Assenagon Asset Management S.A. Reduces Stock Position in PTC Therapeutics, Inc. (NASDAQ:PTCT)

Assenagon Asset Management S.A. trimmed its stake in PTC Therapeutics, Inc. (NASDAQ:PTCT - Free Report) by 23.1% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 337,960 shares of the biopharmaceutical company's stock after selling 101,710 shares during the quarter. Assenagon Asset Management S.A. owned about 0.43% of PTC Therapeutics worth $17,222,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in PTC Therapeutics by 0.3% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 65,681 shares of the biopharmaceutical company's stock valued at $2,967,000 after buying an additional 205 shares in the last quarter. Arizona State Retirement System raised its position in shares of PTC Therapeutics by 1.1% during the fourth quarter. Arizona State Retirement System now owns 20,095 shares of the biopharmaceutical company's stock worth $907,000 after purchasing an additional 219 shares during the period. Summit Investment Advisors Inc. raised its position in shares of PTC Therapeutics by 3.3% during the fourth quarter. Summit Investment Advisors Inc. now owns 7,968 shares of the biopharmaceutical company's stock worth $360,000 after purchasing an additional 253 shares during the period. Smartleaf Asset Management LLC raised its position in shares of PTC Therapeutics by 78.7% during the fourth quarter. Smartleaf Asset Management LLC now owns 613 shares of the biopharmaceutical company's stock worth $28,000 after purchasing an additional 270 shares during the period. Finally, GAMMA Investing LLC raised 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 worth $49,000 after purchasing an additional 441 shares during the period.

Analysts Set New Price Targets

PTCT has been the topic of a number of research reports. Royal Bank of Canada upped their target price on PTC Therapeutics from $57.00 to $58.00 and gave the stock an "outperform" rating in a research report on Wednesday, May 7th. JPMorgan Chase & Co. lowered their target price on PTC Therapeutics from $75.00 to $67.00 and set an "overweight" rating on the stock in a research report on Wednesday, May 7th. Bank of America raised PTC Therapeutics from a "neutral" rating to a "buy" rating and boosted their price objective for the stock from $55.00 to $68.00 in a report on Friday, May 9th. Morgan Stanley reissued an "overweight" rating and set a $70.00 price objective (up from $67.00) on shares of PTC Therapeutics in a report on Friday, March 7th. Finally, Scotiabank began coverage on PTC Therapeutics in a report on Friday, March 7th. They set a "sector perform" rating and a $55.00 price objective for the company. One investment analyst has rated the stock with a sell rating, four have given a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, PTC Therapeutics currently has an average rating of "Moderate Buy" and a consensus target price of $63.75.

Insider Activity at PTC Therapeutics

In related news, VP Mark Elliott Boulding sold 883 shares of the company's stock in a transaction that occurred 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 transaction, the vice president now owns 103,901 shares in the company, valued at approximately $4,781,524.02. This represents a 0.84% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Lee Scott Golden sold 897 shares of the 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 sale, the executive vice president now owns 75,997 shares in the company, valued at approximately $3,568,059.15. This represents a 1.17% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 6,513 shares of company stock worth $308,498. Insiders own 5.50% of the company's stock.

PTC Therapeutics Trading Up 0.5%

Shares of PTCT stock traded up $0.28 during trading on Friday, hitting $51.26. The company's stock had a trading volume of 750,739 shares, compared to its average volume of 868,152. The company has a market cap of $4.06 billion, a PE ratio of -8.63 and a beta of 0.51. The business has a fifty day moving average of $46.81 and a 200-day moving average of $48.06. PTC Therapeutics, Inc. has a 52 week low of $28.72 and a 52 week high of $58.38.

PTC Therapeutics (NASDAQ:PTCT - Get Free Report) last released its earnings results on Tuesday, May 6th. The biopharmaceutical company reported $10.04 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.85 by $9.19. The business had revenue of $1.18 billion during the quarter, compared to the consensus estimate of $437.16 million. The business's revenue was down 9.6% on a year-over-year basis. During the same period in the prior year, the company earned ($1.20) earnings per share. As a group, research analysts predict that PTC Therapeutics, Inc. will post -4.52 EPS 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.