PTC Therapeutics, Inc. $PTCT Holdings Lessened by Armistice Capital LLC

Key Points

• Armistice Capital LLC decreased its stake in PTC Therapeutics by 14.8% during Q1, selling 943,157 shares and now holding approximately 5.4 million shares, worth around $276.96 million.
• PTC Therapeutics reported an earnings per share of ($0.83) for Q2, surpassing estimates and showing a 4.2% decline in year-over-year revenue.
• Analyst ratings for PTC Therapeutics vary, with a consensus of "Moderate Buy" and a target price of $69.15, though trends show mixed evaluations across several firms.

Armistice Capital LLC lowered its position in PTC Therapeutics, Inc. (NASDAQ:PTCT - Free Report) by 14.8% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 5,434,843 shares of the biopharmaceutical company's stock after selling 943,157 shares during the period. PTC Therapeutics makes up about 4.2% of Armistice Capital LLC's investment portfolio, making the stock its biggest position. Armistice Capital LLC owned approximately 6.86% of PTC Therapeutics worth $276,960,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of PTCT. Toronto Dominion Bank acquired a new position in PTC Therapeutics during the fourth quarter worth $148,363,000. Driehaus Capital Management LLC acquired a new position in PTC Therapeutics during the fourth quarter worth $46,993,000. Nuveen LLC acquired a new position in shares of PTC Therapeutics in the first quarter worth $51,427,000. Point72 Asset Management L.P. raised its holdings in shares of PTC Therapeutics by 150.6% in the fourth quarter. Point72 Asset Management L.P. now owns 1,443,362 shares of the biopharmaceutical company's stock worth $65,153,000 after acquiring an additional 867,502 shares during the last quarter. Finally, Wellington Management Group LLP raised its holdings in shares of PTC Therapeutics by 13.2% in the first quarter. Wellington Management Group LLP now owns 5,419,172 shares of the biopharmaceutical company's stock worth $276,161,000 after acquiring an additional 632,049 shares during the last quarter.

Analysts Set New Price Targets

A number of research firms have recently weighed in on PTCT. Wells Fargo & Company cut their price target on PTC Therapeutics from $79.00 to $73.00 and set an "overweight" rating for the company in a report on Wednesday, August 20th. Wall Street Zen cut PTC Therapeutics from a "strong-buy" rating to a "hold" rating in a report on Saturday, August 9th. UBS Group boosted their price target on PTC Therapeutics from $71.00 to $80.00 and gave the stock a "buy" rating in a report on Tuesday, July 29th. Cowen reissued a "hold" rating on shares of PTC Therapeutics in a report on Friday, August 8th. Finally, Truist Financial boosted their price target on PTC Therapeutics from $80.00 to $86.00 and gave the stock a "buy" rating in a report on Tuesday, July 29th. One analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $69.00.

Insider Buying and Selling at PTC Therapeutics

In other PTC Therapeutics news, CFO Pierre Gravier sold 2,516 shares of the business's stock in a transaction dated Tuesday, July 15th. The stock was sold at an average price of $49.46, for a total transaction of $124,441.36. Following the completion of the sale, the chief financial officer owned 71,920 shares of the company's stock, valued at approximately $3,557,163.20. The trade was a 3.38% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Allan Steven Jacobson sold 1,667 shares of the stock in a transaction dated Thursday, August 28th. The shares were sold at an average price of $50.15, for a total value of $83,600.05. Following the completion of the sale, the director owned 17,451 shares of the company's stock, valued at approximately $875,167.65. This trade represents a 8.72% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 16,589 shares of company stock valued at $847,277. Company insiders own 5.50% of the company's stock.

PTC Therapeutics Price Performance

PTCT stock traded up $3.12 during trading on Wednesday, reaching $55.55. 1,758,890 shares of the stock traded hands, compared to its average volume of 1,206,061. The business's 50 day moving average price is $48.92 and its 200-day moving average price is $49.09. PTC Therapeutics, Inc. has a 52-week low of $30.41 and a 52-week high of $58.38. The firm has a market capitalization of $4.41 billion, a PE ratio of 6.51 and a beta of 0.53.

PTC Therapeutics (NASDAQ:PTCT - Get Free Report) last posted its quarterly earnings results on Thursday, August 7th. The biopharmaceutical company reported ($0.83) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($1.07) by $0.24. PTC Therapeutics had a negative return on equity of 106.31% and a net margin of 35.65%.The firm had revenue of $178.88 million during the quarter, compared to the consensus estimate of $173.01 million. During the same quarter in the previous year, the business earned ($1.29) earnings per share. The firm's quarterly revenue was down 4.2% compared to the same quarter last year. PTC Therapeutics has set its FY 2025 guidance at EPS. On average, equities research analysts predict that PTC Therapeutics, Inc. will post -4.52 earnings per share for the current year.

PTC Therapeutics Profile

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.