Assenagon Asset Management S.A. Has $563,000 Holdings in PTC Therapeutics, Inc. $PTCT

Key Points

• Assenagon Asset Management cut its PTC Therapeutics holdings by 88.8% in the second quarter, selling 54,498 shares and retaining 6,899 shares valued at approximately $563,000. Other institutions, including Segall Bryant & Hamill, increased their positions.
• PTC Therapeutics reported quarterly revenue of $360.52 million, up 101.5% year over year, and adjusted earnings of $0.92 per share, beating analysts’ estimate of $0.24.
• Analysts maintain a generally positive outlook, with a consensus rating of “Moderate Buy” and an average price target of $98.55 versus the reported share price of $71.70. Insiders sold 190,030 shares worth $15.65 million over the past three months.

Assenagon Asset Management S.A. reduced its holdings in PTC Therapeutics, Inc. (NASDAQ:PTCT - Free Report) by 88.8% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 6,899 shares of the biopharmaceutical company's stock after selling 54,498 shares during the quarter. Assenagon Asset Management S.A.'s holdings in PTC Therapeutics were worth $563,000 as of its most recent filing with the SEC.

A number of other institutional investors have also made changes to their positions in PTCT. GAMMA Investing LLC increased its position in PTC Therapeutics by 58.1% in the 2nd quarter. GAMMA Investing LLC now owns 1,453 shares of the biopharmaceutical company's stock worth $119,000 after buying an additional 534 shares during the period. Avior Wealth Management LLC bought a new position in PTC Therapeutics during the second quarter worth $308,000. Harbor Investment Advisory LLC bought a new position in PTC Therapeutics during the second quarter worth $81,000. Defilade Capital Management L.P. acquired a new position in PTC Therapeutics during the 1st quarter valued at $25,628,000. Finally, Segall Bryant & Hamill LLC raised its stake in PTC Therapeutics by 287.4% during the 1st quarter. Segall Bryant & Hamill LLC now owns 195,380 shares of the biopharmaceutical company's stock valued at $13,311,000 after purchasing an additional 144,949 shares during the last quarter.

PTC Therapeutics Trading Down 0.4%

NASDAQ PTCT opened at $71.70 on Friday. The firm has a market cap of $5.98 billion, a price-to-earnings ratio of -123.62, a PEG ratio of 2.21 and a beta of 0.56. The company has a 50 day moving average of $77.79 and a 200-day moving average of $72.49. PTC Therapeutics, Inc. has a 1-year low of $47.94 and a 1-year high of $90.87.

PTC Therapeutics (NASDAQ:PTCT - Get Free Report) last posted its earnings results on Thursday, July 30th. The biopharmaceutical company reported $0.92 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.24 by $0.68. PTC Therapeutics had a negative net margin of 3.80% and a negative return on equity of 362.45%. The company had revenue of $360.52 million during the quarter, compared to analysts' expectations of $298.63 million. During the same quarter in the previous year, the company posted ($0.83) earnings per share. PTC Therapeutics's quarterly revenue was up 101.5% compared to the same quarter last year. On average, analysts forecast that PTC Therapeutics, Inc. will post 1.17 earnings per share for the current year.

Insider Activity at PTC Therapeutics

In related news, CEO Matthew B. Klein sold 10,292 shares of the firm's stock in a transaction that occurred on Tuesday, August 4th. The shares were sold at an average price of $68.57, for a total value of $705,722.44. Following the completion of the sale, the chief executive officer owned 383,868 shares of the company's stock, valued at $26,321,828.76. This trade represents a 2.61% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 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. Also, Director Mary L. Smith sold 15,834 shares of the firm's stock in a transaction that occurred on Thursday, July 9th. The shares were sold at an average price of $90.00, for a total transaction of $1,425,060.00. Following the completion of the sale, the director directly owned 21,813 shares of the company's stock, valued at approximately $1,963,170. This represents a 42.06% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 190,030 shares of company stock valued at $15,654,065 over the last three months. 5.30% of the stock is owned by company insiders.

Analysts Set New Price Targets

PTCT has been the topic of a number of recent research reports. Weiss Ratings raised PTC Therapeutics from a "sell (d)" rating to a "sell (d+)" rating in a research report on Friday, July 31st. Barclays raised their target price on PTC Therapeutics from $120.00 to $122.00 and gave the stock an "overweight" rating in a research report on Friday. Wells Fargo & Company lifted their price target on shares of PTC Therapeutics from $106.00 to $109.00 and gave the stock an "overweight" rating in a research note on Thursday. Royal Bank Of Canada boosted their price target on shares of PTC Therapeutics from $82.00 to $85.00 and gave the company a "sector perform" rating in a report on Tuesday, July 7th. Finally, Morgan Stanley increased their price objective on shares of PTC Therapeutics from $93.00 to $104.00 and gave the company an "overweight" rating in a research note on Friday, July 31st. One equities research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, two have given a Hold rating and two have issued a Sell rating to the company's stock. Based on data from MarketBeat.com, PTC Therapeutics currently has a consensus rating of "Moderate Buy" and an average price target of $98.55.

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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