Millennium Management LLC Purchases 89,959 Shares of PTC Therapeutics, Inc. (NASDAQ:PTCT)

Millennium Management LLC boosted its position in shares of PTC Therapeutics, Inc. (NASDAQ:PTCT - Free Report) by 41.0% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 309,423 shares of the biopharmaceutical company's stock after buying an additional 89,959 shares during the period. Millennium Management LLC owned approximately 0.40% of PTC Therapeutics worth $13,967,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in PTC Therapeutics by 0.3% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 65,681 shares of the biopharmaceutical company's stock valued at $2,967,000 after buying an additional 205 shares during the last quarter. Lazard Asset Management LLC lifted its stake in shares of PTC Therapeutics by 294.3% in the 4th quarter. Lazard Asset Management LLC now owns 45,647 shares of the biopharmaceutical company's stock valued at $2,059,000 after purchasing an additional 34,069 shares during the last quarter. Janus Henderson Group PLC lifted its stake in shares of PTC Therapeutics by 24.4% in the 4th quarter. Janus Henderson Group PLC now owns 2,325,915 shares of the biopharmaceutical company's stock valued at $105,015,000 after purchasing an additional 455,698 shares during the last quarter. Graham Capital Management L.P. bought a new stake in shares of PTC Therapeutics in the 4th quarter valued at approximately $677,000. Finally, Deutsche Bank AG lifted its stake in shares of PTC Therapeutics by 92.3% in the 4th quarter. Deutsche Bank AG now owns 94,378 shares of the biopharmaceutical company's stock valued at $4,260,000 after purchasing an additional 45,310 shares during the last quarter.

Insider Buying and Selling at PTC Therapeutics

In other news, Director Allan Steven Jacobson sold 1,230 shares of PTC Therapeutics stock in a transaction on Tuesday, March 4th. The stock was sold at an average price of $51.52, for a total value of $63,369.60. Following the transaction, the director now directly owns 19,118 shares in the company, valued at approximately $984,959.36. This trade represents a 6.04% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, VP Mark Elliott Boulding sold 15,521 shares of PTC Therapeutics stock in a transaction on Wednesday, March 12th. The shares were sold at an average price of $53.30, for a total value of $827,269.30. Following the completion of the transaction, the vice president now owns 103,901 shares in the company, valued at $5,537,923.30. This represents a 13.00% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 28,264 shares of company stock valued at $1,469,137 in the last ninety days. Corporate insiders own 5.50% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on PTCT shares. Bank of America raised PTC Therapeutics from a "neutral" rating to a "buy" rating and raised their price objective for the company from $55.00 to $68.00 in a research note on Friday, May 9th. Scotiabank started coverage on PTC Therapeutics in a research note on Friday, March 7th. They issued a "sector perform" rating and a $55.00 price objective for the company. Cantor Fitzgerald lowered their price objective on PTC Therapeutics from $113.00 to $112.00 and set an "overweight" rating for the company in a research note on Wednesday, May 7th. Barclays lowered their price objective on PTC Therapeutics from $56.00 to $42.00 and set an "equal weight" rating for the company in a research note on Thursday, May 8th. Finally, Royal Bank of Canada raised their price objective on PTC Therapeutics from $57.00 to $58.00 and gave the company an "outperform" rating in a research note on Wednesday, May 7th. One investment analyst has rated the stock with a sell rating, four have given a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $63.25.

PTC Therapeutics Stock Down 1.5%

Shares of NASDAQ PTCT opened at $45.52 on Friday. The business has a fifty day simple moving average of $47.58 and a two-hundred day simple moving average of $47.32. The firm has a market cap of $3.61 billion, a PE ratio of -7.66 and a beta of 0.52. PTC Therapeutics, Inc. has a twelve month low of $28.72 and a twelve month high of $58.38.

PTC Therapeutics (NASDAQ:PTCT - Get Free Report) last issued its earnings results on Tuesday, May 6th. The biopharmaceutical company reported $10.04 earnings per share for the quarter, beating analysts' consensus estimates of $0.85 by $9.19. The firm had revenue of $1.18 billion for the quarter, compared to the consensus estimate of $437.16 million. The company's revenue for the quarter was down 9.6% on a year-over-year basis. During the same period last year, the firm earned ($1.20) earnings per share. On average, research analysts expect that PTC Therapeutics, Inc. will post -4.52 earnings per share for the current year.

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.

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