M&T Bank Corp Takes Position in PTC Therapeutics, Inc. $PTCT

Key Points

• M&T Bank bought a new stake of 24,469 shares in PTC Therapeutics in Q4, valued at about $1.859 million, while several other institutions also adjusted or initiated positions.
• PTC reported a major quarterly miss, with ($1.67) EPS vs. ($0.21) expected and revenue of $164.7M vs. $281.5M (down 22.7% year-over-year); the stock trades with a $5.83B market cap and a P/E of 9.08, and analysts forecast roughly -0.74 EPS for the year.
• Insiders have been net sellers, disposing of about 126,492 shares (~$8.63M) over the past three months, even as analysts maintain a consensus "Moderate Buy" and a $84.40 price target amid mixed revisions.

M&T Bank Corp bought a new stake in PTC Therapeutics, Inc. (NASDAQ:PTCT - Free Report) in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 24,469 shares of the biopharmaceutical company's stock, valued at approximately $1,859,000.

Other large investors have also modified their holdings of the company. Smartleaf Asset Management LLC boosted its holdings in shares of PTC Therapeutics by 101.3% in the 3rd quarter. Smartleaf Asset Management LLC now owns 469 shares of the biopharmaceutical company's stock valued at $28,000 after buying an additional 236 shares in the last quarter. Optiver Holding B.V. boosted its holdings in shares of PTC Therapeutics by 96.5% in the 3rd quarter. Optiver Holding B.V. now owns 507 shares of the biopharmaceutical company's stock valued at $31,000 after buying an additional 249 shares in the last quarter. Comerica Bank boosted its holdings in shares of PTC Therapeutics by 868.5% in the 3rd quarter. Comerica Bank now owns 523 shares of the biopharmaceutical company's stock valued at $32,000 after buying an additional 469 shares in the last quarter. Salomon & Ludwin LLC acquired a new position in shares of PTC Therapeutics in the 4th quarter valued at $41,000. Finally, First Horizon Corp acquired a new position in shares of PTC Therapeutics in the 4th quarter valued at $53,000.

PTC Therapeutics Stock Performance

Shares of PTC Therapeutics stock opened at $70.26 on Wednesday. The company has a market cap of $5.83 billion, a P/E ratio of 9.08 and a beta of 0.55. PTC Therapeutics, Inc. has a one year low of $35.95 and a one year high of $87.50. The firm has a fifty day moving average of $68.15 and a two-hundred day moving average of $72.13.

PTC Therapeutics (NASDAQ:PTCT - Get Free Report) last announced its quarterly earnings data on Thursday, February 19th. The biopharmaceutical company reported ($1.67) EPS for the quarter, missing analysts' consensus estimates of ($0.21) by ($1.46). The firm had revenue of $164.68 million for the quarter, compared to analysts' expectations of $281.45 million. PTC Therapeutics had a negative return on equity of 362.45% and a net margin of 39.44%.The firm's quarterly revenue was down 22.7% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($0.85) EPS. As a group, equities analysts predict that PTC Therapeutics, Inc. will post -0.74 earnings per share for the current year.

Analyst Ratings Changes

Several brokerages have recently issued reports on PTCT. Royal Bank Of Canada lowered their target price on shares of PTC Therapeutics from $87.00 to $82.00 and set a "sector perform" rating for the company in a report on Friday, February 20th. Morgan Stanley upped their price target on shares of PTC Therapeutics from $90.00 to $92.00 and gave the company an "overweight" rating in a research report on Monday, February 23rd. Wells Fargo & Company reduced their price target on shares of PTC Therapeutics from $93.00 to $86.00 and set an "overweight" rating for the company in a research report on Friday, February 20th. Bank of America reduced their price target on shares of PTC Therapeutics from $97.00 to $93.00 and set a "buy" rating for the company in a research report on Friday, February 20th. Finally, Truist Financial upgraded shares of PTC Therapeutics to a "strong-buy" rating in a research report on Wednesday, March 25th. One equities research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat, PTC Therapeutics has a consensus rating of "Moderate Buy" and a consensus target price of $84.40.

Insiders Place Their Bets

In other news, EVP Lee Scott Golden sold 10,000 shares of the stock in a transaction dated Thursday, March 5th. The shares were sold at an average price of $63.38, for a total value of $633,800.00. Following the completion of the transaction, the executive vice president owned 79,944 shares in the company, valued at $5,066,850.72. This trade represents a 11.12% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Stephanie Okey sold 15,167 shares of the stock in a transaction dated Tuesday, March 10th. The shares were sold at an average price of $70.00, for a total transaction of $1,061,690.00. Following the completion of the transaction, the director owned 8,000 shares of the company's stock, valued at $560,000. This represents a 65.47% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders have sold 126,492 shares of company stock worth $8,634,621. Insiders own 5.50% of the company's stock.

PTC Therapeutics Company 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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