Allspring Global Investments Holdings LLC Makes New $524,000 Investment in PTC Therapeutics, Inc. (NASDAQ:PTCT)

Allspring Global Investments Holdings LLC bought a new stake in PTC Therapeutics, Inc. (NASDAQ:PTCT - Free Report) in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 10,287 shares of the biopharmaceutical company's stock, valued at approximately $524,000.

Other large investors also recently added to or reduced their stakes in the company. Wealth Enhancement Advisory Services LLC purchased a new stake in PTC Therapeutics in the 1st quarter valued at $595,000. Raymond James Financial Inc. purchased a new stake in PTC Therapeutics in the 4th quarter valued at $2,200,000. Natixis Advisors LLC acquired a new position in shares of PTC Therapeutics in the 4th quarter valued at $544,000. OCONNOR A Distinct Business Unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in shares of PTC Therapeutics by 49.2% in the 4th quarter. OCONNOR A Distinct Business Unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 46,894 shares of the biopharmaceutical company's stock valued at $2,117,000 after purchasing an additional 15,459 shares during the last quarter. Finally, Quantinno Capital Management LP acquired a new position in shares of PTC Therapeutics in the 4th quarter valued at $436,000.

Insider Buying and Selling

In other PTC Therapeutics news, CEO Matthew B. Klein sold 2,804 shares of the stock in a transaction that occurred on Tuesday, April 22nd. The stock was sold at an average price of $48.74, for a total transaction of $136,666.96. Following the completion of the sale, the chief executive officer directly owned 273,234 shares of the company's stock, valued at approximately $13,317,425.16. This trade represents a 1.02% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Mark Elliott Boulding sold 1,929 shares of the stock in a transaction that occurred on Thursday, May 15th. The stock was sold at an average price of $46.18, for a total value of $89,081.22. Following the sale, the vice president directly owned 103,901 shares of the company's stock, valued at $4,798,148.18. The trade was a 1.82% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 5,616 shares of company stock worth $266,384 in the last 90 days. 5.50% of the stock is currently owned by company insiders.

PTC Therapeutics Price Performance

Shares of PTCT traded down $0.97 during mid-day trading on Friday, reaching $48.55. The company's stock had a trading volume of 760,569 shares, compared to its average volume of 871,727. PTC Therapeutics, Inc. has a 12-month low of $29.02 and a 12-month high of $58.38. The stock has a market cap of $3.85 billion, a PE ratio of 7.46 and a beta of 0.50. The company's 50 day moving average is $48.09 and its 200 day moving average is $48.38.

PTC Therapeutics (NASDAQ:PTCT - Get Free Report) last released its quarterly earnings data on Tuesday, May 6th. The biopharmaceutical company reported $10.04 EPS for the quarter, beating analysts' consensus estimates of $0.85 by $9.19. The business had revenue of $1.18 billion for the quarter, compared to the consensus estimate of $437.16 million. PTC Therapeutics had a negative return on equity of 78.56% and a net margin of 33.56%. The business's revenue for the quarter was down 9.6% on a year-over-year basis. During the same quarter in the prior year, the business posted ($1.20) EPS. As a group, sell-side analysts anticipate that PTC Therapeutics, Inc. will post -4.52 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on PTCT shares. Truist Financial started coverage on PTC Therapeutics in a research note on Tuesday, June 17th. They issued a "buy" rating and a $80.00 price target on the stock. Wall Street Zen lowered PTC Therapeutics from a "strong-buy" rating to a "buy" rating in a research note on Friday, May 16th. JPMorgan Chase & Co. decreased their price target on PTC Therapeutics from $75.00 to $67.00 and set an "overweight" rating on the stock in a research note on Wednesday, May 7th. Cantor Fitzgerald decreased their price target on PTC Therapeutics from $113.00 to $112.00 and set an "overweight" rating on the stock in a research note on Wednesday, May 7th. Finally, Wells Fargo & Company upped their price target on PTC Therapeutics from $68.00 to $74.00 and gave the company an "overweight" rating in a research note on Tuesday, May 27th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat.com, PTC Therapeutics currently has an average rating of "Moderate Buy" and a consensus price target of $65.00.

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.