Adage Capital Partners GP L.L.C. Has $30.32 Million Position in PTC Therapeutics, Inc. $PTCT

Key Points

• Adage Capital Partners GP L.L.C. increased its stake in PTC Therapeutics by 94% during the first quarter, now owning approximately 595,000 shares valued at $30.3 million.
• PTC Therapeutics reported a net margin of 35.65% for the latest quarter, with revenue of $178.88 million, surpassing consensus estimates.
• Several hedge funds, including Quantbot Technologies and PNC Financial Services, also significantly increased their holdings in PTC Therapeutics during the same quarter.

Adage Capital Partners GP L.L.C. lifted its stake in PTC Therapeutics, Inc. (NASDAQ:PTCT - Free Report) by 94.0% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 595,000 shares of the biopharmaceutical company's stock after acquiring an additional 288,244 shares during the quarter. Adage Capital Partners GP L.L.C. owned approximately 0.75% of PTC Therapeutics worth $30,321,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also modified their holdings of PTCT. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in PTC Therapeutics by 0.3% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 65,681 shares of the biopharmaceutical company's stock valued at $2,967,000 after purchasing an additional 205 shares in the last quarter. Xponance Inc. increased its holdings in PTC Therapeutics by 5.2% in the first quarter. Xponance Inc. now owns 6,372 shares of the biopharmaceutical company's stock worth $325,000 after buying an additional 314 shares during the last quarter. PNC Financial Services Group Inc. raised its position in PTC Therapeutics by 84.2% during the first quarter. PNC Financial Services Group Inc. now owns 700 shares of the biopharmaceutical company's stock valued at $36,000 after acquiring an additional 320 shares in the last quarter. Diversified Trust Co grew its position in PTC Therapeutics by 2.0% in the first quarter. Diversified Trust Co now owns 17,147 shares of the biopharmaceutical company's stock worth $874,000 after acquiring an additional 329 shares in the last quarter. Finally, GF Fund Management CO. LTD. increased its stake in shares of PTC Therapeutics by 21.9% during the 1st quarter. GF Fund Management CO. LTD. now owns 1,974 shares of the biopharmaceutical company's stock worth $101,000 after purchasing an additional 355 shares during the last quarter.

PTC Therapeutics Price Performance

PTCT stock traded up $1.47 on Tuesday, reaching $58.42. 1,255,287 shares of the company were exchanged, compared to its average volume of 1,095,131. The firm has a market capitalization of $4.64 billion, a PE ratio of 8.38 and a beta of 0.53. PTC Therapeutics, Inc. has a 12 month low of $30.98 and a 12 month high of $58.73. The stock's fifty day moving average price is $49.40 and its 200 day moving average price is $49.21.

PTC Therapeutics (NASDAQ:PTCT - Get Free Report) last posted its quarterly earnings results on Thursday, August 7th. The biopharmaceutical company reported ($0.83) earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.07) by $0.24. The company had revenue of $178.88 million for the quarter, compared to analyst estimates of $173.01 million. PTC Therapeutics had a net margin of 35.65% and a negative return on equity of 106.31%. The business's quarterly revenue was down 4.2% on a year-over-year basis. During the same period last year, the business posted ($1.29) EPS. PTC Therapeutics has set its FY 2025 guidance at EPS. As a group, research analysts expect that PTC Therapeutics, Inc. will post -4.52 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on the stock. Citigroup upped their price objective on shares of PTC Therapeutics from $40.00 to $50.00 and gave the stock a "neutral" rating in a report on Monday, July 28th. Bank of America cut their price objective on PTC Therapeutics from $82.00 to $76.00 and set a "buy" rating on the stock in a research note on Wednesday, August 20th. Truist Financial upped their target price on PTC Therapeutics from $80.00 to $86.00 and gave the stock a "buy" rating in a research report on Tuesday, July 29th. Morgan Stanley dropped their price target on shares of PTC Therapeutics from $76.00 to $71.00 and set an "overweight" rating on the stock in a research report on Wednesday, August 20th. Finally, Cantor Fitzgerald reaffirmed an "overweight" rating and set a $118.00 price objective on shares of PTC Therapeutics in a report on Wednesday, September 3rd. Nine research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $69.00.

Insider Activity at PTC Therapeutics

In other news, CFO Pierre Gravier sold 2,516 shares of the stock in a transaction on Tuesday, July 15th. The shares were sold at an average price of $49.46, for a total value of $124,441.36. Following the completion of the transaction, the chief financial officer owned 71,920 shares in the company, valued at approximately $3,557,163.20. This represents a 3.38% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Allan Steven Jacobson sold 1,667 shares of PTC Therapeutics stock in a transaction dated Thursday, August 28th. The shares were sold at an average price of $50.15, for a total transaction of $83,600.05. Following the sale, the director owned 17,451 shares in the company, valued at approximately $875,167.65. This trade represents a 8.72% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 16,589 shares of company stock worth $847,277. 5.50% of the stock is owned by corporate insiders.

PTC Therapeutics Company 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.