Corient Private Wealth LP Makes New Investment in PTC Therapeutics, Inc. $PTCT

Key Points

• Corient Private Wealth purchased 15,115 shares of PTC Therapeutics in the second quarter, valued at approximately $1.23 million. Several other institutional investors also initiated or increased positions.
• Company insiders sold 217,843 shares worth about $17.7 million over the last quarter, while insiders retain a 5.3% ownership stake.
• PTC Therapeutics exceeded quarterly earnings and revenue expectations, reporting $0.92 in EPS and $360.5 million in revenue. Analysts maintain a “Moderate Buy” consensus with an average price target of $98.55, above the reported $69.30 share price.

Corient Private Wealth LP purchased a new stake in PTC Therapeutics, Inc. (NASDAQ:PTCT - Free Report) in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 15,115 shares of the biopharmaceutical company's stock, valued at approximately $1,233,000.

A number of other large investors also recently bought and sold shares of PTCT. Empowered Funds LLC acquired a new position in shares of PTC Therapeutics during the 1st quarter worth about $1,999,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its holdings in shares of PTC Therapeutics by 11.5% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 178,755 shares of the biopharmaceutical company's stock valued at $9,109,000 after acquiring an additional 18,504 shares during the last quarter. Quantbot Technologies LP lifted its position in shares of PTC Therapeutics by 280.1% in the second quarter. Quantbot Technologies LP now owns 2,478 shares of the biopharmaceutical company's stock valued at $121,000 after acquiring an additional 1,826 shares in the last quarter. Arrowstreet Capital Limited Partnership acquired a new position in PTC Therapeutics in the 2nd quarter valued at $1,661,000. Finally, EverSource Wealth Advisors LLC raised its stake in PTC Therapeutics by 247.4% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,143 shares of the biopharmaceutical company's stock valued at $56,000 after purchasing an additional 814 shares during the last quarter.

Insider Buying and Selling

In related news, Director Michael Schmertzler sold 12,500 shares of the stock in a transaction on Wednesday, August 26th. The stock was sold at an average price of $72.94, for a total transaction of $911,750.00. Following the sale, the director owned 1,349,094 shares of the company's stock, valued at $98,402,916.36. This trade represents a 0.92% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Neil Almstead sold 2,464 shares of PTC Therapeutics stock in a transaction on Thursday, July 9th. The shares were sold at an average price of $90.25, for a total transaction of $222,376.00. Following the completion of the transaction, the insider owned 60,299 shares in the company, valued at approximately $5,441,984.75. This trade represents a 3.93% 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. Insiders have sold 217,843 shares of company stock valued at $17,686,454 in the last quarter. Corporate insiders own 5.30% of the company's stock.

PTC Therapeutics Price Performance

Shares of NASDAQ:PTCT opened at $69.30 on Friday. PTC Therapeutics, Inc. has a 12 month low of $56.51 and a 12 month high of $90.87. The firm has a market capitalization of $5.78 billion, a P/E ratio of -119.48, a P/E/G ratio of 2.20 and a beta of 0.55. The company's fifty day moving average price is $75.80 and its 200 day moving average price is $72.24.

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 for the quarter, topping the consensus estimate of $0.24 by $0.68. The business had revenue of $360.52 million during the quarter, compared to the consensus estimate of $298.63 million. PTC Therapeutics had a negative net margin of 3.80% and a negative return on equity of 362.45%. The business's quarterly revenue was up 101.5% compared to the same quarter last year. During the same quarter in the prior year, the firm earned ($0.83) earnings per share. On average, sell-side analysts anticipate that PTC Therapeutics, Inc. will post 1.17 EPS for the current year.

Analysts Set New Price Targets

A number of analysts have commented on PTCT shares. Cantor Fitzgerald increased their price objective on shares of PTC Therapeutics from $124.00 to $130.00 and gave the company an "overweight" rating in a report on Thursday, July 16th. Wall Street Zen lowered PTC Therapeutics from a "strong-buy" rating to a "buy" rating in a research note on Saturday, August 22nd. TD Cowen upgraded PTC Therapeutics from a "hold" rating to a "buy" rating and lifted their price target for the stock from $75.00 to $90.00 in a report on Friday, May 8th. Citigroup raised shares of PTC Therapeutics from a "neutral" rating to a "buy" rating and lifted their target price for the stock from $75.00 to $108.00 in a research note on Tuesday, June 9th. Finally, Barclays boosted their target price on shares of PTC Therapeutics from $120.00 to $122.00 and gave the company an "overweight" rating in a report on Friday, August 14th. One research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, two have assigned a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, PTC Therapeutics has an average rating of "Moderate Buy" and an average price target of $98.55.

PTC Therapeutics 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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