PTC Therapeutics, Inc. $PTCT Shares Sold by BI Asset Management Fondsmaeglerselskab A S

Key Points

• Institutional ownership shifted lower as BI Asset Management Fondsmaeglerselskab A S cut its PTC Therapeutics stake by 48.7% in the first quarter, leaving it with 81,878 shares worth about $5.6 million.
• Insiders have been selling shares, including CEO Matthew B. Klein and insider Eric Pauwels, with total insider sales of 128,296 shares valued at about $9.3 million over the past 90 days. Most of these trades were made under pre-arranged Rule 10b5-1 plans.
• Analyst sentiment is mostly positive, with recent upgrades from TD Cowen and Citigroup helping push the consensus rating to “Moderate Buy” and the average price target to $91.36. The stock was trading up 2.5% at $80.96, near its 12-month high of $87.50.

BI Asset Management Fondsmaeglerselskab A S decreased its holdings in shares of PTC Therapeutics, Inc. (NASDAQ:PTCT - Free Report) by 48.7% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 81,878 shares of the biopharmaceutical company's stock after selling 77,599 shares during the period. BI Asset Management Fondsmaeglerselskab A S owned about 0.10% of PTC Therapeutics worth $5,578,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also recently added to or reduced their stakes in the company. UMB Bank n.a. acquired a new position in PTC Therapeutics during the fourth quarter worth $26,000. Optiver Holding B.V. grew its position in shares of PTC Therapeutics by 96.5% in the third quarter. Optiver Holding B.V. now owns 507 shares of the biopharmaceutical company's stock valued at $31,000 after purchasing an additional 249 shares during the period. Comerica Bank grew its position in shares of PTC Therapeutics by 868.5% in the third quarter. Comerica Bank now owns 523 shares of the biopharmaceutical company's stock valued at $32,000 after purchasing an additional 469 shares during the period. Salomon & Ludwin LLC acquired a new stake in shares of PTC Therapeutics in the fourth quarter valued at about $41,000. Finally, IFP Advisors Inc increased its stake in shares of PTC Therapeutics by 68.1% during the third quarter. IFP Advisors Inc now owns 765 shares of the biopharmaceutical company's stock worth $47,000 after purchasing an additional 310 shares in the last quarter.

Insider Activity at PTC Therapeutics

In other PTC Therapeutics news, CEO Matthew B. Klein sold 12,572 shares of the business's stock in a transaction dated Thursday, May 14th. The shares were sold at an average price of $72.95, for a total value of $917,127.40. Following the transaction, the chief executive officer directly owned 393,998 shares in the company, valued at $28,742,154.10. The trade was a 3.09% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 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, insider Eric Pauwels sold 21,277 shares of the firm's stock in a transaction that occurred on Wednesday, June 10th. The stock was sold at an average price of $75.00, for a total transaction of $1,595,775.00. Following the sale, the insider owned 73,411 shares of the company's stock, valued at $5,505,825. This represents a 22.47% 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. Insiders sold 128,296 shares of company stock valued at $9,311,785 over the last ninety days. Corporate insiders own 5.50% of the company's stock.

Analyst Ratings Changes

PTCT has been the topic of a number of research reports. TD Cowen raised shares of PTC Therapeutics from a "hold" rating to a "buy" rating and raised their price target for the company from $75.00 to $90.00 in a research note on Friday, May 8th. Morgan Stanley reiterated an "overweight" rating and set a $94.00 price objective on shares of PTC Therapeutics in a research note on Friday, May 8th. Raymond James Financial assumed coverage on PTC Therapeutics in a report on Friday, April 10th. They set an "outperform" rating and a $108.00 target price for the company. Citigroup upgraded PTC Therapeutics from a "neutral" rating to a "buy" rating and raised their target price for the company from $75.00 to $108.00 in a research report on Tuesday, June 9th. Finally, Weiss Ratings cut PTC Therapeutics from a "hold (c-)" rating to a "sell (d)" rating in a research report on Monday, May 11th. One equities research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, one has given a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $91.36.

PTC Therapeutics Trading Up 2.5%

PTCT stock opened at $80.96 on Tuesday. The firm has a 50-day moving average of $71.57 and a two-hundred day moving average of $71.89. PTC Therapeutics, Inc. has a 12 month low of $43.17 and a 12 month high of $87.50. The company has a market cap of $6.72 billion, a price-to-earnings ratio of -34.75, a PEG ratio of 3.63 and a beta of 0.55.

PTC Therapeutics (NASDAQ:PTCT - Get Free Report) last issued its earnings results on Thursday, May 7th. The biopharmaceutical company reported ($0.03) earnings per share for the quarter, topping the consensus estimate 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 business had revenue of $272.55 million for the quarter, compared to analysts' expectations of $217.42 million. During the same period in the previous year, the firm posted $10.04 EPS. The business's revenue for the quarter was up 43.5% compared to the same quarter last year. As a group, equities analysts forecast that PTC Therapeutics, Inc. will post 0.78 earnings per share for the current year.

About PTC Therapeutics

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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