in PTC Therapeutics during the fourth quarter worth $68,000. R Squared Ltd acquired a new stake in PTC Therapeutics in the fourth quarter worth $79,000. Finally, KBC Group NV increased its stake in PTC Therapeutics by 36.4% in the fourth quarter. KBC Group NV now owns 3,045 shares of the biopharmaceutical company's stock valued at $137,000 after purchasing an additional 813 shares in the last quarter.

Analyst Ratings Changes

A number of research firms have recently issued reports on PTCT. JPMorgan Chase & Co. cut their price objective on shares of PTC Therapeutics from $78.00 to $75.00 and set an "overweight" rating on the stock in a research report on Monday, March 31st. Scotiabank initiated coverage on PTC Therapeutics in a research note on Friday, March 7th. They set a "sector perform" rating and a $55.00 price target on the stock. Royal Bank of Canada reissued an "outperform" rating and issued a $65.00 price objective on shares of PTC Therapeutics in a research note on Tuesday, April 22nd. Morgan Stanley reaffirmed an "overweight" rating and set a $70.00 target price (up from $67.00) on shares of PTC Therapeutics in a research report on Friday, March 7th. Finally, Bank of America upgraded PTC Therapeutics from an "underperform" rating to a "neutral" rating and increased their target price for the stock from $41.00 to $55.00 in a report on Tuesday, March 11th. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $63.92.

Insider Activity at PTC Therapeutics

In other news, Director Allan Steven Jacobson sold 1,230 shares of the firm's stock in a transaction that occurred 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 owns 19,118 shares in the company, valued at $984,959.36. This trade represents a 6.04 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Matthew B. Klein sold 2,804 shares of the company's stock in a transaction that occurred on Tuesday, April 22nd. The shares were sold at an average price of $48.74, for a total value of $136,666.96. Following the completion of the transaction, the chief executive officer now owns 273,234 shares in the company, valued at approximately $13,317,425.16. The trade was a 1.02 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 32,305 shares of company stock valued at $1,682,755. 5.50% of the stock is owned by insiders.

PTC Therapeutics Stock Performance

NASDAQ:PTCT opened at $40.65 on Tuesday. PTC Therapeutics, Inc. has a 52 week low of $28.72 and a 52 week high of $58.38. The firm has a 50-day moving average price of $49.80 and a two-hundred day moving average price of $47.05. The firm has a market cap of $3.21 billion, a price-to-earnings ratio of -6.84 and a beta of 0.52.

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.

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