Louisiana State Employees Retirement System Takes Position in PTC Therapeutics, Inc. $PTCT

Key Points

• Louisiana State Employees Retirement System opened a new position in PTC Therapeutics during the first quarter, buying 35,600 shares worth about $2.43 million.
• Several other institutional investors also increased their stakes, while insiders were active sellers: two executives sold shares in June, and insiders sold 178,328 shares worth about $13.5 million over the last 90 days.
• PTC Therapeutics recently beat quarterly earnings expectations, reporting ($0.03) EPS versus an expected loss of $0.45 and revenue of $272.55 million, up 43.5% year over year. Analysts currently rate the stock a Moderate Buy with an average price target of $91.36.

Louisiana State Employees Retirement System purchased a new position in PTC Therapeutics, Inc. (NASDAQ:PTCT - Free Report) during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 35,600 shares of the biopharmaceutical company's stock, valued at approximately $2,425,000.

A number of other institutional investors and hedge funds have also recently bought and sold shares of PTCT. Vanguard Group Inc. raised its holdings in PTC Therapeutics by 6.2% in the 4th quarter. Vanguard Group Inc. now owns 8,803,203 shares of the biopharmaceutical company's stock valued at $668,691,000 after acquiring an additional 514,204 shares during the last quarter. Wellington Management Group LLP grew its position in shares of PTC Therapeutics by 4.8% in the third quarter. Wellington Management Group LLP now owns 4,918,619 shares of the biopharmaceutical company's stock valued at $301,856,000 after purchasing an additional 224,481 shares in the last quarter. Janus Henderson Group PLC grew its position in shares of PTC Therapeutics by 28.6% in the fourth quarter. Janus Henderson Group PLC now owns 4,851,332 shares of the biopharmaceutical company's stock valued at $368,587,000 after purchasing an additional 1,077,776 shares in the last quarter. State Street Corp increased its holdings in shares of PTC Therapeutics by 34.2% in the fourth quarter. State Street Corp now owns 4,206,126 shares of the biopharmaceutical company's stock valued at $319,497,000 after purchasing an additional 1,071,343 shares during the last quarter. Finally, Toronto Dominion Bank increased its holdings in shares of PTC Therapeutics by 27.5% in the fourth quarter. Toronto Dominion Bank now owns 4,138,215 shares of the biopharmaceutical company's stock valued at $314,339,000 after purchasing an additional 891,690 shares during the last quarter.

Insider Transactions at PTC Therapeutics

In other news, CAO Christine Marie Utter sold 19,686 shares of the business's stock in a transaction that occurred on Wednesday, June 17th. The shares were sold at an average price of $75.56, for a total value of $1,487,474.16. Following the sale, the chief accounting officer directly owned 70,199 shares of the company's stock, valued at approximately $5,304,236.44. The trade was a 21.90% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Neil Gregory Almstead sold 20,960 shares of the company's stock in a transaction that occurred on Thursday, June 25th. The stock was sold at an average price of $85.97, for a total transaction of $1,801,931.20. Following the completion of the transaction, the insider owned 60,137 shares in the company, valued at approximately $5,169,977.89. This represents a 25.85% 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. Insiders sold 178,328 shares of company stock worth $13,487,625 in the last 90 days. Insiders own 5.50% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on PTCT. Weiss Ratings lowered PTC Therapeutics from a "hold (c-)" rating to a "sell (d)" rating in a research note on Monday, May 11th. Royal Bank Of Canada lifted their price target on PTC Therapeutics from $81.00 to $82.00 and gave the stock a "sector perform" rating in a report on Friday, May 8th. Raymond James Financial started coverage on shares of PTC Therapeutics in a research report on Friday, April 10th. They set an "outperform" rating and a $108.00 price target on the stock. Truist Financial raised shares of PTC Therapeutics to a "strong-buy" rating in a report on Wednesday, March 25th. Finally, TD Cowen upgraded shares of PTC Therapeutics from a "hold" rating to a "buy" rating and raised their price objective for the stock from $75.00 to $90.00 in a research report on Friday, May 8th. One analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, one has assigned a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, PTC Therapeutics currently has an average rating of "Moderate Buy" and an average price target of $91.36.

PTC Therapeutics Stock Down 3.4%

PTCT stock opened at $81.57 on Tuesday. The business has a fifty day moving average of $72.76 and a two-hundred day moving average of $72.14. The stock has a market cap of $6.77 billion, a price-to-earnings ratio of -35.01, a price-to-earnings-growth ratio of 3.88 and a beta of 0.55. PTC Therapeutics, Inc. has a 52-week low of $43.17 and a 52-week high of $87.50.

PTC Therapeutics (NASDAQ:PTCT - Get Free Report) last announced its quarterly earnings results on Thursday, May 7th. The biopharmaceutical company reported ($0.03) EPS for the quarter, beating the consensus estimate 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%.The company's quarterly revenue was up 43.5% on a year-over-year basis. During the same quarter in the prior year, the company posted $10.04 EPS. As a group, sell-side analysts anticipate that PTC Therapeutics, Inc. will post 0.78 EPS for the current year.

PTC Therapeutics 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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