Legal & General Group Plc Makes New Investment in PTC Therapeutics, Inc. $PTCT

Key Points

• Legal & General Group Plc acquired 352,734 shares of PTC Therapeutics in the second quarter, worth approximately $28.8 million and representing about 0.42% of the company. Several other institutional investors also initiated positions.
• PTC Therapeutics reported stronger-than-expected quarterly results, with earnings per share of $0.92 versus a $0.24 consensus estimate and revenue of $360.5 million, up 101.5% year over year.
• Shares recently traded at $70.09, down 2.4%, while analysts maintained a “Moderate Buy” consensus and an average price target of $98.55. Insiders have sold approximately $17.7 million of stock over the past 90 days.

Legal & General Group Plc acquired a new position in PTC Therapeutics, Inc. (NASDAQ:PTCT - Free Report) in the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor acquired 352,734 shares of the biopharmaceutical company's stock, valued at approximately $28,773,000. Legal & General Group Plc owned approximately 0.42% of PTC Therapeutics at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. The Manufacturers Life Insurance Company acquired a new position in shares of PTC Therapeutics during the second quarter valued at approximately $36,050,000. Sanctuary Advisors LLC purchased a new stake in shares of PTC Therapeutics during the second quarter valued at $369,000. Globeflex Capital L P purchased a new stake in PTC Therapeutics during the second quarter valued at about $486,000. Northwestern Mutual Wealth Management Co. acquired a new position in PTC Therapeutics in the 2nd quarter worth approximately $121,000. Finally, Quantbot Technologies LP acquired a new stake in shares of PTC Therapeutics in the second quarter worth $112,000.

PTC Therapeutics Trading Down 2.4%

Shares of PTCT stock opened at $70.09 on Friday. The firm has a market capitalization of $5.85 billion, a price-to-earnings ratio of -120.84, a PEG ratio of 2.16 and a beta of 0.56. The firm's 50 day moving average is $77.08 and its 200-day moving average is $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 earnings results on Thursday, July 30th. The biopharmaceutical company reported $0.92 earnings per share for the quarter, topping analysts' consensus estimates of $0.24 by $0.68. The company had revenue of $360.52 million during the quarter, compared to the consensus estimate of $298.63 million. PTC Therapeutics had a negative return on equity of 362.45% and a negative net margin of 3.80%.The firm's quarterly revenue was up 101.5% on a year-over-year basis. During the same quarter in the previous year, the company posted ($0.83) earnings per share. On average, equities research analysts forecast that PTC Therapeutics, Inc. will post 1.17 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several equities analysts have recently commented on the stock. TD Cowen upgraded shares of PTC Therapeutics from a "hold" rating to a "buy" rating and boosted their price target for the company from $75.00 to $90.00 in a report on Friday, May 8th. Royal Bank Of Canada increased their price target on PTC Therapeutics from $82.00 to $85.00 and gave the company a "sector perform" rating in a report on Tuesday, July 7th. Zacks Research lowered PTC Therapeutics from a "strong-buy" rating to a "hold" rating in a research note on Thursday, August 6th. Wall Street Zen lowered shares of PTC Therapeutics from a "strong-buy" rating to a "buy" rating in a research report on Saturday, August 22nd. Finally, Weiss Ratings cut PTC Therapeutics from a "sell (d+)" rating to a "sell (d)" rating in a report on Monday, August 17th. One equities research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, two have assigned a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, PTC Therapeutics has a consensus rating of "Moderate Buy" and an average price target of $98.55.

Insider Activity

In other PTC Therapeutics news, CEO Matthew B. Klein sold 10,292 shares of the company's stock in a transaction on Tuesday, August 4th. The shares were sold at an average price of $68.57, for a total transaction of $705,722.44. Following the completion of the sale, the chief executive officer owned 383,868 shares in the company, valued at approximately $26,321,828.76. The trade was a 2.61% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 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. Also, insider Neil Gregory Almstead sold 2,464 shares of PTC Therapeutics stock in a transaction on Thursday, July 9th. The stock was sold at an average price of $90.25, for a total value of $222,376.00. Following the sale, the insider directly owned 60,299 shares of the company's stock, valued at approximately $5,441,984.75. This trade represents a 3.93% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 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 worth $17,686,454. Corporate insiders own 5.30% of the company's stock.

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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