96,860 Shares in PTC Therapeutics, Inc. $PTCT Acquired by Castleark Management LLC

Key Points

• Castleark Management LLC disclosed a new fourth-quarter position in PTC Therapeutics, buying 96,860 shares valued at about $7.36 million and representing 0.12% of the company.
• Wall Street sentiment on PTCT has improved, with multiple firms upgrading the stock and analysts giving it an average “Moderate Buy” rating and a target price of $91.36.
• PTC Therapeutics reported stronger-than-expected quarterly results, including EPS of -$0.03 versus estimates of -$0.45 and revenue of $272.55 million, up 43.5% year over year.

Castleark Management LLC purchased a new position in shares of PTC Therapeutics, Inc. (NASDAQ:PTCT - Free Report) during the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor purchased 96,860 shares of the biopharmaceutical company's stock, valued at approximately $7,357,000. Castleark Management LLC owned 0.12% of PTC Therapeutics as of its most recent filing with the SEC.

A number of other large investors also recently modified their holdings of the company. Smartleaf Asset Management LLC grew its position in PTC Therapeutics by 101.3% in the 3rd quarter. Smartleaf Asset Management LLC now owns 469 shares of the biopharmaceutical company's stock valued at $28,000 after purchasing an additional 236 shares during the period. Optiver Holding B.V. grew its position in PTC Therapeutics by 96.5% in the 3rd quarter. Optiver Holding B.V. now owns 507 shares of the biopharmaceutical company's stock valued at $31,000 after purchasing an additional 249 shares during the period. Comerica Bank grew its position in PTC Therapeutics by 868.5% in the 3rd quarter. Comerica Bank now owns 523 shares of the biopharmaceutical company's stock valued at $32,000 after purchasing an additional 469 shares during the period. Salomon & Ludwin LLC acquired a new stake in PTC Therapeutics in the 4th quarter valued at $41,000. Finally, IFP Advisors Inc grew its position in PTC Therapeutics by 68.1% in the 3rd quarter. IFP Advisors Inc now owns 765 shares of the biopharmaceutical company's stock valued at $47,000 after purchasing an additional 310 shares during the period.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on PTCT. Citigroup raised shares of PTC Therapeutics from a "neutral" rating to a "buy" rating and lifted their price target for the company from $75.00 to $108.00 in a research report on Tuesday. Jefferies Financial Group upgraded PTC Therapeutics from a "hold" rating to a "buy" rating and raised their price objective for the company from $76.00 to $85.00 in a research note on Wednesday, May 27th. Truist Financial upgraded PTC Therapeutics to a "strong-buy" rating in a research note on Wednesday, March 25th. Morgan Stanley restated an "overweight" rating and set a $94.00 price objective on shares of PTC Therapeutics in a research note on Friday, May 8th. Finally, Barclays restated an "overweight" rating and set a $120.00 price objective on shares of PTC Therapeutics in a research note on Monday, February 23rd. One investment 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 target price of $91.36.

Insider Activity at PTC Therapeutics

In other PTC Therapeutics news, insider Neil Gregory Almstead sold 52,003 shares of the company's stock in a transaction dated 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 directly owned 60,137 shares of the company's stock, valued at $4,151,858.48. This represents a 46.37% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Matthew B. Klein sold 12,572 shares of the company's stock in a transaction dated Thursday, May 14th. The shares were sold at an average price of $72.95, for a total transaction of $917,127.40. Following the sale, the chief executive officer directly owned 393,998 shares in the company, valued at approximately $28,742,154.10. This trade represents a 3.09% 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. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold a total of 98,148 shares of company stock worth $7,001,475 over the last 90 days. Corporate insiders own 5.50% of the company's stock.

PTC Therapeutics Price Performance

NASDAQ PTCT opened at $75.14 on Friday. The stock has a market capitalization of $6.23 billion, a price-to-earnings ratio of -32.25, a PEG ratio of 3.44 and a beta of 0.56. PTC Therapeutics, Inc. has a one year low of $43.17 and a one year high of $87.50. The business's fifty day moving average is $70.54 and its 200-day moving average is $72.17.

PTC Therapeutics (NASDAQ:PTCT - Get Free Report) last released its earnings results on Thursday, May 7th. The biopharmaceutical company reported ($0.03) EPS for the quarter, topping analysts' consensus estimates 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 company had revenue of $272.55 million for the quarter, compared to analysts' expectations of $217.42 million. During the same period in the previous year, the business posted $10.04 EPS. The business's revenue for the quarter was up 43.5% compared to the same quarter last year. Research analysts expect that PTC Therapeutics, Inc. will post 0.78 EPS for the current fiscal year.

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.

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