Canada Pension Plan Investment Board Raises Position in PTC Therapeutics, Inc. $PTCT

Key Points

• The Canada Pension Plan Investment Board significantly increased its stake in PTC Therapeutics by 590.6%, acquiring an additional 138,800 shares and bringing its total ownership to approximately 0.20% of the company, valued at $8.27 million.
• Analysts have varying opinions on PTC Therapeutics, with price targets ranging from $50.00 to $120.00, and currently a consensus rating of Moderate Buy with a target price of $69.15.
• PTC Therapeutics recently reported a quarterly earnings beat with $178.88 million in revenue and a net margin of 35.65%, though revenue was down 4.2% compared to the previous year.

Canada Pension Plan Investment Board boosted its stake in PTC Therapeutics, Inc. (NASDAQ:PTCT - Free Report) by 590.6% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The firm owned 162,300 shares of the biopharmaceutical company's stock after acquiring an additional 138,800 shares during the period. Canada Pension Plan Investment Board owned 0.20% of PTC Therapeutics worth $8,271,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Quantbot Technologies LP grew its stake in PTC Therapeutics by 545.5% in the 1st quarter. Quantbot Technologies LP now owns 652 shares of the biopharmaceutical company's stock worth $33,000 after buying an additional 551 shares in the last quarter. PNC Financial Services Group Inc. raised its holdings in PTC Therapeutics by 84.2% during the 1st quarter. PNC Financial Services Group Inc. now owns 700 shares of the biopharmaceutical company's stock valued at $36,000 after buying an additional 320 shares during the last quarter. GAMMA Investing LLC raised its holdings in PTC Therapeutics by 86.3% in the 1st quarter. GAMMA Investing LLC now owns 952 shares of the biopharmaceutical company's stock worth $49,000 after purchasing an additional 441 shares in the last quarter. BI Asset Management Fondsmaeglerselskab A S bought a new position in PTC Therapeutics in the 1st quarter worth $61,000. Finally, GF Fund Management CO. LTD. bought a new position in PTC Therapeutics in the 4th quarter worth $73,000.

Wall Street Analysts Forecast Growth

PTCT has been the subject of several research reports. Morgan Stanley decreased their price target on shares of PTC Therapeutics from $76.00 to $71.00 and set an "overweight" rating for the company in a research note on Wednesday, August 20th. Wells Fargo & Company dropped their price target on shares of PTC Therapeutics from $79.00 to $73.00 and set an "overweight" rating on the stock in a report on Wednesday, August 20th. Cantor Fitzgerald reissued an "overweight" rating and issued a $118.00 price objective on shares of PTC Therapeutics in a report on Wednesday, September 3rd. Royal Bank Of Canada reaffirmed an "outperform" rating and set a $63.00 price target (up previously from $60.00) on shares of PTC Therapeutics in a report on Friday, August 8th. Finally, Truist Financial lifted their price objective on shares of PTC Therapeutics from $80.00 to $86.00 and gave the company a "buy" rating in a research report on Tuesday, July 29th. Nine research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat.com, PTC Therapeutics has an average rating of "Moderate Buy" and an average target price of $69.00.

PTC Therapeutics Trading Down 0.9%

PTC Therapeutics stock traded down $0.52 during mid-day trading on Monday, hitting $56.74. The company had a trading volume of 221,949 shares, compared to its average volume of 1,089,208. PTC Therapeutics, Inc. has a 12-month low of $30.98 and a 12-month high of $58.73. The company has a market capitalization of $4.51 billion, a price-to-earnings ratio of 8.16 and a beta of 0.53. The company's fifty day moving average is $49.24 and its 200-day moving average is $49.17.

PTC Therapeutics (NASDAQ:PTCT - Get Free Report) last issued its earnings results on Thursday, August 7th. The biopharmaceutical company reported ($0.83) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($1.07) by $0.24. The business had revenue of $178.88 million during the quarter, compared to the consensus estimate of $173.01 million. PTC Therapeutics had a negative return on equity of 106.31% and a net margin of 35.65%.The company's revenue for the quarter was down 4.2% on a year-over-year basis. During the same period last year, the company earned ($1.29) EPS. PTC Therapeutics has set its FY 2025 guidance at EPS. As a group, sell-side analysts expect that PTC Therapeutics, Inc. will post -4.52 EPS for the current fiscal year.

Insiders Place Their Bets

In other PTC Therapeutics news, CEO Matthew B. Klein sold 10,739 shares of PTC Therapeutics stock in a transaction that occurred on Tuesday, August 5th. The stock was sold at an average price of $51.74, for a total transaction of $555,635.86. Following the transaction, the chief executive officer owned 337,767 shares of the company's stock, valued at $17,476,064.58. The trade was a 3.08% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Allan Steven Jacobson sold 1,667 shares of PTC Therapeutics stock in a transaction that occurred on Thursday, August 28th. The shares were sold at an average price of $50.15, for a total value of $83,600.05. Following the completion of the sale, the director owned 17,451 shares in the company, valued at approximately $875,167.65. This trade represents a 8.72% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 16,589 shares of company stock valued at $847,277 over the last quarter. Company insiders own 5.50% of the company's stock.

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.