Bank of America Corp DE Raises Position in PTC Therapeutics, Inc. $PTCT

Key Points

• Bank of America increased its PTC Therapeutics stake by 31.8% in the first quarter, adding 455,284 shares to own approximately 2.27% of the company, valued at $128.6 million.
• PTC Therapeutics reported quarterly revenue of $360.5 million, up 101.5% year over year, and earnings of $0.92 per share versus analysts’ $0.24 estimate.
• Analysts have a “Moderate Buy” consensus rating with an average price target of $95.75, although insiders sold more than $16.7 million in stock over the past 90 days.

Bank of America Corp DE lifted its stake in shares of PTC Therapeutics, Inc. (NASDAQ:PTCT - Free Report) by 31.8% in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 1,886,841 shares of the biopharmaceutical company's stock after buying an additional 455,284 shares during the quarter. Bank of America Corp DE owned approximately 2.27% of PTC Therapeutics worth $128,550,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. EverSource Wealth Advisors LLC increased its holdings in PTC Therapeutics by 16.9% in the first quarter. EverSource Wealth Advisors LLC now owns 1,045 shares of the biopharmaceutical company's stock valued at $71,000 after buying an additional 151 shares during the last quarter. PNC Financial Services Group Inc. lifted its holdings in PTC Therapeutics by 8.5% during the 1st quarter. PNC Financial Services Group Inc. now owns 3,128 shares of the biopharmaceutical company's stock worth $213,000 after buying an additional 244 shares during the last quarter. Allworth Financial LP boosted its position in shares of PTC Therapeutics by 63.8% during the 4th quarter. Allworth Financial LP now owns 634 shares of the biopharmaceutical company's stock worth $48,000 after acquiring an additional 247 shares in the last quarter. Measured Wealth Private Client Group LLC boosted its position in shares of PTC Therapeutics by 5.6% during the 4th quarter. Measured Wealth Private Client Group LLC now owns 4,963 shares of the biopharmaceutical company's stock worth $377,000 after acquiring an additional 265 shares in the last quarter. Finally, Evolve Private Wealth LLC increased its holdings in shares of PTC Therapeutics by 5.2% in the 1st quarter. Evolve Private Wealth LLC now owns 6,122 shares of the biopharmaceutical company's stock valued at $417,000 after acquiring an additional 305 shares during the last quarter.

PTC Therapeutics Stock Up 2.4%

NASDAQ:PTCT opened at $70.85 on Friday. The stock's 50 day moving average price is $77.55 and its 200 day moving average price is $72.54. The company has a market capitalization of $5.91 billion, a PE ratio of -122.16, a P/E/G ratio of 1.92 and a beta of 0.56. PTC Therapeutics, Inc. has a 52-week low of $43.17 and a 52-week high of $90.87.

PTC Therapeutics (NASDAQ:PTCT - Get Free Report) last announced its earnings results on Thursday, July 30th. The biopharmaceutical company reported $0.92 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 business had revenue of $360.52 million for the quarter, compared to analysts' expectations of $298.63 million. During the same period in the previous year, the company posted ($0.83) EPS. The company's quarterly revenue was up 101.5% on a year-over-year basis. As a group, sell-side analysts anticipate that PTC Therapeutics, Inc. will post 1.3 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on PTCT. Citigroup raised PTC Therapeutics from a "neutral" rating to a "buy" rating and raised their target price for the stock from $75.00 to $108.00 in a research report on Tuesday, June 9th. Cantor Fitzgerald increased their price target on shares of PTC Therapeutics from $124.00 to $130.00 and gave the company an "overweight" rating in a research note on Thursday, July 16th. Zacks Research raised shares of PTC Therapeutics from a "hold" rating to a "strong-buy" rating in a report on Tuesday, July 7th. TD Cowen raised shares of PTC Therapeutics from a "hold" rating to a "buy" rating and raised their price objective for the stock from $75.00 to $90.00 in a report on Friday, May 8th. Finally, Wells Fargo & Company boosted their price objective on shares of PTC Therapeutics from $93.00 to $106.00 and gave the stock an "overweight" rating in a research report on Friday, July 31st. Two analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating, one has assigned a Hold rating and two have issued a Sell rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $95.75.

Insiders Place Their Bets

In other news, Director Mary L. Smith sold 15,834 shares of the firm's stock in a transaction that occurred on Thursday, July 9th. The stock was sold at an average price of $90.00, for a total value 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 $1,963,170. This trade represents a 42.06% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Neil Gregory Almstead sold 2,464 shares of the company's stock in a transaction on Thursday, July 9th. The stock was sold at an average price of $90.25, for a total value of $222,376.00. Following the transaction, the insider directly owned 60,299 shares in the company, valued at $5,441,984.75. This represents a 3.93% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 205,414 shares of company stock valued at $16,774,162 over the last 90 days. 5.30% of the stock is owned by corporate insiders.

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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