PTC Therapeutics, Inc. $PTCT Shares Sold by US Bancorp DE

Key Points

• US Bancorp DE drastically reduced its holdings in PTC Therapeutics by 83.6%, now owning only 1,188 shares valued at $61,000 after selling 6,049 shares in Q1.
• Several hedge funds have increased or initiated new stakes in PTC Therapeutics, with total investments ranging from $418,000 to $641,000 in the first quarter of this year.
• PTC Therapeutics reported better-than-expected quarterly earnings with a loss of ($0.83) EPS, while revenues reached $178.88 million, surpassing analyst expectations.

US Bancorp DE cut its holdings in shares of PTC Therapeutics, Inc. (NASDAQ:PTCT - Free Report) by 83.6% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,188 shares of the biopharmaceutical company's stock after selling 6,049 shares during the period. US Bancorp DE's holdings in PTC Therapeutics were worth $61,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Wealth Enhancement Advisory Services LLC acquired a new stake in PTC Therapeutics in the first quarter worth approximately $595,000. Allspring Global Investments Holdings LLC purchased a new stake in shares of PTC Therapeutics during the first quarter worth $524,000. Cerity Partners LLC acquired a new position in PTC Therapeutics during the first quarter worth $641,000. Edgestream Partners L.P. acquired a new position in PTC Therapeutics during the first quarter worth $418,000. Finally, OCONNOR A Distinct Business Unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in shares of PTC Therapeutics by 49.2% in the fourth quarter. OCONNOR A Distinct Business Unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 46,894 shares of the biopharmaceutical company's stock valued at $2,117,000 after purchasing an additional 15,459 shares during the last quarter.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on the company. UBS Group raised their price target on PTC Therapeutics from $71.00 to $80.00 and gave the company a "buy" rating in a research report on Tuesday, July 29th. Truist Financial lifted their target price on PTC Therapeutics from $80.00 to $86.00 and gave the stock a "buy" rating in a research report on Tuesday, July 29th. Cantor Fitzgerald lifted their target price on PTC Therapeutics from $112.00 to $120.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 29th. Cowen reissued a "hold" rating on shares of PTC Therapeutics in a research report on Friday, August 8th. Finally, Wall Street Zen downgraded PTC Therapeutics from a "strong-buy" rating to a "hold" rating in a research report on Saturday, August 9th. One investment analyst has rated the stock with a sell rating, six have given a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $70.15.

Insider Activity at PTC Therapeutics

In related news, CFO Pierre Gravier sold 2,516 shares of the business's stock in a transaction that occurred on Tuesday, July 15th. The shares were sold at an average price of $49.46, for a total value of $124,441.36. Following the completion of the transaction, the chief financial officer owned 71,920 shares in the company, valued at $3,557,163.20. The trade was a 3.38% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Matthew B. Klein sold 10,739 shares of the company's stock in a transaction on Tuesday, August 5th. The shares were sold at an average price of $51.74, for a total transaction of $555,635.86. Following the sale, the chief executive officer owned 337,767 shares of the company's stock, valued at $17,476,064.58. The trade was a 3.08% decrease in their position. The disclosure for this sale can be found here. Insiders own 5.50% of the company's stock.

PTC Therapeutics Trading Up 2.0%

NASDAQ:PTCT opened at $49.80 on Tuesday. The firm has a 50 day moving average of $49.00 and a 200-day moving average of $49.04. PTC Therapeutics, Inc. has a 1 year low of $30.41 and a 1 year high of $58.38. The stock has a market capitalization of $3.96 billion, a P/E ratio of 7.14 and a beta of 0.54.

PTC Therapeutics (NASDAQ:PTCT - Get Free Report) last posted its quarterly earnings data on Thursday, August 7th. The biopharmaceutical company reported ($0.83) earnings per share for the quarter, topping the consensus estimate of ($1.07) by $0.24. PTC Therapeutics had a net margin of 35.65% and a negative return on equity of 106.31%. The firm had revenue of $178.88 million during the quarter, compared to analysts' expectations of $173.01 million. During the same quarter in the previous year, the company posted ($1.29) EPS. PTC Therapeutics's revenue was down 4.2% on a year-over-year basis. As a group, analysts forecast that PTC Therapeutics, Inc. will post -4.52 EPS for the current fiscal 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.

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