PTC Therapeutics, Inc. $PTCT Shares Bought by Rock Springs Capital Management LP

Key Points

• Rock Springs Capital Management increased its PTC Therapeutics stake by 161.5% in the first quarter, purchasing 99,919 additional shares and bringing its holdings to 161,798 shares worth approximately $11 million.
• PTC Therapeutics reported quarterly revenue of $272.55 million, up 43.5% year over year, and an adjusted loss of $0.03 per share that beat analyst expectations. Shares opened at $75.80, down 1.3%.
• Analysts maintain a generally positive outlook, with the stock carrying a “Moderate Buy” consensus rating and an average price target of $92.29; however, insiders sold nearly 199,000 shares worth $16.35 million over the past 90 days.

Rock Springs Capital Management LP raised its position in shares of PTC Therapeutics, Inc. (NASDAQ:PTCT - Free Report) by 161.5% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 161,798 shares of the biopharmaceutical company's stock after purchasing an additional 99,919 shares during the quarter. Rock Springs Capital Management LP owned 0.20% of PTC Therapeutics worth $11,023,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. PNC Financial Services Group Inc. lifted its holdings in shares of PTC Therapeutics by 8.5% during the first quarter. PNC Financial Services Group Inc. now owns 3,128 shares of the biopharmaceutical company's stock worth $213,000 after purchasing an additional 244 shares during the period. Allworth Financial LP increased its holdings in PTC Therapeutics by 63.8% in the 4th quarter. Allworth Financial LP now owns 634 shares of the biopharmaceutical company's stock worth $48,000 after buying an additional 247 shares during the period. Measured Wealth Private Client Group LLC increased its holdings in PTC Therapeutics by 5.6% in the 4th quarter. Measured Wealth Private Client Group LLC now owns 4,963 shares of the biopharmaceutical company's stock worth $377,000 after buying an additional 265 shares during the period. Evolve Private Wealth LLC increased its holdings in PTC Therapeutics by 5.2% in the 1st quarter. Evolve Private Wealth LLC now owns 6,122 shares of the biopharmaceutical company's stock worth $417,000 after buying an additional 305 shares during the period. Finally, IFP Advisors Inc raised its position in PTC Therapeutics by 68.1% during the 3rd quarter. IFP Advisors Inc now owns 765 shares of the biopharmaceutical company's stock worth $47,000 after buying an additional 310 shares during the last quarter.

PTC Therapeutics Trading Down 1.3%

Shares of PTCT stock opened at $75.80 on Tuesday. PTC Therapeutics, Inc. has a twelve month low of $43.17 and a twelve month high of $90.87. The stock has a market cap of $6.29 billion, a P/E ratio of -32.53, a P/E/G ratio of 6.69 and a beta of 0.53. The stock has a 50 day moving average of $77.30 and a 200 day moving average of $72.82.

PTC Therapeutics (NASDAQ:PTCT - Get Free Report) last released its quarterly earnings data on Thursday, May 7th. The biopharmaceutical company reported ($0.03) EPS for the quarter, topping the consensus estimate of ($0.45) by $0.42. The business had revenue of $272.55 million for the quarter, compared to analyst estimates of $217.42 million. PTC Therapeutics had a negative return on equity of 362.45% and a negative net margin of 22.58%.The business's quarterly revenue was up 43.5% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $10.04 EPS. On average, research analysts predict that PTC Therapeutics, Inc. will post 0.41 earnings per share for the current fiscal year.

Insider Transactions at PTC Therapeutics

In other PTC Therapeutics news, insider Eric Pauwels sold 21,277 shares of PTC Therapeutics stock in a transaction on Wednesday, June 10th. The shares were sold at an average price of $75.00, for a total value of $1,595,775.00. Following the completion of the transaction, the insider owned 73,411 shares of the company's stock, valued at approximately $5,505,825. The trade was a 22.47% decrease in their ownership of the stock. 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. Also, Director Mary L. Smith sold 15,834 shares of the company's stock in a transaction dated Thursday, July 9th. The stock was sold at an average price of $90.00, for a total transaction of $1,425,060.00. Following the completion of the transaction, the director owned 21,813 shares of the company's stock, valued at approximately $1,963,170. This trade represents a 42.06% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders sold 198,662 shares of company stock worth $16,347,994. Insiders own 5.50% of the company's stock.

Analysts Set New Price Targets

Several analysts have commented on PTCT shares. Royal Bank Of Canada lifted their price objective on shares of PTC Therapeutics from $82.00 to $85.00 and gave the company a "sector perform" rating in a research note on Tuesday, July 7th. Raymond James Financial initiated coverage on shares of PTC Therapeutics in a research note on Friday, April 10th. They issued an "outperform" rating and a $108.00 price objective on the stock. Cantor Fitzgerald raised their target price on shares of PTC Therapeutics from $124.00 to $130.00 and gave the stock an "overweight" rating in a report on Thursday, July 16th. 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, TD Cowen raised shares of PTC Therapeutics from a "hold" rating to a "buy" rating and upped their price target for the company from $75.00 to $90.00 in a report on Friday, May 8th. Two analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating, one has assigned a Hold rating and two have issued a Sell rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $92.29.

PTC Therapeutics Company 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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