PTC Therapeutics, Inc. $PTCT Stock Sold by Pictet Asset Management Holding SA

Key Points

• Pictet Asset Management cut its PTC Therapeutics stake by 27%, selling 309,767 shares in the third quarter and retaining 838,077 shares, worth about $54.3 million.
• Analysts maintain a “Moderate Buy” consensus with an average price target of $99.23; ratings include 11 Buys or Strong Buys, three Holds, and one Sell.
• Quarterly revenue rose 69.6% year over year to $357.8 million, above expectations, but EPS missed estimates. The company also authorized a $500 million share buyback, covering up to 9.8% of its shares.

Pictet Asset Management Holding SA lowered its position in PTC Therapeutics, Inc. (NASDAQ:PTCT - Free Report) by 27.0% in the 3rd quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 838,077 shares of the biopharmaceutical company's stock after selling 309,767 shares during the period. Pictet Asset Management Holding SA owned 1.00% of PTC Therapeutics worth $54,327,000 as of its most recent SEC filing.

Several other hedge funds also recently made changes to their positions in PTCT. Allworth Financial LP bought a new stake in PTC Therapeutics in the second quarter worth $67,000. Harbor Investment Advisory LLC bought a new stake in shares of PTC Therapeutics during the second quarter valued at approximately $81,000. EverSource Wealth Advisors LLC raised its holdings in PTC Therapeutics by 16.9% in the 1st quarter. EverSource Wealth Advisors LLC now owns 1,045 shares of the biopharmaceutical company's stock worth $71,000 after acquiring an additional 151 shares during the last quarter. Quantbot Technologies LP bought a new position in PTC Therapeutics in the 2nd quarter valued at approximately $112,000. Finally, GAMMA Investing LLC boosted its stake in PTC Therapeutics by 58.1% during the 2nd quarter. GAMMA Investing LLC now owns 1,453 shares of the biopharmaceutical company's stock valued at $119,000 after purchasing an additional 534 shares during the last quarter.

Analyst Ratings Changes

PTCT has been the topic of a number of research analyst reports. Royal Bank Of Canada increased their price objective on shares of PTC Therapeutics from $75.00 to $77.00 and gave the company a "sector perform" rating in a research report on Friday, October 30th. Wells Fargo & Company boosted their target price on shares of PTC Therapeutics from $109.00 to $112.00 and gave the company an "overweight" rating in a research note on Friday, October 30th. Weiss Ratings raised PTC Therapeutics from a "sell (d)" rating to a "sell (d+)" rating in a report on Thursday, October 8th. Raymond James Financial set a $106.00 price objective on PTC Therapeutics in a report on Tuesday, October 20th. Finally, Wall Street Zen lowered PTC Therapeutics from a "buy" rating to a "hold" rating in a report on Saturday, October 31st. One investment analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $99.23.

PTC Therapeutics Trading Down 0.6%

Shares of NASDAQ:PTCT opened at $65.03 on Tuesday. The stock has a 50 day moving average of $64.67 and a 200 day moving average of $70.51. PTC Therapeutics, Inc. has a 12-month low of $58.80 and a 12-month high of $90.87.

PTC Therapeutics (NASDAQ:PTCT - Get Free Report) last released its earnings results on Thursday, October 29th. The biopharmaceutical company reported ($0.62) EPS for the quarter, missing analysts' consensus estimates of $0.14 by ($0.76). The business had revenue of $357.81 million for the quarter, compared to the consensus estimate of $306.43 million. During the same quarter last year, the firm posted $0.20 EPS. The company's revenue for the quarter was up 69.6% compared to the same quarter last year. As a group, research analysts expect that PTC Therapeutics, Inc. will post 0.60 earnings per share for the current year.

PTC Therapeutics declared that its Board of Directors has approved a stock buyback plan on Tuesday, November 3rd that allows the company to buy back $500 million in shares. This repurchase authorization allows the biopharmaceutical company to purchase up to 9.8% of its shares through open market purchases. Stock repurchase plans are typically a sign that the company's board believes its stock is undervalued.

Insider Transactions at PTC Therapeutics

In other news, Director Glenn Steele, Jr. sold 12,000 shares of the firm's stock in a transaction on Wednesday, September 30th. The shares were sold at an average price of $65.16, for a total transaction of $781,920.00. Following the sale, the director directly owned 22,500 shares in the company, valued at $1,466,100. This trade represents a 34.78% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, VP Mark Boulding sold 435 shares of the firm's stock in a transaction on Tuesday, October 6th. The shares were sold at an average price of $64.16, for a total transaction of $27,909.60. Following the sale, the vice president owned 105,272 shares in the company, valued at $6,754,251.52. The trade was a 0.41% decrease in their ownership of the stock. 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 a total of 67,078 shares of company stock valued at $4,616,538 over the last three months. Corporate insiders own 5.30% of the company's stock.

PTC Therapeutics Company Profile

PTC Therapeutics is a biopharmaceutical company focused on discovering, developing and commercializing medicines for rare diseases. Founded in 1998 and headquartered in Warren, New Jersey, the company works across several therapeutic areas, including genetic and neurological disorders.

Its products include Kebilidi (eladocagene exuparvovec), a gene therapy for aromatic L-amino acid decarboxylase deficiency, and Sephience (sepiapterin), a treatment for phenylketonuria. PTC has also developed medicines for Duchenne muscular dystrophy, including ataluren, marketed as Translarna in some regions.

PTC serves patients and healthcare providers in the United States and internationally.

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