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Pinnacle Associates Ltd. Sells 5,585 Shares of PTC Therapeutics, Inc. (NASDAQ:PTCT)

PTC Therapeutics logo with Medical background

Key Points

  • Pinnacle Associates Ltd. has reduced its holdings in PTC Therapeutics by 4.3%, selling 5,585 shares and now owning approximately 0.16% of the company's stock, valued at $6.34 million.
  • PTC Therapeutics faced a downgrade in target prices by various analysts, with JPMorgan decreasing it from $75.00 to $67.00, while Barclays set a lower target of $42.00, contrasting with Wells Fargo's increase to $74.00.
  • Shares of PTC Therapeutics traded down by 3.4% to $44.74 amid high trading volume, whereas the company reported an EPS of $10.04, significantly beating estimates but showing a year-over-year revenue decline of 9.6%.
  • MarketBeat previews the top five stocks to own by September 1st.

Pinnacle Associates Ltd. reduced its position in PTC Therapeutics, Inc. (NASDAQ:PTCT - Free Report) by 4.3% during the first quarter, according to its most recent 13F filing with the SEC. The firm owned 124,438 shares of the biopharmaceutical company's stock after selling 5,585 shares during the period. Pinnacle Associates Ltd. owned 0.16% of PTC Therapeutics worth $6,341,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Sterling Capital Management LLC raised its stake in PTC Therapeutics by 424.4% in the 4th 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 during the period. GAMMA Investing LLC increased its position in shares of PTC Therapeutics by 86.3% during the first quarter. GAMMA Investing LLC now owns 952 shares of the biopharmaceutical company's stock valued at $49,000 after buying an additional 441 shares during the period. GF Fund Management CO. LTD. bought a new stake in shares of PTC Therapeutics during the fourth quarter valued at about $73,000. Smallwood Wealth Investment Management LLC bought a new stake in shares of PTC Therapeutics during the first quarter valued at about $86,000. Finally, Point72 Asia Singapore Pte. Ltd. bought a new stake in shares of PTC Therapeutics during the fourth quarter valued at about $77,000.

PTC Therapeutics Price Performance

NASDAQ PTCT traded down $0.44 on Monday, reaching $44.31. 374,010 shares of the company's stock traded hands, compared to its average volume of 1,021,488. PTC Therapeutics, Inc. has a 12 month low of $29.01 and a 12 month high of $58.38. The stock has a 50-day simple moving average of $48.87 and a 200 day simple moving average of $48.55. The stock has a market cap of $3.51 billion, a PE ratio of 6.80 and a beta of 0.50.

PTC Therapeutics (NASDAQ:PTCT - Get Free Report) last issued its quarterly earnings results on Tuesday, May 6th. The biopharmaceutical company reported $10.04 EPS for the quarter, beating analysts' consensus estimates of $0.85 by $9.19. The business had revenue of $1.18 billion for the quarter, compared to analysts' expectations of $437.16 million. PTC Therapeutics had a net margin of 33.56% and a negative return on equity of 78.56%. The business's quarterly revenue was down 9.6% on a year-over-year basis. During the same period last year, the business earned ($1.20) earnings per share. As a group, analysts anticipate that PTC Therapeutics, Inc. will post -4.52 EPS for the current year.

Analyst Ratings Changes

Several brokerages have recently weighed in on PTCT. Barclays decreased their price target on PTC Therapeutics from $56.00 to $42.00 and set an "equal weight" rating on the stock in a research report on Thursday, May 8th. Robert W. Baird decreased their price target on PTC Therapeutics from $70.00 to $66.00 and set an "outperform" rating on the stock in a research report on Wednesday, May 7th. Wall Street Zen cut PTC Therapeutics from a "strong-buy" rating to a "buy" rating in a research report on Friday, May 16th. Royal Bank Of Canada upped their price objective on shares of PTC Therapeutics from $57.00 to $58.00 and gave the stock an "outperform" rating in a research report on Wednesday, May 7th. Finally, Cantor Fitzgerald decreased their price objective on shares of PTC Therapeutics from $113.00 to $112.00 and set an "overweight" rating on the stock in a research report on Wednesday, May 7th. One research analyst has rated the stock with a sell rating, four have given a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, PTC Therapeutics has a consensus rating of "Moderate Buy" and a consensus price target of $65.00.

Get Our Latest Report on PTC Therapeutics

Insider Buying and Selling

In related news, CFO Pierre Gravier sold 2,516 shares of the firm's stock in a transaction on Tuesday, July 15th. The stock was sold at an average price of $49.46, for a total value of $124,441.36. Following the completion of the sale, the chief financial officer owned 71,920 shares of the company's stock, valued at $3,557,163.20. This trade represents a 3.38% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, VP Mark Elliott Boulding sold 883 shares of the firm's stock in a transaction on Friday, May 16th. The stock was sold at an average price of $46.02, for a total value of $40,635.66. Following the completion of the sale, the vice president directly owned 103,901 shares of the company's stock, valued at $4,781,524.02. The trade was a 0.84% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 5,328 shares of company stock valued at $254,158. Insiders own 5.50% of the company's stock.

About PTC Therapeutics

(Free Report)

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.

Read More

Institutional Ownership by Quarter for PTC Therapeutics (NASDAQ:PTCT)

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