Banque Pictet & Cie SA Acquires Shares of 6,705 PTC Therapeutics, Inc. (NASDAQ:PTCT)

Banque Pictet & Cie SA purchased a new stake in PTC Therapeutics, Inc. (NASDAQ:PTCT - Free Report) in the first quarter, according to its most recent filing with the SEC. The fund purchased 6,705 shares of the biopharmaceutical company's stock, valued at approximately $342,000.

Other institutional investors have also recently added to or reduced their stakes in the company. Smartleaf Asset Management LLC boosted its position in PTC Therapeutics by 78.7% during the 4th quarter. Smartleaf Asset Management LLC now owns 613 shares of the biopharmaceutical company's stock worth $28,000 after acquiring an additional 270 shares during the period. Sterling Capital Management LLC lifted its holdings in shares of PTC Therapeutics by 424.4% in the fourth quarter. Sterling Capital Management LLC now owns 645 shares of the biopharmaceutical company's stock valued at $29,000 after buying an additional 522 shares during the period. GAMMA Investing LLC lifted its holdings in shares of PTC Therapeutics by 86.3% in the first quarter. GAMMA Investing LLC now owns 952 shares of the biopharmaceutical company's stock valued at $49,000 after buying an additional 441 shares during the period. GF Fund Management CO. LTD. acquired a new stake in shares of PTC Therapeutics in the fourth quarter valued at $73,000. Finally, Smallwood Wealth Investment Management LLC acquired a new stake in shares of PTC Therapeutics in the first quarter valued at $86,000.

PTC Therapeutics Trading Down 2.0%

PTCT stock traded down $0.97 during mid-day trading on Friday, hitting $48.55. The stock had a trading volume of 760,569 shares, compared to its average volume of 872,801. PTC Therapeutics, Inc. has a 1-year low of $29.02 and a 1-year high of $58.38. The company has a fifty day moving average of $48.09 and a 200 day moving average of $48.38. The stock has a market capitalization of $3.85 billion, a price-to-earnings ratio of 7.46 and a beta of 0.50.

PTC Therapeutics (NASDAQ:PTCT - Get Free Report) last issued its quarterly earnings data on Tuesday, May 6th. The biopharmaceutical company reported $10.04 EPS for the quarter, beating analysts' consensus estimates of $0.85 by $9.19. The business had revenue of $1.18 billion for the quarter, compared to analyst estimates of $437.16 million. PTC Therapeutics had a negative return on equity of 78.56% and a net margin of 33.56%. The firm's revenue for the quarter was down 9.6% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($1.20) EPS. As a group, sell-side analysts expect that PTC Therapeutics, Inc. will post -4.52 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on PTCT. JPMorgan Chase & Co. cut their price objective on PTC Therapeutics from $75.00 to $67.00 and set an "overweight" rating for the company in a report on Wednesday, May 7th. Truist Financial initiated coverage on PTC Therapeutics in a report on Tuesday, June 17th. They set a "buy" rating and a $80.00 target price for the company. Wall Street Zen downgraded PTC Therapeutics from a "strong-buy" rating to a "buy" rating in a report on Friday, May 16th. Cantor Fitzgerald reduced their target price on PTC Therapeutics from $113.00 to $112.00 and set an "overweight" rating for the company in a report on Wednesday, May 7th. Finally, Wells Fargo & Company upped their target price on PTC Therapeutics from $68.00 to $74.00 and gave the company an "overweight" rating in a report on Tuesday, May 27th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat.com, PTC Therapeutics presently has a consensus rating of "Moderate Buy" and a consensus price target of $65.00.

Insider Activity

In related news, CEO Matthew B. Klein sold 2,804 shares of the business's stock in a transaction dated Tuesday, April 22nd. The stock was sold at an average price of $48.74, for a total transaction of $136,666.96. Following the transaction, the chief executive officer directly owned 273,234 shares in the company, valued at $13,317,425.16. The trade was a 1.02% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, VP Mark Elliott Boulding sold 1,929 shares of the firm's stock in a transaction that occurred on Thursday, May 15th. The stock was sold at an average price of $46.18, for a total value of $89,081.22. Following the completion of the sale, the vice president owned 103,901 shares of the company's stock, valued at $4,798,148.18. This represents a 1.82% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 5,616 shares of company stock worth $266,384. Insiders own 5.50% of the company's stock.

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.