Pacer Advisors Inc. Has $17.90 Million Position in PTC Therapeutics, Inc. $PTCT

Key Points

• Pacer Advisors reduced its PTC Therapeutics stake by 53.2% in the fourth quarter, leaving it with 235,653 shares valued at about $17.9 million.
• Several other institutions also made big moves in the stock, including Janus Henderson, State Street, and Toronto Dominion Bank increasing their holdings, while Jefferies took a new position.
• PTC Therapeutics reported stronger-than-expected quarterly results, with revenue up 43.5% year over year and EPS of -$0.03 versus analyst expectations of -$0.45, while analysts now have a consensus Moderate Buy rating and a $91.36 price target.

Pacer Advisors Inc. cut its position in PTC Therapeutics, Inc. (NASDAQ:PTCT - Free Report) by 53.2% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 235,653 shares of the biopharmaceutical company's stock after selling 268,313 shares during the quarter. Pacer Advisors Inc. owned 0.29% of PTC Therapeutics worth $17,900,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Jefferies Financial Group Inc. bought a new position in shares of PTC Therapeutics during the third quarter valued at $97,252,000. Janus Henderson Group PLC grew its stake 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 worth $368,587,000 after purchasing an additional 1,077,776 shares during the last quarter. State Street Corp grew its stake 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 worth $319,497,000 after purchasing an additional 1,071,343 shares during the last quarter. Toronto Dominion Bank increased its holdings in 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 period. Finally, BNP Paribas Financial Markets increased its holdings in PTC Therapeutics by 4,013.1% in the fourth quarter. BNP Paribas Financial Markets now owns 828,662 shares of the biopharmaceutical company's stock valued at $62,945,000 after purchasing an additional 808,515 shares during the period.

Insiders Place Their Bets

In other PTC Therapeutics news, EVP Lee Scott Golden sold 829 shares of the stock in a transaction that occurred on Thursday, April 2nd. The stock was sold at an average price of $67.99, for a total transaction of $56,363.71. Following the transaction, the executive vice president directly owned 79,115 shares in the company, valued at approximately $5,379,028.85. This represents a 1.04% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, 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, CEO Matthew B. Klein sold 12,572 shares of PTC Therapeutics stock in a transaction 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 completion of the sale, the chief executive officer owned 393,998 shares of the company's stock, valued at $28,742,154.10. This represents a 3.09% decrease in their position. The SEC filing for this sale provides additional information. 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. Insiders sold a total of 98,148 shares of company stock valued at $7,001,475 in the last 90 days. Company insiders own 5.50% of the company's stock.

Wall Street Analyst Weigh In

PTCT has been the topic of a number of analyst reports. Citigroup upgraded PTC Therapeutics from a "neutral" rating to a "buy" rating and upped their price target for the company from $75.00 to $108.00 in a research report on Tuesday, June 9th. Wall Street Zen downgraded PTC Therapeutics from a "buy" rating to a "hold" rating in a research report on Saturday, February 21st. Wells Fargo & Company lifted their price objective on PTC Therapeutics from $86.00 to $95.00 and gave the stock an "overweight" rating in a research note on Friday, May 8th. Weiss Ratings downgraded shares of PTC Therapeutics from a "hold (c-)" rating to a "sell (d)" rating in a research report on Monday, May 11th. Finally, Raymond James Financial started coverage on shares of PTC Therapeutics in a report on Friday, April 10th. They set an "outperform" rating and a $108.00 price target for the company. One investment analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, one has issued a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $91.36.

PTC Therapeutics Stock Performance

Shares of PTC Therapeutics stock opened at $78.98 on Friday. The business has a 50-day moving average price of $71.37 and a two-hundred day moving average price of $71.93. PTC Therapeutics, Inc. has a 1-year low of $43.17 and a 1-year high of $87.50. The company has a market cap of $6.55 billion, a P/E ratio of -33.90, a PEG ratio of 3.63 and a beta of 0.56.

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