PTC Therapeutics, Inc. $PTCT Shares Sold by Engineers Gate Manager LP

Key Points

• Engineers Gate Manager LP cut its PTC Therapeutics stake by 40.9% in the second quarter, selling 18,878 shares and retaining 27,276 shares valued at approximately $2.23 million.
• Institutional ownership was mixed but included major new or expanded positions: BlackRock and Jupiter Topco initiated stakes, while California State Teachers Retirement System increased its holdings by more than 7,800%.
• Analyst sentiment remains generally positive, with a consensus “Moderate Buy” rating and an average price target of $98.50. PTC also exceeded quarterly earnings and revenue expectations, reporting $0.92 in EPS and $360.5 million in revenue.

Engineers Gate Manager LP reduced its position in PTC Therapeutics, Inc. (NASDAQ:PTCT - Free Report) by 40.9% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 27,276 shares of the biopharmaceutical company's stock after selling 18,878 shares during the period. Engineers Gate Manager LP's holdings in PTC Therapeutics were worth $2,225,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. BlackRock Inc. purchased a new position in PTC Therapeutics during the second quarter worth approximately $1,139,089,000. Jupiter Topco LLC acquired a new position in shares of PTC Therapeutics during the 2nd quarter worth approximately $590,182,000. California State Teachers Retirement System lifted its position in shares of PTC Therapeutics by 7,806.7% during the 2nd quarter. California State Teachers Retirement System now owns 6,666,961 shares of the biopharmaceutical company's stock valued at $543,824,000 after buying an additional 6,582,641 shares in the last quarter. Janus Henderson Group PLC lifted its position in shares of PTC Therapeutics by 48.3% during the 1st quarter. Janus Henderson Group PLC now owns 7,193,433 shares of the biopharmaceutical company's stock valued at $489,997,000 after buying an additional 2,342,101 shares in the last quarter. Finally, William Blair Investment Management LLC acquired a new stake in PTC Therapeutics in the 2nd quarter valued at $140,520,000.

Analyst Ratings Changes

PTCT has been the subject of several recent analyst reports. Wall Street Zen lowered shares of PTC Therapeutics from a "strong-buy" rating to a "buy" rating in a report on Saturday, August 22nd. Zacks Research downgraded shares of PTC Therapeutics from a "strong-buy" rating to a "hold" rating in a report on Thursday, August 6th. Weiss Ratings upgraded shares of PTC Therapeutics from a "sell (d)" rating to a "sell (d+)" rating in a research report on Tuesday, September 1st. Barclays boosted their target price on shares of PTC Therapeutics from $120.00 to $122.00 and gave the stock an "overweight" rating in a research note on Friday, August 14th. Finally, Citigroup upgraded shares of PTC Therapeutics from a "neutral" rating to a "buy" rating and upped their price target for the stock from $75.00 to $108.00 in a research report on Tuesday, June 9th. One analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, two have issued a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $98.50.

Insiders Place Their Bets

In other news, CEO Matthew Klein sold 10,292 shares of the firm's stock in a transaction dated Tuesday, August 4th. The shares were sold at an average price of $68.57, for a total value of $705,722.44. Following the transaction, the chief executive officer directly owned 383,868 shares of the company's stock, valued at approximately $26,321,828.76. This trade represents a 2.61% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. 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 Neil Almstead sold 2,464 shares of the business's stock in a transaction dated Thursday, July 9th. The stock was sold at an average price of $90.25, for a total transaction of $222,376.00. Following the transaction, the insider owned 60,299 shares in the company, valued at $5,441,984.75. The trade was a 3.93% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders sold 206,566 shares of company stock valued at $16,769,079. Corporate insiders own 5.30% of the company's stock.

PTC Therapeutics Stock Performance

Shares of PTCT opened at $66.48 on Tuesday. The stock has a 50 day moving average price of $73.98 and a 200 day moving average price of $72.17. PTC Therapeutics, Inc. has a one year low of $57.74 and a one year high of $90.87. The stock has a market capitalization of $5.55 billion, a price-to-earnings ratio of -114.62, a PEG ratio of 2.04 and a beta of 0.55.

PTC Therapeutics (NASDAQ:PTCT - Get Free Report) last announced its quarterly earnings data on Thursday, July 30th. The biopharmaceutical company reported $0.92 earnings per share for the quarter, beating analysts' consensus estimates of $0.24 by $0.68. PTC Therapeutics had a negative return on equity of 362.45% and a negative net margin of 3.80%.The company had revenue of $360.52 million for the quarter, compared to analyst estimates of $298.63 million. During the same quarter last year, the firm posted ($0.83) EPS. The firm's revenue for the quarter was up 101.5% on a year-over-year basis. On average, analysts predict that PTC Therapeutics, Inc. will post 1.17 earnings per share for the current year.

PTC Therapeutics Profile

PTC Therapeutics, Inc is a biopharmaceutical company focused on discovering, developing and commercializing medicines for rare diseases. The company uses technologies involving RNA biology, gene therapy and small-molecule drug discovery to address conditions with limited treatment options, including rare neurological and metabolic disorders.

PTC's commercial portfolio has included Translarna (ataluren), an investigational treatment in some markets for Duchenne muscular dystrophy associated with a nonsense mutation, and Emflaza (deflazacort), a corticosteroid approved in the United States for Duchenne muscular dystrophy.

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