BlackRock Inc. purchased a new position in PTC Therapeutics, Inc. (NASDAQ:PTCT - Free Report) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 13,964,554 shares of the biopharmaceutical company's stock, valued at approximately $1,139,089,000. BlackRock Inc. owned about 16.73% of PTC Therapeutics as of its most recent filing with the Securities and Exchange Commission.
Several other hedge funds and other institutional investors have also modified their holdings of PTCT. Pallas Capital Advisors LLC acquired a new stake in PTC Therapeutics during the second quarter worth about $263,000. Deutsche Bank AG acquired a new position in PTC Therapeutics in the second quarter valued at approximately $24,218,000. State of Wyoming bought a new position in shares of PTC Therapeutics during the second quarter valued at approximately $139,000. Summit Global Investments bought a new position in shares of PTC Therapeutics during the second quarter valued at approximately $615,000. Finally, Walleye Capital LLC acquired a new stake in shares of PTC Therapeutics during the 2nd quarter worth approximately $1,592,000.
Insider Buying and Selling
In related news, insider Neil Gregory Almstead sold 2,464 shares of the stock in a transaction dated Thursday, July 9th. The shares were sold at an average price of $90.25, for a total value of $222,376.00. Following the completion of the transaction, the insider owned 60,299 shares of the company's stock, valued at $5,441,984.75. This represents a 3.93% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, VP Mark Elliott Boulding sold 2,813 shares of the firm's stock in a transaction that occurred on Monday, August 17th. The stock was sold at an average price of $72.57, for a total value of $204,139.41. Following the transaction, the vice president owned 105,272 shares of the company's stock, valued at $7,639,589.04. This trade represents a 2.60% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders sold 205,343 shares of company stock worth $16,774,704. 5.30% of the stock is currently owned by corporate insiders.
PTC Therapeutics Price Performance
NASDAQ:PTCT opened at $69.82 on Friday. The stock has a market cap of $5.83 billion, a PE ratio of -120.38, a price-to-earnings-growth ratio of 2.18 and a beta of 0.56. PTC Therapeutics, Inc. has a fifty-two week low of $48.28 and a fifty-two week high of $90.87. The stock's 50-day moving average is $77.62 and its two-hundred day moving average is $72.35.
PTC Therapeutics (NASDAQ:PTCT - Get Free Report) last issued its earnings results on Thursday, July 30th. The biopharmaceutical company reported $0.92 earnings per share for the quarter, topping the consensus estimate of $0.24 by $0.68. PTC Therapeutics had a negative return on equity of 362.45% and a negative net margin of 3.80%.The company had revenue of $360.52 million for the quarter, compared to analyst estimates of $298.63 million. During the same period in the prior year, the firm posted ($0.83) EPS. The business's revenue was up 101.5% compared to the same quarter last year. On average, equities research analysts anticipate that PTC Therapeutics, Inc. will post 1.17 earnings per share for the current year.
Analyst Upgrades and Downgrades
A number of research firms have issued reports on PTCT. Cantor Fitzgerald raised their target price on PTC Therapeutics from $124.00 to $130.00 and gave the company an "overweight" rating in a research note on Thursday, July 16th. Morgan Stanley upped their target price on shares of PTC Therapeutics from $93.00 to $104.00 and gave the stock an "overweight" rating in a research report on Friday, July 31st. TD Cowen raised PTC Therapeutics from a "hold" rating to a "buy" rating and lifted their price target for the company from $75.00 to $90.00 in a report on Friday, May 8th. Barclays boosted their price objective on PTC Therapeutics from $120.00 to $122.00 and gave the stock an "overweight" rating in a research report on Friday, August 14th. Finally, Zacks Research lowered PTC Therapeutics from a "strong-buy" rating to a "hold" rating in a report on Thursday, August 6th. One research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, two have assigned a Hold rating and two have assigned a Sell rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $98.55.
Check Out Our Latest Report on PTC Therapeutics
PTC Therapeutics Company Profile
(
Free Report)
PTC Therapeutics, Inc is a biopharmaceutical company focused on the discovery, development and commercialization of small molecule and biologic therapies for the treatment of rare genetic disorders. Since its founding in 1998, PTC has dedicated its efforts to addressing high unmet medical needs by targeting underlying genetic causes of disease. The company's research platform emphasizes mechanisms such as nonsense suppression and RNA modulation, enabling the development of novel treatments for conditions with limited therapeutic options.
Among PTC's approved products is Translarna (ataluren), a first-in-class therapy designed to treat nonsense mutation Duchenne muscular dystrophy in select markets.
Further Reading
Want to see what other hedge funds are holding PTCT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for PTC Therapeutics, Inc. (NASDAQ:PTCT - Free Report).
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