Banque Pictet & Cie SA Invests $342,000 in PTC Therapeutics, Inc. (NASDAQ:PTCT)

Banque Pictet & Cie SA acquired a new stake in shares of PTC Therapeutics, Inc. (NASDAQ:PTCT - Free Report) during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The firm acquired 6,705 shares of the biopharmaceutical company's stock, valued at approximately $342,000.

A number of other hedge funds also recently made changes to their positions in PTCT. Smartleaf Asset Management LLC lifted its stake in PTC Therapeutics by 78.7% during the fourth quarter. Smartleaf Asset Management LLC now owns 613 shares of the biopharmaceutical company's stock worth $28,000 after purchasing an additional 270 shares during the last quarter. Proficio Capital Partners LLC purchased a new position in shares of PTC Therapeutics during the 4th quarter valued at about $758,000. Arizona State Retirement System lifted its position in PTC Therapeutics by 1.1% in the 4th 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. Raymond James Financial Inc. purchased a new stake in PTC Therapeutics in the fourth quarter worth approximately $2,200,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in PTC Therapeutics by 22.4% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 18,863 shares of the biopharmaceutical company's stock worth $851,000 after buying an additional 3,450 shares in the last quarter.

PTC Therapeutics Stock Performance

Shares of PTCT stock opened at $49.52 on Friday. PTC Therapeutics, Inc. has a fifty-two week low of $29.02 and a fifty-two week high of $58.38. The firm has a market cap of $3.92 billion, a P/E ratio of 7.61 and a beta of 0.50. The business's 50 day moving average price is $48.11 and its 200-day moving average price is $48.36.

PTC Therapeutics (NASDAQ:PTCT - Get Free Report) last released 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 business had revenue of $1.18 billion for the quarter, compared to analysts' expectations of $437.16 million. PTC Therapeutics had a net margin of 33.56% and a negative return on equity of 78.56%. The firm's revenue for the quarter was down 9.6% compared to the same quarter last year. During the same quarter in the previous year, the business posted ($1.20) earnings per share. As a group, equities analysts predict that PTC Therapeutics, Inc. will post -4.52 EPS for the current year.

Analysts Set New Price Targets

PTCT has been the topic of several research reports. Barclays decreased their price target on shares of PTC Therapeutics from $56.00 to $42.00 and set an "equal weight" rating on the stock in a research note on Thursday, May 8th. 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. Robert W. Baird cut their price target on shares of PTC Therapeutics from $70.00 to $66.00 and set an "outperform" rating for the company in a research report on Wednesday, May 7th. Wells Fargo & Company raised their price objective on PTC Therapeutics from $68.00 to $74.00 and gave the company an "overweight" rating in a research note on Tuesday, May 27th. Finally, Bank of America upgraded PTC Therapeutics from a "neutral" rating to a "buy" rating and lifted their price objective for the stock from $55.00 to $68.00 in a report on Friday, May 9th. One analyst has rated the stock with a sell rating, four have assigned a hold rating, ten have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $65.00.

Insider Activity

In other PTC Therapeutics news, CEO Matthew B. Klein sold 2,804 shares of the firm's stock in a transaction dated Tuesday, April 22nd. The shares were 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 in the company, valued at $13,317,425.16. This trade represents a 1.02% decrease in their ownership of the stock. The sale was disclosed in a 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 shares were sold at an average price of $46.18, for a total value of $89,081.22. Following the completion of the transaction, the vice president owned 103,901 shares of the company's stock, valued at approximately $4,798,148.18. The trade was a 1.82% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 5,616 shares of company stock worth $266,384 in the last quarter. 5.50% of the stock is owned by corporate insiders.

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.

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