Banque Pictet & Cie SA Acquires New Stake in PTC Therapeutics, Inc. (NASDAQ:PTCT)

Banque Pictet & Cie SA acquired a new position in PTC Therapeutics, Inc. (NASDAQ:PTCT - Free Report) in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 6,705 shares of the biopharmaceutical company's stock, valued at approximately $342,000.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Smartleaf Asset Management LLC boosted its holdings in shares of PTC Therapeutics by 78.7% in the 4th quarter. Smartleaf Asset Management LLC now owns 613 shares of the biopharmaceutical company's stock worth $28,000 after purchasing an additional 270 shares in the last quarter. Sterling Capital Management LLC boosted its holdings in PTC Therapeutics by 424.4% during the 4th quarter. Sterling Capital Management LLC now owns 645 shares of the biopharmaceutical company's stock valued at $29,000 after acquiring an additional 522 shares during the period. GAMMA Investing LLC boosted its holdings in PTC Therapeutics by 86.3% during the 1st quarter. GAMMA Investing LLC now owns 952 shares of the biopharmaceutical company's stock valued at $49,000 after acquiring an additional 441 shares during the period. GF Fund Management CO. LTD. purchased a new stake in PTC Therapeutics during the 4th quarter valued at about $73,000. Finally, Smallwood Wealth Investment Management LLC purchased a new stake in PTC Therapeutics during the 1st quarter valued at about $86,000.

Wall Street Analysts Forecast Growth

PTCT has been the subject of several analyst reports. Wells Fargo & Company increased 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. Wall Street Zen cut PTC Therapeutics from a "strong-buy" rating to a "buy" rating in a report on Friday, May 16th. 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. JPMorgan Chase & Co. dropped their target price on PTC Therapeutics from $75.00 to $67.00 and set an "overweight" rating for the company in a report on Wednesday, May 7th. Finally, Barclays dropped their target price on PTC Therapeutics from $56.00 to $42.00 and set an "equal weight" rating for the company in a report on Thursday, May 8th. One research analyst has rated the stock with a sell rating, four have given a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $65.00.

Insider Buying and Selling

In other PTC Therapeutics news, VP Mark Elliott Boulding sold 1,929 shares of PTC Therapeutics stock in a transaction 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 approximately $4,798,148.18. This trade represents a 1.82% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Matthew B. Klein sold 2,804 shares of PTC Therapeutics stock in a transaction on Tuesday, April 22nd. The stock was sold at an average price of $48.74, for a total value of $136,666.96. Following the completion of the sale, the chief executive officer directly owned 273,234 shares of the company's stock, valued at approximately $13,317,425.16. The trade was a 1.02% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 5,616 shares of company stock valued at $266,384. 5.50% of the stock is owned by corporate insiders.

PTC Therapeutics Price Performance

PTCT stock traded up $0.91 on Monday, reaching $49.46. 1,088,650 shares of the company traded hands, compared to its average volume of 1,036,415. PTC Therapeutics, Inc. has a one year low of $29.01 and a one year high of $58.38. The company has a market cap of $3.92 billion, a P/E ratio of 7.60 and a beta of 0.50. The firm has a fifty day simple moving average of $48.09 and a 200-day simple moving average of $48.42.

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, beating analysts' consensus estimates of $0.85 by $9.19. PTC Therapeutics had a negative return on equity of 78.56% and a net margin of 33.56%. The company had revenue of $1.18 billion during the quarter, compared to analyst estimates of $437.16 million. During the same quarter last year, the company earned ($1.20) EPS. The firm's revenue for the quarter was down 9.6% on a year-over-year basis. On average, sell-side analysts forecast that PTC Therapeutics, Inc. will post -4.52 EPS for the current year.

PTC Therapeutics 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.