Geode Capital Management LLC Boosts Stake in PTC Therapeutics, Inc. $PTCT

Key Points

• Geode Capital Management increased its stake in PTC Therapeutics by 3.3% in the fourth quarter, ending with 2.02 million shares valued at about $153.2 million.
• Several analysts remain constructive on PTCT: Jefferies upgraded the stock to buy and Raymond James initiated coverage with an outperform rating, while the consensus target price is about $89.
• PTC Therapeutics recently reported stronger-than-expected quarterly results, posting a smaller-than-expected loss and revenue of $272.6 million, up 43.5% year over year.

Geode Capital Management LLC grew its stake in PTC Therapeutics, Inc. (NASDAQ:PTCT - Free Report) by 3.3% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 2,016,062 shares of the biopharmaceutical company's stock after buying an additional 65,184 shares during the period. Geode Capital Management LLC owned 2.51% of PTC Therapeutics worth $153,164,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in the stock. Smartleaf Asset Management LLC raised its holdings in shares of PTC Therapeutics by 101.3% in the third quarter. Smartleaf Asset Management LLC now owns 469 shares of the biopharmaceutical company's stock worth $28,000 after buying an additional 236 shares during the last quarter. Allworth Financial LP raised its holdings in shares of PTC Therapeutics by 63.8% in the fourth quarter. Allworth Financial LP now owns 634 shares of the biopharmaceutical company's stock worth $48,000 after buying an additional 247 shares during the last quarter. Optiver Holding B.V. raised its holdings in shares of PTC Therapeutics by 96.5% in the third quarter. Optiver Holding B.V. now owns 507 shares of the biopharmaceutical company's stock worth $31,000 after buying an additional 249 shares during the last quarter. IFP Advisors Inc raised its holdings in shares of PTC Therapeutics by 68.1% in the third quarter. IFP Advisors Inc now owns 765 shares of the biopharmaceutical company's stock worth $47,000 after buying an additional 310 shares during the last quarter. Finally, Arizona State Retirement System raised its holdings in shares of PTC Therapeutics by 2.0% in the third quarter. Arizona State Retirement System now owns 21,101 shares of the biopharmaceutical company's stock worth $1,295,000 after buying an additional 406 shares during the last quarter.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on PTCT. Jefferies Financial Group raised shares of PTC Therapeutics from a "hold" rating to a "buy" rating and raised their price target for the stock from $76.00 to $85.00 in a report on Wednesday, May 27th. Bank of America decreased their price target on shares of PTC Therapeutics from $97.00 to $93.00 and set a "buy" rating for the company in a report on Friday, February 20th. Raymond James Financial began coverage on shares of PTC Therapeutics in a report on Friday, April 10th. They issued an "outperform" rating and a $108.00 price target for the company. Wall Street Zen cut shares of PTC Therapeutics from a "buy" rating to a "hold" rating in a report on Saturday, February 21st. Finally, Truist Financial raised shares of PTC Therapeutics to a "strong-buy" rating in a report on Wednesday, March 25th. One analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, two have given a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $89.00.

PTC Therapeutics Price Performance

Shares of PTC Therapeutics stock opened at $70.64 on Friday. The firm has a fifty day moving average price of $69.82 and a 200 day moving average price of $72.28. PTC Therapeutics, Inc. has a 1 year low of $43.17 and a 1 year high of $87.50. The stock has a market cap of $5.86 billion, a PE ratio of -30.32, a price-to-earnings-growth ratio of 6.23 and a beta of 0.56.

PTC Therapeutics (NASDAQ:PTCT - Get Free Report) last issued its earnings results on Thursday, May 7th. The biopharmaceutical company reported ($0.03) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.45) by $0.42. PTC Therapeutics had a negative net margin of 22.58% and a negative return on equity of 362.45%. The firm had revenue of $272.55 million during the quarter, compared to analysts' expectations of $217.42 million. During the same quarter last year, the company posted $10.04 earnings per share. The firm's revenue was up 43.5% compared to the same quarter last year. As a group, equities analysts expect that PTC Therapeutics, Inc. will post 0.4 EPS for the current year.

Insider Activity

In related news, VP Mark Elliott Boulding sold 3,540 shares of the firm's stock in a transaction on Friday, May 8th. The shares were sold at an average price of $78.97, for a total transaction of $279,553.80. Following the completion of the transaction, the vice president owned 105,212 shares of the company's stock, valued at $8,308,591.64. This trade represents a 3.26% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Stephanie Okey sold 15,167 shares of the firm's stock in a transaction on Tuesday, March 10th. The shares were sold at an average price of $70.00, for a total transaction of $1,061,690.00. Following the sale, the director owned 8,000 shares in the company, valued at approximately $560,000. This represents a 65.47% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 94,700 shares of company stock valued at $6,637,971 over the last quarter. Insiders own 5.50% of the company's stock.

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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