California State Teachers Retirement System Lowers Holdings in PTC Therapeutics, Inc. $PTCT

Key Points

• California State Teachers Retirement System reduced its PTC Therapeutics stake by 3.1% in the second quarter, selling 2,587 shares and retaining 81,733 shares valued at approximately $6.7 million.
• Analyst sentiment remains broadly positive, with a consensus “Moderate Buy” rating and a $98.50 price target, although ratings range from Strong Buy to Sell.
• PTC Therapeutics reported stronger-than-expected quarterly results, posting $0.92 in EPS versus a $0.24 consensus estimate and $360.5 million in revenue, up 101.5% year over year.

California State Teachers Retirement System trimmed its position in shares of PTC Therapeutics, Inc. (NASDAQ:PTCT - Free Report) by 3.1% in the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 81,733 shares of the biopharmaceutical company's stock after selling 2,587 shares during the quarter. California State Teachers Retirement System owned approximately 0.10% of PTC Therapeutics worth $6,666,961 as of its most recent filing with the SEC.

A number of other hedge funds have also made changes to their positions in the business. Nykredit A S purchased a new position in shares of PTC Therapeutics during the second quarter valued at approximately $263,000. Moore Capital Management LP raised its holdings in PTC Therapeutics by 69.1% in the 2nd quarter. Moore Capital Management LP now owns 75,588 shares of the biopharmaceutical company's stock worth $6,166,000 after acquiring an additional 30,894 shares during the period. Two Sigma Securities LLC acquired a new position in shares of PTC Therapeutics in the 2nd quarter worth approximately $235,000. Wellington Management Group LLP raised its stake in shares of PTC Therapeutics by 4.7% during the second quarter. Wellington Management Group LLP now owns 4,128,273 shares of the biopharmaceutical company's stock worth $336,743,000 after buying an additional 185,663 shares during the last quarter. Finally, Palo Alto Investors LP bought a new position in shares of PTC Therapeutics during the second quarter worth about $74,950,268.

Analyst Ratings Changes

A number of equities research analysts have weighed in on PTCT shares. Royal Bank Of Canada lifted their target price on PTC Therapeutics from $82.00 to $85.00 and gave the stock a "sector perform" rating in a report on Tuesday, July 7th. Zacks Research cut PTC Therapeutics from a "strong-buy" rating to a "hold" rating in a research report on Thursday, August 6th. Weiss Ratings raised shares of PTC Therapeutics from a "sell (d)" rating to a "sell (d+)" rating in a research note on Tuesday, September 1st. Morgan Stanley raised their price objective on PTC Therapeutics from $93.00 to $104.00 and gave the company an "overweight" rating in a report on Friday, July 31st. Finally, Wells Fargo & Company boosted their price target on shares of PTC Therapeutics from $106.00 to $109.00 and gave the stock an "overweight" rating in a report on Thursday, August 13th. One equities research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, two have issued a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $98.50.

Insider Activity

In other PTC Therapeutics news, CAO Christine Utter sold 19,686 shares of the firm's stock in a transaction on Wednesday, June 17th. The stock was sold at an average price of $75.56, for a total value of $1,487,474.16. Following the sale, the chief accounting officer directly owned 70,199 shares in the company, valued at $5,304,236.44. This trade represents a 21.90% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, VP Mark Boulding sold 10,462 shares of PTC Therapeutics stock in a transaction dated Wednesday, June 17th. The stock was sold at an average price of $78.65, for a total value of $822,836.30. Following the sale, the vice president owned 105,272 shares of the company's stock, valued at approximately $8,279,642.80. This represents a 9.04% 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. In the last ninety days, insiders sold 206,566 shares of company stock worth $16,769,079. 5.30% of the stock is owned by corporate insiders.

PTC Therapeutics Price Performance

Shares of PTCT traded down $0.86 on Tuesday, hitting $65.62. The company's stock had a trading volume of 429,145 shares, compared to its average volume of 1,372,365. The company has a market capitalization of $5.48 billion, a PE ratio of -113.14, a PEG ratio of 2.04 and a beta of 0.55. The company has a 50 day moving average price of $73.98 and a 200 day moving average price of $72.17. PTC Therapeutics, Inc. has a fifty-two week low of $57.74 and a fifty-two week high of $90.87.

PTC Therapeutics (NASDAQ:PTCT - Get Free Report) last announced its earnings results on Thursday, July 30th. The biopharmaceutical company reported $0.92 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.24 by $0.68. The company had revenue of $360.52 million during the quarter, compared to analysts' expectations of $298.63 million. PTC Therapeutics had a negative net margin of 3.80% and a negative return on equity of 362.45%. PTC Therapeutics's quarterly revenue was up 101.5% on a year-over-year basis. During the same quarter in the previous year, the business posted ($0.83) earnings per share. On average, equities analysts forecast that PTC Therapeutics, Inc. will post 1.17 EPS for the current year.

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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