Bank of America Corp DE Sells 58,187 Shares of PTC Therapeutics, Inc. (NASDAQ:PTCT)

Bank of America Corp DE cut its stake in shares of PTC Therapeutics, Inc. (NASDAQ:PTCT - Free Report) by 18.5% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 256,536 shares of the biopharmaceutical company's stock after selling 58,187 shares during the period. Bank of America Corp DE owned 0.33% of PTC Therapeutics worth $11,580,000 at the end of the most recent reporting period.

Several other hedge funds also recently bought and sold shares of the company. Janney Montgomery Scott LLC increased its position in shares of PTC Therapeutics by 8.3% in the fourth quarter. Janney Montgomery Scott LLC now owns 5,965 shares of the biopharmaceutical company's stock worth $269,000 after purchasing an additional 455 shares during the last quarter. KBC Group NV increased its holdings in shares of PTC Therapeutics by 36.4% in the 4th quarter. KBC Group NV now owns 3,045 shares of the biopharmaceutical company's stock worth $137,000 after buying an additional 813 shares during the last quarter. R Squared Ltd purchased a new stake in shares of PTC Therapeutics during the 4th quarter valued at $79,000. China Universal Asset Management Co. Ltd. lifted its holdings in shares of PTC Therapeutics by 10.5% during the 4th quarter. China Universal Asset Management Co. Ltd. now owns 16,353 shares of the biopharmaceutical company's stock worth $738,000 after acquiring an additional 1,558 shares during the last quarter. Finally, Nadler Financial Group Inc. purchased a new position in PTC Therapeutics in the fourth quarter worth $223,000.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on PTCT shares. Cantor Fitzgerald dropped their price target on PTC Therapeutics from $113.00 to $112.00 and set an "overweight" rating for the company in a research note on Wednesday, May 7th. Robert W. Baird dropped their target price on PTC Therapeutics from $70.00 to $66.00 and set an "outperform" rating for the company in a research report on Wednesday, May 7th. Wall Street Zen cut shares of PTC Therapeutics from a "strong-buy" rating to a "buy" rating in a research report on Friday, May 16th. Royal Bank of Canada upped their price objective on shares of PTC Therapeutics from $57.00 to $58.00 and gave the company an "outperform" rating in a research note on Wednesday, May 7th. Finally, Citigroup upgraded shares of PTC Therapeutics from a "sell" rating to a "neutral" rating and decreased their target price for the stock from $50.00 to $40.00 in a research report on Wednesday, May 7th. One research analyst has rated the stock with a sell rating, four have issued a hold rating, nine have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $63.75.

PTC Therapeutics Stock Up 6.1%

Shares of NASDAQ PTCT traded up $2.81 during trading on Tuesday, reaching $48.74. The company had a trading volume of 700,666 shares, compared to its average volume of 857,852. The stock has a market cap of $3.86 billion, a PE ratio of -8.22 and a beta of 0.52. PTC Therapeutics, Inc. has a 12-month low of $28.72 and a 12-month high of $58.38. The business's 50-day moving average is $47.17 and its 200 day moving average is $47.42.

PTC Therapeutics (NASDAQ:PTCT - Get Free Report) last announced its quarterly earnings results on Tuesday, May 6th. The biopharmaceutical company reported $10.04 earnings per share for the quarter, beating the consensus estimate of $0.85 by $9.19. The firm had revenue of $1.18 billion for the quarter, compared to the consensus estimate of $437.16 million. PTC Therapeutics's revenue was down 9.6% on a year-over-year basis. During the same period last year, the business earned ($1.20) EPS. On average, analysts anticipate that PTC Therapeutics, Inc. will post -4.52 earnings per share for the current year.

Insider Activity

In related news, Director Stephanie Okey sold 5,000 shares of the company's stock in a transaction on Thursday, March 13th. The stock was sold at an average price of $54.00, for a total transaction of $270,000.00. Following the completion of the sale, the director now owns 8,867 shares in the company, valued at approximately $478,818. This represents a 36.06% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Allan Steven Jacobson sold 1,230 shares of the stock in a transaction dated Tuesday, March 4th. The shares were sold at an average price of $51.52, for a total value of $63,369.60. Following the completion of the transaction, the director now directly owns 19,118 shares in the company, valued at approximately $984,959.36. This represents a 6.04% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 28,264 shares of company stock valued at $1,469,137 over the last ninety days. 5.50% of the stock is currently owned by corporate insiders.

About PTC Therapeutics

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.