Abacus FCF Advisors LLC Makes New $5.76 Million Investment in PTC Therapeutics, Inc. $PTCT

Abacus FCF Advisors LLC bought a new stake in PTC Therapeutics, Inc. (NASDAQ:PTCT - Free Report) in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor bought 75,757 shares of the biopharmaceutical company's stock, valued at approximately $5,755,000. Abacus FCF Advisors LLC owned about 0.09% of PTC Therapeutics at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Smartleaf Asset Management LLC increased its position in PTC Therapeutics by 101.3% during the third quarter. Smartleaf Asset Management LLC now owns 469 shares of the biopharmaceutical company's stock worth $28,000 after purchasing an additional 236 shares during the last quarter. Optiver Holding B.V. boosted its holdings in shares of 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 last quarter. Comerica Bank boosted its holdings in shares of 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 last quarter. Salomon & Ludwin LLC acquired a new stake in shares of PTC Therapeutics during the 4th quarter worth $41,000. Finally, First Horizon Corp purchased a new position in shares of PTC Therapeutics in the 4th quarter worth $53,000.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on the company. Jefferies Financial Group cut PTC Therapeutics from a "buy" rating to a "hold" rating and decreased their target price for the stock from $91.00 to $76.00 in a report on Monday, March 30th. Bank of America cut their price target on shares of PTC Therapeutics from $97.00 to $93.00 and set a "buy" rating on the stock in a report on Friday, February 20th. Morgan Stanley upped their price target on shares of PTC Therapeutics from $90.00 to $92.00 and gave the stock an "overweight" rating in a research report on Monday, February 23rd. Weiss Ratings reissued a "hold (c)" rating on shares of PTC Therapeutics in a research report on Monday, December 29th. Finally, 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 price objective on the stock. One research 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 issued a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $84.40.

PTC Therapeutics Price Performance

PTCT opened at $68.23 on Friday. The stock has a market capitalization of $5.66 billion, a PE ratio of 8.82 and a beta of 0.55. The firm's fifty day moving average price is $68.14 and its 200 day moving average price is $72.02. PTC Therapeutics, Inc. has a 12-month low of $35.95 and a 12-month high of $87.50.

PTC Therapeutics (NASDAQ:PTCT - Get Free Report) last posted its quarterly earnings data 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 for the quarter, compared to the consensus estimate of $281.45 million. PTC Therapeutics had a net margin of 39.44% and a negative return on equity of 362.45%. The company's revenue was down 22.7% compared to the same quarter last year. During the same quarter last year, the company earned ($0.85) earnings per share. On average, equities research analysts forecast that PTC Therapeutics, Inc. will post -0.76 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, insider Neil Gregory Almstead sold 52,003 shares of the business'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 completion of the sale, the insider owned 60,137 shares of the company's stock, valued at $4,151,858.48. This represents a 46.37% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Lee Scott Golden sold 10,000 shares of the stock in a transaction dated Thursday, March 5th. The stock was sold at an average price of $63.38, for a total transaction of $633,800.00. Following the sale, the executive vice president owned 79,944 shares in the company, valued at approximately $5,066,850.72. This trade represents a 11.12% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders sold 126,492 shares of company stock worth $8,634,621. Corporate insiders own 5.50% of the company's stock.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.