Legal & General Group Plc Buys 124,923 Shares of PTC Therapeutics, Inc. $PTCT

Key Points

• Legal & General Group Plc increased its stake in PTC Therapeutics by 51.8% in the fourth quarter, buying 124,923 shares to bring its total holdings to 366,265 shares worth about $27.8 million.
• Several other large institutions also boosted their positions, including Vanguard, Wellington, State Street, Jefferies, and UBS, signaling continued institutional interest in the biopharmaceutical company.
• PTC Therapeutics reported better-than-expected quarterly results, with EPS of -$0.03 versus an expected -$0.45 and revenue of $272.55 million, while analysts currently rate the stock a Moderate Buy with an average price target of $89.

Legal & General Group Plc grew its holdings in shares of PTC Therapeutics, Inc. (NASDAQ:PTCT - Free Report) by 51.8% during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 366,265 shares of the biopharmaceutical company's stock after buying an additional 124,923 shares during the period. Legal & General Group Plc owned approximately 0.46% of PTC Therapeutics worth $27,821,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. Vanguard Group Inc. boosted its holdings in shares of PTC Therapeutics by 6.2% during the 4th quarter. Vanguard Group Inc. now owns 8,803,203 shares of the biopharmaceutical company's stock worth $668,691,000 after buying an additional 514,204 shares in the last quarter. Wellington Management Group LLP boosted its holdings in shares of PTC Therapeutics by 4.8% during the 3rd quarter. Wellington Management Group LLP now owns 4,918,619 shares of the biopharmaceutical company's stock worth $301,856,000 after buying an additional 224,481 shares in the last quarter. State Street Corp boosted its holdings in shares of PTC Therapeutics by 22.1% during the 2nd quarter. State Street Corp now owns 2,996,454 shares of the biopharmaceutical company's stock worth $146,347,000 after buying an additional 541,558 shares in the last quarter. Jefferies Financial Group Inc. boosted its holdings in shares of PTC Therapeutics by 4.7% during the 4th quarter. Jefferies Financial Group Inc. now owns 1,658,481 shares of the biopharmaceutical company's stock worth $125,978,000 after buying an additional 73,803 shares in the last quarter. Finally, UBS Group AG boosted its holdings in shares of PTC Therapeutics by 113.3% during the 4th quarter. UBS Group AG now owns 964,658 shares of the biopharmaceutical company's stock worth $73,275,000 after buying an additional 512,449 shares in the last quarter.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on PTCT. Bank of America cut their price target on PTC Therapeutics from $97.00 to $93.00 and set a "buy" rating on the stock in a report on Friday, February 20th. Jefferies Financial Group raised PTC Therapeutics from a "hold" rating to a "buy" rating and upped their target price for the stock from $76.00 to $85.00 in a research report on Wednesday, May 27th. Cantor Fitzgerald reaffirmed an "overweight" rating on shares of PTC Therapeutics in a research report on Friday, February 20th. Raymond James Financial began coverage on shares of PTC Therapeutics in a research note on Friday, April 10th. They set an "outperform" rating and a $108.00 price target for the company. Finally, TD Cowen raised shares of PTC Therapeutics from a "hold" rating to a "buy" rating and raised their price objective for the company from $75.00 to $90.00 in a research note on Friday, May 8th. One research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, two have issued a Hold rating and two have assigned a Sell rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $89.00.

PTC Therapeutics Stock Performance

Shares of PTC Therapeutics stock opened at $73.85 on Monday. The business's fifty day simple moving average is $69.46 and its 200 day simple moving average is $72.41. The firm has a market capitalization of $6.13 billion, a P/E ratio of -31.70, a price-to-earnings-growth ratio of 6.70 and a beta of 0.55. PTC Therapeutics, Inc. has a 12 month low of $43.17 and a 12 month high of $87.50.

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

Insider Buying and Selling at PTC Therapeutics

In other PTC Therapeutics news, VP Mark Elliott Boulding sold 2,812 shares of the business's stock in a transaction on Friday, May 15th. The stock was sold at an average price of $72.18, for a total value of $202,970.16. Following the sale, the vice president directly owned 105,212 shares in the company, valued at $7,594,202.16. The trade was a 2.60% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Lee Scott Golden sold 829 shares of the business's stock in a transaction on Thursday, April 2nd. The shares were sold at an average price of $67.99, for a total value of $56,363.71. Following the completion of the sale, the executive vice president owned 79,115 shares in the company, valued at approximately $5,379,028.85. The trade was a 1.04% 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. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold a total of 115,022 shares of company stock valued at $7,925,979 in the last ninety days. 5.50% of the stock is owned by corporate insiders.

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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