OP Asset Management Ltd Acquires Shares of 33,602 PTC Therapeutics, Inc. $PTCT

Key Points

• OP Asset Management Ltd bought a new stake in PTC Therapeutics during the first quarter, purchasing 33,602 shares worth about $2.29 million.
• PTC Therapeutics reported stronger-than-expected quarterly results, with earnings of ($0.03) per share versus estimates for a larger loss and revenue of $272.55 million, up 43.5% year over year.
• Analysts remain broadly positive on the stock after several target-price hikes, giving PTC Therapeutics a consensus rating of “Moderate Buy” and an average price target of $91.36.

OP Asset Management Ltd acquired a new stake 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 institutional investor acquired 33,602 shares of the biopharmaceutical company's stock, valued at approximately $2,289,000.

A number of other hedge funds also recently modified their holdings of PTCT. UMB Bank n.a. bought a new stake in shares of PTC Therapeutics during the 4th quarter worth about $26,000. Optiver Holding B.V. raised its holdings in 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 acquiring an additional 249 shares during the period. Comerica Bank raised its holdings in 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 acquiring an additional 469 shares during the period. Salomon & Ludwin LLC acquired a new stake in PTC Therapeutics during the fourth quarter worth approximately $41,000. Finally, IFP Advisors Inc lifted its position in PTC Therapeutics by 68.1% during the third quarter. IFP Advisors Inc now owns 765 shares of the biopharmaceutical company's stock worth $47,000 after acquiring an additional 310 shares during the last quarter.

PTC Therapeutics Stock Performance

Shares of NASDAQ PTCT opened at $84.43 on Friday. PTC Therapeutics, Inc. has a 52 week low of $43.17 and a 52 week high of $87.50. The stock has a market capitalization of $7.00 billion, a P/E ratio of -36.24, a PEG ratio of 3.88 and a beta of 0.56. The stock's fifty day moving average is $72.57 and its 200 day moving average is $72.12.

PTC Therapeutics (NASDAQ:PTCT - Get Free Report) last posted its quarterly earnings data on Thursday, May 7th. The biopharmaceutical company reported ($0.03) earnings per share for the quarter, topping the consensus estimate of ($0.45) by $0.42. The business had revenue of $272.55 million during the quarter, compared to analysts' expectations of $217.42 million. PTC Therapeutics had a negative net margin of 22.58% and a negative return on equity of 362.45%. PTC Therapeutics's revenue was up 43.5% compared to the same quarter last year. During the same quarter in the prior year, the business posted $10.04 earnings per share. Equities research analysts forecast that PTC Therapeutics, Inc. will post 0.78 earnings per share for the current year.

Insider Buying and Selling

In related news, CEO Matthew B. Klein sold 12,572 shares of the stock in a transaction that occurred on Thursday, May 14th. The shares were sold at an average price of $72.95, for a total transaction of $917,127.40. Following the sale, the chief executive officer owned 393,998 shares in the company, valued at approximately $28,742,154.10. This trade represents a 3.09% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 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, CAO Christine Marie Utter sold 19,686 shares of PTC Therapeutics stock in a transaction that occurred on Wednesday, June 17th. The shares were sold at an average price of $75.56, for a total transaction of $1,487,474.16. Following the completion of the transaction, the chief accounting officer directly owned 70,199 shares in the company, valued at $5,304,236.44. This trade represents a 21.90% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders sold 178,328 shares of company stock worth $13,487,625. 5.50% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several equities analysts have recently commented on the company. Jefferies Financial Group raised PTC Therapeutics from a "hold" rating to a "buy" rating and upped their target price for the company from $76.00 to $85.00 in a research report on Wednesday, May 27th. Raymond James Financial started coverage on PTC Therapeutics in a report on Friday, April 10th. They set an "outperform" rating and a $108.00 price target for the company. Wells Fargo & Company boosted their price target on PTC Therapeutics from $86.00 to $95.00 and gave the company an "overweight" rating in a research note on Friday, May 8th. TD Cowen raised PTC Therapeutics from a "hold" rating to a "buy" rating and upped their price objective for the company from $75.00 to $90.00 in a report on Friday, May 8th. Finally, Royal Bank Of Canada increased their price objective on PTC Therapeutics from $81.00 to $82.00 and gave the stock a "sector perform" rating 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 given a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, PTC Therapeutics currently has a consensus rating of "Moderate Buy" and a consensus price target of $91.36.

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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