Castleark Management LLC Invests $2.77 Million in PTC Therapeutics, Inc. $PTCT

Key Points

• Castleark Management acquired a new $2.77 million stake in PTC Therapeutics during the second quarter, purchasing 33,900 shares. Several other institutional investors also increased their positions.
• Analyst sentiment is generally positive, with a consensus rating of “Moderate Buy” and an average price target of $98.55, well above the reported $72.69 share price.
• PTC Therapeutics reported quarterly EPS of $0.92, beating estimates of $0.24, while revenue rose 101.5% year over year to $360.52 million. However, insiders sold roughly $16.8 million of stock during the last quarter.

Castleark Management LLC acquired a new stake in PTC Therapeutics, Inc. (NASDAQ:PTCT - Free Report) in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 33,900 shares of the biopharmaceutical company's stock, valued at approximately $2,765,000.

Other institutional investors have also recently added to or reduced their stakes in the company. UMB Bank n.a. purchased a new stake in PTC Therapeutics in the fourth quarter valued at approximately $26,000. Comerica Bank increased its position in PTC Therapeutics by 868.5% during the third quarter. Comerica Bank now owns 523 shares of the biopharmaceutical company's stock worth $32,000 after purchasing an additional 469 shares during the last quarter. Allworth Financial LP raised its stake in PTC Therapeutics by 63.8% during the fourth quarter. Allworth Financial LP now owns 634 shares of the biopharmaceutical company's stock worth $48,000 after purchasing an additional 247 shares during the period. IFP Advisors Inc boosted its holdings in shares of PTC Therapeutics by 68.1% in the 3rd quarter. IFP Advisors Inc now owns 765 shares of the biopharmaceutical company's stock valued at $47,000 after purchasing an additional 310 shares during the last quarter. Finally, Smartleaf Asset Management LLC boosted its holdings in shares of PTC Therapeutics by 96.4% in the 4th quarter. Smartleaf Asset Management LLC now owns 921 shares of the biopharmaceutical company's stock valued at $70,000 after purchasing an additional 452 shares during the last quarter.

Wall Street Analyst Weigh In

PTCT has been the subject of a number of research analyst reports. Jefferies Financial Group upgraded PTC Therapeutics from a "hold" rating to a "buy" rating and upped their price objective for the stock from $76.00 to $85.00 in a report on Wednesday, May 27th. Citigroup upgraded PTC Therapeutics from a "neutral" rating to a "buy" rating and lifted their target price for the company from $75.00 to $108.00 in a report on Tuesday, June 9th. Barclays boosted their price target on PTC Therapeutics from $120.00 to $122.00 and gave the company an "overweight" rating in a research report on Friday, August 14th. TD Cowen upgraded PTC Therapeutics from a "hold" rating to a "buy" rating and upped their price target for the stock from $75.00 to $90.00 in a research note on Friday, May 8th. Finally, Wells Fargo & Company raised their price objective on PTC Therapeutics from $106.00 to $109.00 and gave the stock an "overweight" rating in a report on Thursday, August 13th. One analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, two have issued a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat.com, PTC Therapeutics has a consensus rating of "Moderate Buy" and a consensus price target of $98.55.

Insiders Place Their Bets

In other PTC Therapeutics news, Director Michael Schmertzler sold 12,500 shares of the company's stock in a transaction that occurred on Wednesday, August 19th. The stock was sold at an average price of $73.32, for a total value of $916,500.00. Following the completion of the transaction, the director owned 1,374,094 shares in the company, valued at $100,748,572.08. This represents a 0.90% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, VP Mark Elliott Boulding sold 2,813 shares of the stock in a transaction that occurred on Monday, August 17th. The shares were sold at an average price of $72.57, for a total transaction of $204,139.41. Following the completion of the sale, the vice president directly 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. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders have sold 205,343 shares of company stock valued at $16,774,704. Company insiders own 5.30% of the company's stock.

PTC Therapeutics Trading Down 1.1%

NASDAQ:PTCT opened at $72.69 on Thursday. The firm's fifty day simple moving average is $77.40 and its 200 day simple moving average is $72.31. PTC Therapeutics, Inc. has a twelve month low of $48.86 and a twelve month high of $90.87. The firm has a market capitalization of $6.07 billion, a price-to-earnings ratio of -125.33, a PEG ratio of 2.27 and a beta of 0.56.

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

PTC Therapeutics Company Profile

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.

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