Bank of America Corp DE Takes $118.46 Million Position in PTC Therapeutics, Inc. $PTCT

Key Points

• Bank of America acquired a new $118.46 million stake in PTC Therapeutics during the second quarter, purchasing 1.45 million shares—about 1.74% of the company. Several other institutional investors also initiated positions.
• PTC Therapeutics reported stronger-than-expected quarterly results, with EPS of $0.92 versus a $0.24 consensus estimate and revenue of $360.5 million, up 101.5% year over year.
• Analyst sentiment remains generally positive, with a “Moderate Buy” consensus and an average price target of $98.50, although insiders sold roughly $15.1 million of stock over the past 90 days.

Bank of America Corp DE acquired a new position in PTC Therapeutics, Inc. (NASDAQ:PTCT - Free Report) in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 1,452,277 shares of the biopharmaceutical company's stock, valued at approximately $118,462,000. Bank of America Corp DE owned approximately 1.74% of PTC Therapeutics at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in PTCT. Freestone Grove Partners LP purchased a new stake in shares of PTC Therapeutics during the second quarter worth about $382,000. Jupiter Topco LLC acquired a new stake in PTC Therapeutics in the 2nd quarter worth approximately $590,182,000. Hsbc Holdings PLC purchased a new stake in PTC Therapeutics during the 2nd quarter worth approximately $10,758,000. Canada Pension Plan Investment Board purchased a new stake in PTC Therapeutics during the 2nd quarter worth approximately $440,000. Finally, Castleark Management LLC acquired a new position in PTC Therapeutics during the 2nd quarter valued at approximately $2,765,000.

Insider Activity at PTC Therapeutics

In related news, CEO Matthew Klein sold 10,292 shares of the stock in a transaction 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 transaction, the chief executive officer directly owned 383,868 shares of the company's stock, valued at $26,321,828.76. This trade represents a 2.61% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through 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 Smith sold 15,834 shares of the business's stock in a transaction 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 trade represents a 42.06% decrease in their ownership of the stock. 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. Over the last 90 days, insiders sold 186,418 shares of company stock valued at $15,129,969. Corporate insiders own 5.30% of the company's stock.

PTC Therapeutics Stock Performance

PTC Therapeutics stock opened at $65.37 on Friday. PTC Therapeutics, Inc. has a 1 year low of $57.74 and a 1 year high of $90.87. The company's 50 day simple moving average is $72.27 and its 200-day simple moving average is $72.10. The company has a market capitalization of $5.46 billion, a price-to-earnings ratio of -112.71, a price-to-earnings-growth ratio of 2.10 and a beta of 0.55.

PTC Therapeutics (NASDAQ:PTCT - Get Free Report) last posted its quarterly earnings data on Thursday, July 30th. The biopharmaceutical company reported $0.92 EPS for the quarter, beating the consensus estimate 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 during the quarter, compared to analyst estimates of $298.63 million. During the same quarter last year, the firm posted ($0.83) earnings per share. The business's revenue for the quarter was up 101.5% compared to the same quarter last year. Equities analysts expect that PTC Therapeutics, Inc. will post 1.17 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several research firms have recently commented on PTCT. Leerink Partners began coverage on shares of PTC Therapeutics in a research note on Monday, September 14th. They set an "outperform" rating and a $98.00 price objective for the company. Weiss Ratings lowered PTC Therapeutics from a "sell (d+)" rating to a "sell (d)" rating in a report on Thursday. Jefferies Financial Group upgraded PTC Therapeutics from a "hold" rating to a "buy" rating and raised their price objective for the stock from $76.00 to $85.00 in a research note on Wednesday, May 27th. Wells Fargo & Company upped their target price on PTC Therapeutics from $106.00 to $109.00 and gave the company an "overweight" rating in a research report on Thursday, August 13th. Finally, Cantor Fitzgerald upped their target price on PTC Therapeutics from $124.00 to $130.00 and gave the company an "overweight" rating in a research report on Thursday, July 16th. One analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, two have given a Hold rating and two have given a Sell rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $98.50.

PTC Therapeutics Company Profile

PTC Therapeutics, Inc is a biopharmaceutical company focused on discovering, developing and commercializing medicines for rare diseases. The company uses technologies involving RNA biology, gene therapy and small-molecule drug discovery to address conditions with limited treatment options, including rare neurological and metabolic disorders.

PTC's commercial portfolio has included Translarna (ataluren), an investigational treatment in some markets for Duchenne muscular dystrophy associated with a nonsense mutation, and Emflaza (deflazacort), a corticosteroid approved in the United States for Duchenne muscular dystrophy.

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