Empowered Funds LLC Acquires Shares of 81,271 PTC Therapeutics, Inc. $PTCT

Key Points

• Empowered Funds LLC acquired 81,271 shares of PTC Therapeutics during the second quarter, valued at approximately $6.6 million and representing about 0.10% of the company. Several other institutional investors also increased or initiated positions.
• PTC Therapeutics reported quarterly revenue of $360.5 million, up 101.5% year over year, and earnings of $0.92 per share, exceeding analyst expectations of $0.24. Despite the strong results, the company posted a negative net margin and return on equity.
• Analysts remain broadly positive, with a consensus “Moderate Buy” rating and an average price target of $98.55 versus the stock’s reported $70.09 price. However, insiders sold 217,843 shares worth approximately $17.7 million over the past three months.

Empowered Funds LLC acquired a new position in shares of PTC Therapeutics, Inc. (NASDAQ:PTCT - Free Report) during the 2nd quarter, according to its most recent 13F filing with the SEC. The fund acquired 81,271 shares of the biopharmaceutical company's stock, valued at approximately $6,629,000. Empowered Funds LLC owned about 0.10% of PTC Therapeutics as of its most recent SEC filing.

Other institutional investors also recently made changes to their positions in the company. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in shares of PTC Therapeutics by 11.5% during the 1st 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 buying an additional 18,504 shares during the last quarter. Quantbot Technologies LP increased its stake 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 worth $121,000 after buying an additional 1,826 shares during the last quarter. Arrowstreet Capital Limited Partnership bought a new stake in shares of PTC Therapeutics in the second quarter worth $1,661,000. EverSource Wealth Advisors LLC increased its stake in shares of PTC Therapeutics by 247.4% in the second quarter. EverSource Wealth Advisors LLC now owns 1,143 shares of the biopharmaceutical company's stock worth $56,000 after buying an additional 814 shares during the last quarter. Finally, Guggenheim Capital LLC raised its holdings in PTC Therapeutics by 14.5% in the second quarter. Guggenheim Capital LLC now owns 18,338 shares of the biopharmaceutical company's stock valued at $896,000 after acquiring an additional 2,317 shares in the last quarter.

PTC Therapeutics Price Performance

Shares of PTCT opened at $70.09 on Monday. The stock has a market capitalization of $5.85 billion, a PE ratio of -120.84, a price-to-earnings-growth ratio of 2.16 and a beta of 0.56. The business's fifty day moving average price is $77.08 and its 200 day moving average price is $72.26. PTC Therapeutics, Inc. has a 12-month low of $48.96 and a 12-month high of $90.87.

PTC Therapeutics (NASDAQ:PTCT - Get Free Report) last released its earnings results on Thursday, July 30th. The biopharmaceutical company reported $0.92 earnings per share 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 analyst estimates of $298.63 million. PTC Therapeutics had a negative net margin of 3.80% and a negative return on equity of 362.45%. The firm's revenue for the quarter was up 101.5% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($0.83) earnings per share. As a group, research analysts anticipate that PTC Therapeutics, Inc. will post 1.17 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research firms have commented on PTCT. Wells Fargo & Company increased their price objective on shares of PTC Therapeutics from $106.00 to $109.00 and gave the company an "overweight" rating in a research note on Thursday, August 13th. Wall Street Zen downgraded shares of PTC Therapeutics from a "strong-buy" rating to a "buy" rating in a research report on Saturday, August 22nd. Barclays upped their target price on shares of PTC Therapeutics from $120.00 to $122.00 and gave the company an "overweight" rating in a research note on Friday, August 14th. Cantor Fitzgerald increased their price target on shares of PTC Therapeutics from $124.00 to $130.00 and gave the stock an "overweight" rating in a research report on Thursday, July 16th. Finally, Citigroup upgraded PTC Therapeutics from a "neutral" rating to a "buy" rating and lifted their price target for the stock from $75.00 to $108.00 in a research note on Tuesday, June 9th. One investment analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, two have given a Hold rating and two have given a Sell rating to the company's stock. Based on data from MarketBeat, PTC Therapeutics currently has a consensus rating of "Moderate Buy" and a consensus target price of $98.55.

Insiders Place Their Bets

In related news, CAO Christine Marie Utter sold 19,686 shares of the stock in a transaction dated Wednesday, June 17th. The shares were sold at an average price of $75.56, for a total transaction of $1,487,474.16. Following the sale, the chief accounting officer owned 70,199 shares in the company, valued at $5,304,236.44. This represents a 21.90% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Neil Gregory Almstead sold 24,613 shares of the firm's stock in a transaction dated Tuesday, July 7th. The stock was sold at an average price of $88.89, for a total transaction of $2,187,849.57. Following the completion of the transaction, the insider directly owned 60,299 shares in the company, valued at $5,359,978.11. This represents a 28.99% 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 three months, insiders sold 217,843 shares of company stock worth $17,686,454. Corporate insiders own 5.30% of the company's stock.

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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