Pallas Capital Advisors LLC Takes Position in PTC Therapeutics, Inc. (NASDAQ:PTCT)

Pallas Capital Advisors LLC purchased a new position in PTC Therapeutics, Inc. (NASDAQ:PTCT - Free Report) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 6,925 shares of the biopharmaceutical company's stock, valued at approximately $353,000.

Several other institutional investors have also recently modified their holdings of the company. Smartleaf Asset Management LLC raised its position in PTC Therapeutics by 78.7% during the fourth quarter. Smartleaf Asset Management LLC now owns 613 shares of the biopharmaceutical company's stock valued at $28,000 after acquiring an additional 270 shares in the last quarter. Sterling Capital Management LLC raised its position in PTC Therapeutics by 424.4% during the fourth quarter. Sterling Capital Management LLC now owns 645 shares of the biopharmaceutical company's stock valued at $29,000 after acquiring an additional 522 shares in the last quarter. Venturi Wealth Management LLC purchased a new position in PTC Therapeutics during the fourth quarter valued at approximately $68,000. GF Fund Management CO. LTD. purchased a new position in PTC Therapeutics during the fourth quarter valued at approximately $73,000. Finally, Point72 Asia Singapore Pte. Ltd. purchased a new position in PTC Therapeutics during the fourth quarter valued at approximately $77,000.

Insiders Place Their Bets

In other news, EVP Lee Scott Golden sold 897 shares of the company's stock in a transaction on Wednesday, April 2nd. The stock was sold at an average price of $46.95, for a total value of $42,114.15. Following the transaction, the executive vice president now owns 75,997 shares of the company's stock, valued at $3,568,059.15. This represents a 1.17% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, VP Mark Elliott Boulding sold 883 shares of the company's stock in a transaction on Friday, May 16th. The shares were sold at an average price of $46.02, for a total value of $40,635.66. Following the completion of the transaction, the vice president now directly owns 103,901 shares in the company, valued at approximately $4,781,524.02. This trade represents a 0.84% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 6,513 shares of company stock valued at $308,498. Insiders own 5.50% of the company's stock.

Analysts Set New Price Targets

Several brokerages recently weighed in on PTCT. Wall Street Zen cut PTC Therapeutics from a "strong-buy" rating to a "buy" rating in a research report on Friday, May 16th. JPMorgan Chase & Co. cut their price objective on PTC Therapeutics from $75.00 to $67.00 and set an "overweight" rating for the company in a research report on Wednesday, May 7th. Robert W. Baird dropped their price target on PTC Therapeutics from $70.00 to $66.00 and set an "outperform" rating for the company in a research report on Wednesday, May 7th. Scotiabank started coverage on PTC Therapeutics in a research report on Friday, March 7th. They set a "sector perform" rating and a $55.00 price target for the company. Finally, Bank of America upgraded PTC Therapeutics from a "neutral" rating to a "buy" rating and boosted their price target for the stock from $55.00 to $68.00 in a research report on Friday, May 9th. One research analyst has rated the stock with a sell rating, four have given a hold rating, nine have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $63.75.

PTC Therapeutics Trading Up 1.2%

NASDAQ PTCT traded up $0.61 on Monday, reaching $51.87. 932,620 shares of the company were exchanged, compared to its average volume of 868,532. The business's fifty day moving average price is $47.29 and its 200 day moving average price is $48.20. The stock has a market capitalization of $4.11 billion, a P/E ratio of -8.73 and a beta of 0.51. PTC Therapeutics, Inc. has a fifty-two week low of $28.72 and a fifty-two week high of $58.38.

PTC Therapeutics (NASDAQ:PTCT - Get Free Report) last released its quarterly earnings data on Tuesday, May 6th. The biopharmaceutical company reported $10.04 earnings per share for the quarter, topping analysts' consensus estimates of $0.85 by $9.19. The company had revenue of $1.18 billion for the quarter, compared to analyst estimates of $437.16 million. The business's quarterly revenue was down 9.6% on a year-over-year basis. During the same period last year, the firm posted ($1.20) EPS. Equities research analysts forecast that PTC Therapeutics, Inc. will post -4.52 earnings per share for the current year.

About PTC Therapeutics

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.