PTC Therapeutics, Inc. (NASDAQ:PTCT) Shares Sold by Bank of America Corp DE

Bank of America Corp DE cut its holdings in shares of PTC Therapeutics, Inc. (NASDAQ:PTCT - Free Report) by 18.5% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor 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 quarter.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Arizona State Retirement System raised its holdings in shares of PTC Therapeutics by 1.1% in the fourth quarter. Arizona State Retirement System now owns 20,095 shares of the biopharmaceutical company's stock worth $907,000 after buying an additional 219 shares during the last quarter. Choreo LLC raised its stake in PTC Therapeutics by 2.0% in the 4th quarter. Choreo LLC now owns 11,961 shares of the biopharmaceutical company's stock worth $541,000 after acquiring an additional 240 shares during the last quarter. Summit Investment Advisors Inc. lifted its position in PTC Therapeutics by 3.3% during the 4th quarter. Summit Investment Advisors Inc. now owns 7,968 shares of the biopharmaceutical company's stock worth $360,000 after acquiring an additional 253 shares during the period. Smartleaf Asset Management LLC grew its stake in PTC Therapeutics by 78.7% during the 4th quarter. Smartleaf Asset Management LLC now owns 613 shares of the biopharmaceutical company's stock valued at $28,000 after purchasing an additional 270 shares during the last quarter. Finally, Janney Montgomery Scott LLC grew its stake in PTC Therapeutics by 8.3% during the 4th quarter. Janney Montgomery Scott LLC now owns 5,965 shares of the biopharmaceutical company's stock valued at $269,000 after purchasing an additional 455 shares during the last quarter.

Insider Buying and Selling

In other news, VP Mark Elliott Boulding sold 15,521 shares of the firm's stock in a transaction dated Wednesday, March 12th. The shares were sold at an average price of $53.30, for a total value of $827,269.30. Following the transaction, the vice president now directly owns 103,901 shares of the company's stock, valued at approximately $5,537,923.30. This trade represents a 13.00% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. 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 transaction of $63,369.60. Following the completion of the sale, the director now owns 19,118 shares of the company's stock, valued at approximately $984,959.36. The trade was a 6.04% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 28,264 shares of company stock worth $1,469,137. Insiders own 5.50% of the company's stock.

PTC Therapeutics Stock Down 0.2%

Shares of PTC Therapeutics stock traded down $0.11 on Wednesday, reaching $47.76. The company's stock had a trading volume of 78,641 shares, compared to its average volume of 858,294. The company has a market capitalization of $3.78 billion, a P/E ratio of -8.05 and a beta of 0.52. The stock has a 50-day moving average price of $46.99 and a 200-day moving average price of $47.43. PTC Therapeutics, Inc. has a 52-week low of $28.72 and a 52-week high of $58.38.

PTC Therapeutics (NASDAQ:PTCT - Get Free Report) last posted its quarterly earnings data on Tuesday, May 6th. The biopharmaceutical company reported $10.04 earnings per share for the quarter, topping analysts' consensus estimates of $0.85 by $9.19. The company had revenue of $1.18 billion for the quarter, compared to analyst estimates of $437.16 million. During the same quarter in the prior year, the company posted ($1.20) earnings per share. The business's revenue was down 9.6% on a year-over-year basis. Sell-side analysts forecast that PTC Therapeutics, Inc. will post -4.52 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on PTCT. Barclays reduced their price objective on PTC Therapeutics from $56.00 to $42.00 and set an "equal weight" rating for the company in a research note on Thursday, May 8th. Morgan Stanley restated an "overweight" rating and set a $70.00 price objective (up from $67.00) on shares of PTC Therapeutics in a research note on Friday, March 7th. Robert W. Baird cut their price objective on shares of PTC Therapeutics from $70.00 to $66.00 and set an "outperform" rating on the stock in a research note on Wednesday, May 7th. Cantor Fitzgerald reduced their target price on shares of PTC Therapeutics from $113.00 to $112.00 and set an "overweight" rating for the company in a report on Wednesday, May 7th. Finally, Citigroup raised shares of PTC Therapeutics from a "sell" rating to a "neutral" rating and lowered their price target for the company from $50.00 to $40.00 in a report on Wednesday, May 7th. One analyst has rated the stock with a sell rating, four have assigned a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $63.75.

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.