Hsbc Holdings PLC Takes $10.76 Million Position in PTC Therapeutics, Inc. $PTCT

Key Points

• HSBC Holdings acquired 131,389 PTC Therapeutics shares worth approximately $10.76 million, representing about 0.16% of the company. Several other institutional investors also increased or initiated positions.
• PTC Therapeutics insiders sold 217,843 shares worth roughly $17.7 million over the past 90 days, although insider ownership remains at 5.30%; the sales were conducted under pre-arranged Rule 10b5-1 plans.
• Analysts maintain a “Moderate Buy” consensus with a $98.55 average price target. The company recently exceeded quarterly earnings and revenue estimates, while PTCT shares opened at $70.09, down 2.4%.

Hsbc Holdings PLC acquired a new stake in PTC Therapeutics, Inc. (NASDAQ:PTCT - Free Report) during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 131,389 shares of the biopharmaceutical company's stock, valued at approximately $10,758,000. Hsbc Holdings PLC owned about 0.16% of PTC Therapeutics as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds also recently added to or reduced their stakes in the business. Thrivent Financial for Lutherans acquired a new position in PTC Therapeutics during the fourth quarter worth approximately $4,191,000. Royce & Associates LP raised its stake in PTC Therapeutics by 146.5% in the fourth quarter. Royce & Associates LP now owns 80,794 shares of the biopharmaceutical company's stock valued at $6,137,000 after buying an additional 48,015 shares during the period. Jefferies Financial Group Inc. lifted its position in shares of PTC Therapeutics by 4.7% in the fourth quarter. Jefferies Financial Group Inc. now owns 1,658,481 shares of the biopharmaceutical company's stock valued at $125,978,000 after buying an additional 73,803 shares during the last quarter. Legal & General Group Plc boosted its stake in shares of PTC Therapeutics by 51.8% during the 4th quarter. Legal & General Group Plc now owns 366,265 shares of the biopharmaceutical company's stock worth $27,821,000 after acquiring an additional 124,923 shares during the period. Finally, Comerica Bank boosted its stake in shares of PTC Therapeutics by 3,231.9% during the 4th quarter. Comerica Bank now owns 17,426 shares of the biopharmaceutical company's stock worth $1,324,000 after acquiring an additional 16,903 shares during the period.

Insider Activity at PTC Therapeutics

In other news, insider Neil Gregory Almstead sold 2,464 shares of the business's stock in a transaction dated Thursday, July 9th. The shares were sold at an average price of $90.25, for a total value of $222,376.00. Following the completion of the sale, the insider owned 60,299 shares of the company's stock, valued at approximately $5,441,984.75. The trade was a 3.93% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Michael Schmertzler sold 12,500 shares of the company's stock in a transaction dated Wednesday, August 26th. The shares were sold at an average price of $72.94, for a total transaction of $911,750.00. Following the completion of the transaction, the director owned 1,349,094 shares in the company, valued at $98,402,916.36. This trade represents a 0.92% decrease in their ownership of the stock. 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 ninety days, insiders have sold 217,843 shares of company stock valued at $17,686,454. 5.30% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on PTCT. Weiss Ratings cut PTC Therapeutics from a "sell (d+)" rating to a "sell (d)" rating in a research note on Monday, August 17th. Barclays lifted their price objective on shares of PTC Therapeutics from $120.00 to $122.00 and gave the stock an "overweight" rating in a research report on Friday, August 14th. Wall Street Zen downgraded shares of PTC Therapeutics from a "strong-buy" rating to a "buy" rating in a report on Saturday, August 22nd. Jefferies Financial Group raised shares of PTC Therapeutics from a "hold" rating to a "buy" rating and increased their price objective for the company from $76.00 to $85.00 in a research report on Wednesday, May 27th. Finally, Cantor Fitzgerald raised their target price on shares of PTC Therapeutics from $124.00 to $130.00 and gave the stock an "overweight" rating in a research note on Thursday, July 16th. One analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, two have assigned a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $98.55.

PTC Therapeutics Trading Down 2.4%

NASDAQ:PTCT opened at $70.09 on Friday. The stock has a market cap of $5.85 billion, a P/E ratio of -120.84, a PEG ratio of 2.22 and a beta of 0.56. The stock has a 50 day simple moving average of $77.08 and a 200 day simple moving average of $72.27. PTC Therapeutics, Inc. has a 1-year low of $48.96 and a 1-year high of $90.87.

PTC Therapeutics (NASDAQ:PTCT - Get Free Report) last released 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. PTC Therapeutics had a negative return on equity of 362.45% and a negative net margin of 3.80%.The business had revenue of $360.52 million during the quarter, compared to the consensus estimate of $298.63 million. During the same period in the previous year, the company posted ($0.83) EPS. The firm's quarterly revenue was up 101.5% on a year-over-year basis. As a group, sell-side analysts forecast that PTC Therapeutics, Inc. will post 1.17 EPS for the current year.

About PTC Therapeutics

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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