Thrivent Financial for Lutherans Makes New $4.19 Million Investment in PTC Therapeutics, Inc. $PTCT

Key Points

• Thrivent Financial for Lutherans disclosed a new stake in PTC Therapeutics, buying 55,169 shares worth about $4.19 million in the fourth quarter.
• Several other institutions also added to or initiated positions in PTCT, while insiders were net sellers over the past three months, including CEO Matthew B. Klein and insider Neil Gregory Almstead.
• Analyst sentiment remains constructive, with a Moderate Buy consensus and an average price target of $88.36; PTC also recently beat quarterly earnings and revenue estimates, though the stock was down 1.4% in Friday trading.

Thrivent Financial for Lutherans purchased a new stake in shares of PTC Therapeutics, Inc. (NASDAQ:PTCT - Free Report) during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 55,169 shares of the biopharmaceutical company's stock, valued at approximately $4,191,000. Thrivent Financial for Lutherans owned 0.07% of PTC Therapeutics as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors also recently modified their holdings of PTCT. Empowered Funds LLC acquired a new position in shares of PTC Therapeutics during the first quarter valued at $1,999,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its holdings in shares of PTC Therapeutics by 11.5% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 178,755 shares of the biopharmaceutical company's stock valued at $9,109,000 after purchasing an additional 18,504 shares during the period. Quantbot Technologies LP increased its holdings in shares of PTC Therapeutics by 280.1% during the second quarter. Quantbot Technologies LP now owns 2,478 shares of the biopharmaceutical company's stock valued at $121,000 after purchasing an additional 1,826 shares during the period. Arrowstreet Capital Limited Partnership acquired a new position in shares of PTC Therapeutics during the second quarter valued at $1,661,000. Finally, EverSource Wealth Advisors LLC increased its holdings in shares of PTC Therapeutics by 247.4% during the second quarter. EverSource Wealth Advisors LLC now owns 1,143 shares of the biopharmaceutical company's stock valued at $56,000 after purchasing an additional 814 shares during the period.

Insider Buying and Selling at PTC Therapeutics

In related news, CEO Matthew B. Klein sold 12,572 shares of the firm's stock in a transaction dated Thursday, May 14th. The stock was sold at an average price of $72.95, for a total transaction of $917,127.40. Following the completion of the transaction, the chief executive officer owned 393,998 shares of the company's stock, valued at $28,742,154.10. This trade represents a 3.09% decrease in their ownership of the stock. The sale was disclosed in a filing 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 Neil Gregory Almstead sold 52,003 shares of the firm's stock in a transaction dated Wednesday, April 1st. The shares were sold at an average price of $69.04, for a total value of $3,590,287.12. Following the transaction, the insider directly owned 60,137 shares of the company's stock, valued at $4,151,858.48. This represents a 46.37% decrease in their position. 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 have sold 115,022 shares of company stock valued at $7,925,979. Corporate insiders own 5.50% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on PTCT. Bank of America lowered their price target on PTC Therapeutics from $97.00 to $93.00 and set a "buy" rating on the stock in a report on Friday, February 20th. Royal Bank Of Canada raised their price target on PTC Therapeutics from $81.00 to $82.00 and gave the company a "sector perform" rating in a report on Friday, May 8th. Truist Financial raised PTC Therapeutics to a "strong-buy" rating in a report on Wednesday, March 25th. Morgan Stanley reissued an "overweight" rating and set a $94.00 price target on shares of PTC Therapeutics in a report on Friday, May 8th. Finally, TD Cowen raised 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 report on Friday, May 8th. One research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, three have issued a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $88.36.

PTC Therapeutics Stock Down 1.4%

Shares of PTCT stock opened at $68.81 on Friday. The stock has a 50-day simple moving average of $69.00 and a 200 day simple moving average of $72.41. PTC Therapeutics, Inc. has a fifty-two week low of $43.17 and a fifty-two week high of $87.50. The stock has a market capitalization of $5.71 billion, a P/E ratio of -29.53, a P/E/G ratio of 13.01 and a beta of 0.53.

PTC Therapeutics (NASDAQ:PTCT - Get Free Report) last announced its earnings results on Thursday, May 7th. The biopharmaceutical company reported ($0.03) earnings per share for the quarter, beating 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 during the quarter, compared to analysts' expectations of $217.42 million. During the same quarter last year, the business posted $10.04 earnings per share. The company's quarterly revenue was up 43.5% on a year-over-year basis. On average, sell-side analysts anticipate that PTC Therapeutics, Inc. will post 0.19 earnings per share for the current year.

PTC Therapeutics Company Profile

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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