Harbor Capital Advisors Inc. Sells 11,891 Shares of PTC Therapeutics, Inc. (NASDAQ:PTCT)

Harbor Capital Advisors Inc. cut its stake in shares of PTC Therapeutics, Inc. (NASDAQ:PTCT - Free Report) by 22.6% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 40,725 shares of the biopharmaceutical company's stock after selling 11,891 shares during the period. Harbor Capital Advisors Inc. owned approximately 0.05% of PTC Therapeutics worth $2,075,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of PTCT. Smartleaf Asset Management LLC raised its position in PTC Therapeutics by 78.7% during the fourth quarter. Smartleaf Asset Management LLC now owns 613 shares of the biopharmaceutical company's stock valued at $28,000 after buying an additional 270 shares during the period. Sterling Capital Management LLC raised its position in PTC Therapeutics by 424.4% during the fourth quarter. Sterling Capital Management LLC now owns 645 shares of the biopharmaceutical company's stock valued at $29,000 after buying an additional 522 shares during the period. Venturi Wealth Management LLC acquired a new position in PTC Therapeutics during the fourth quarter valued at $68,000. GF Fund Management CO. LTD. acquired a new position in PTC Therapeutics during the fourth quarter valued at $73,000. Finally, Point72 Asia Singapore Pte. Ltd. acquired a new position in PTC Therapeutics during the fourth quarter valued at $77,000.

PTC Therapeutics Stock Performance

Shares of PTCT traded up $0.28 during trading hours on Friday, hitting $51.26. 750,739 shares of the company were exchanged, compared to its average volume of 868,275. The company has a market cap of $4.06 billion, a PE ratio of -8.63 and a beta of 0.51. The firm's 50 day moving average is $47.04 and its 200-day moving average is $48.14. PTC Therapeutics, Inc. has a 52 week low of $28.72 and a 52 week high of $58.38.

PTC Therapeutics (NASDAQ:PTCT - Get Free Report) last announced its earnings results on Tuesday, May 6th. The biopharmaceutical company reported $10.04 earnings per share for the quarter, beating the consensus estimate of $0.85 by $9.19. The business had revenue of $1.18 billion for the quarter, compared to the consensus estimate of $437.16 million. During the same quarter in the previous year, the company earned ($1.20) EPS. PTC Therapeutics's revenue for the quarter was down 9.6% compared to the same quarter last year. As a group, equities analysts forecast that PTC Therapeutics, Inc. will post -4.52 earnings per share for the current fiscal year.

Insider Activity at PTC Therapeutics

In related news, CEO Matthew B. Klein sold 2,804 shares of the stock in a transaction that occurred on Tuesday, April 22nd. The stock was sold at an average price of $48.74, for a total transaction of $136,666.96. Following the completion of the sale, the chief executive officer now owns 273,234 shares in the company, valued at $13,317,425.16. This represents a 1.02% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Lee Scott Golden sold 897 shares of the company's stock in a transaction that occurred on Wednesday, April 2nd. The shares were sold at an average price of $46.95, for a total value of $42,114.15. Following the completion of the transaction, the executive vice president now directly owns 75,997 shares of the company's stock, valued at approximately $3,568,059.15. This trade represents a 1.17% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 6,513 shares of company stock worth $308,498 in the last 90 days. 5.50% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on PTCT shares. Wall Street Zen lowered PTC Therapeutics from a "strong-buy" rating to a "buy" rating in a research report on Friday, May 16th. Citigroup raised PTC Therapeutics from a "sell" rating to a "neutral" rating and dropped their target price for the stock from $50.00 to $40.00 in a research report on Wednesday, May 7th. JPMorgan Chase & Co. dropped their target price on PTC Therapeutics from $75.00 to $67.00 and set an "overweight" rating on the stock in a research report on Wednesday, May 7th. Cantor Fitzgerald dropped their target price on PTC Therapeutics from $113.00 to $112.00 and set an "overweight" rating on the stock in a research report on Wednesday, May 7th. Finally, Morgan Stanley reaffirmed an "overweight" rating and issued a $70.00 target price (up from $67.00) on shares of PTC Therapeutics in a research report on Friday, March 7th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $63.75.

PTC Therapeutics Company 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.