24,524 Shares in PTC Therapeutics, Inc. $PTCT Purchased by Ritholtz Wealth Management

Key Points

• Ritholtz Wealth Management opened a new position in PTC Therapeutics, buying 24,524 shares worth about $1.86 million, and several other institutions also initiated or increased stakes, signaling growing institutional interest.
• PTC missed quarterly expectations, reporting ($1.67) EPS vs. ($0.21) expected and revenue of $164.7M vs. $281.5M (down 22.7% YoY); analysts now forecast about -4.52 EPS for the year while the consensus rating is a "Moderate Buy" with an average target of $84.40.
• Company insiders have been net sellers recently, offloading a total of 123,642 shares worth $8.43 million in the last three months, leaving insiders with roughly 5.5% ownership.

Ritholtz Wealth Management acquired a new position in PTC Therapeutics, Inc. (NASDAQ:PTCT - Free Report) during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor acquired 24,524 shares of the biopharmaceutical company's stock, valued at approximately $1,863,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of PTCT. Empowered Funds LLC purchased a new stake in PTC Therapeutics in the first quarter worth about $1,999,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its holdings in PTC Therapeutics by 11.5% in the first 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 purchasing an additional 18,504 shares during the period. Quantbot Technologies LP grew its holdings in PTC Therapeutics by 280.1% in the second quarter. Quantbot Technologies LP now owns 2,478 shares of the biopharmaceutical company's stock worth $121,000 after purchasing an additional 1,826 shares during the period. Arrowstreet Capital Limited Partnership purchased a new position in PTC Therapeutics during the second quarter valued at $1,661,000. Finally, EverSource Wealth Advisors LLC raised its stake in PTC Therapeutics by 247.4% during the second 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 last quarter.

PTC Therapeutics Stock Up 2.5%

Shares of PTCT stock opened at $70.42 on Tuesday. The company has a 50 day moving average price of $68.37 and a 200-day moving average price of $71.54. PTC Therapeutics, Inc. has a 52 week low of $35.95 and a 52 week high of $87.50. The firm has a market capitalization of $5.83 billion, a PE ratio of 9.10 and a beta of 0.55.

PTC Therapeutics (NASDAQ:PTCT - Get Free Report) last announced its quarterly earnings results on Thursday, February 19th. The biopharmaceutical company reported ($1.67) EPS for the quarter, missing analysts' consensus estimates of ($0.21) by ($1.46). The company had revenue of $164.68 million during the quarter, compared to the consensus estimate of $281.45 million. PTC Therapeutics had a negative return on equity of 362.45% and a net margin of 39.44%.The business's revenue was down 22.7% compared to the same quarter last year. During the same quarter in the prior year, the firm earned ($0.85) earnings per share. Analysts anticipate that PTC Therapeutics, Inc. will post -4.52 earnings per share for the current year.

Insider Activity at PTC Therapeutics

In related news, Director Stephanie Okey sold 15,167 shares of the business's stock in a transaction that occurred on Tuesday, March 10th. The shares were sold at an average price of $70.00, for a total transaction of $1,061,690.00. Following the completion of the sale, the director directly owned 8,000 shares in the company, valued at approximately $560,000. The trade was a 65.47% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Neil Gregory Almstead sold 52,003 shares of the business's stock in a transaction that occurred on Wednesday, April 1st. The shares were sold at an average price of $69.04, for a total transaction of $3,590,287.12. Following the sale, the insider owned 60,137 shares of the company's stock, valued at $4,151,858.48. This trade represents a 46.37% 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. Insiders sold a total of 123,642 shares of company stock valued at $8,432,528 in the last three months. Corporate insiders own 5.50% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on PTCT. Cantor Fitzgerald reiterated an "overweight" rating on shares of PTC Therapeutics in a research note on Friday, February 20th. Jefferies Financial Group cut PTC Therapeutics from a "buy" rating to a "hold" rating and lowered their price objective for the company from $91.00 to $76.00 in a research note on Monday, March 30th. Barclays reiterated an "overweight" rating and set a $120.00 price objective on shares of PTC Therapeutics in a research note on Monday, February 23rd. Wall Street Zen downgraded shares of PTC Therapeutics from a "buy" rating to a "hold" rating in a research report on Saturday, February 21st. Finally, Raymond James Financial initiated coverage on shares of PTC Therapeutics in a research report on Friday. They set an "outperform" rating and a $108.00 price target for the company. One investment analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, five have given a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $84.40.

About PTC Therapeutics

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.

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