Westfield Capital Management Co. LP Takes $259,000 Position in PTC Therapeutics, Inc. (NASDAQ:PTCT)

Key Points

• Westfield Capital Management Co. LP acquired a new stake in PTC Therapeutics, purchasing 5,076 shares valued at approximately $259,000 in the first quarter of 2023.
• Despite a significant earnings surprise, reporting $10.04 EPS against an estimated $0.85, PTC Therapeutics experienced a 9.6% decline in revenue year-over-year, totaling $1.18 billion.
• Wall Street analysts have varied opinions on the stock, with targets ranging from $58.00 to $120.00 and a consensus rating of "Moderate Buy" amid recent insider selling activity.

Westfield Capital Management Co. LP bought a new position in PTC Therapeutics, Inc. (NASDAQ:PTCT - Free Report) in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 5,076 shares of the biopharmaceutical company's stock, valued at approximately $259,000.

Several other hedge funds and other institutional investors have also bought and sold shares of PTCT. Sterling Capital Management LLC boosted its stake in shares of PTC Therapeutics by 424.4% during the fourth quarter. Sterling Capital Management LLC now owns 645 shares of the biopharmaceutical company's stock valued at $29,000 after purchasing an additional 522 shares during the period. PNC Financial Services Group Inc. boosted its stake in shares of PTC Therapeutics by 84.2% during the first quarter. PNC Financial Services Group Inc. now owns 700 shares of the biopharmaceutical company's stock valued at $36,000 after purchasing an additional 320 shares during the period. GAMMA Investing LLC boosted its stake in shares of PTC Therapeutics by 86.3% during the first quarter. GAMMA Investing LLC now owns 952 shares of the biopharmaceutical company's stock valued at $49,000 after purchasing an additional 441 shares during the period. GF Fund Management CO. LTD. purchased a new stake in shares of PTC Therapeutics during the fourth quarter valued at approximately $73,000. Finally, Point72 Asia Singapore Pte. Ltd. purchased a new stake in shares of PTC Therapeutics during the fourth quarter valued at approximately $77,000.

Insiders Place Their Bets

In other PTC Therapeutics news, VP Mark Elliott Boulding sold 1,929 shares of the stock in a transaction on Thursday, May 15th. The stock was sold at an average price of $46.18, for a total value of $89,081.22. Following the completion of the transaction, the vice president owned 103,901 shares in the company, valued at approximately $4,798,148.18. This represents a 1.82% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Pierre Gravier sold 2,516 shares of the stock in a transaction on Tuesday, July 15th. The stock was 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 of the company's stock, valued at approximately $3,557,163.20. This trade represents a 3.38% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 16,067 shares of company stock worth $809,794. 5.50% of the stock is owned by corporate insiders.

PTC Therapeutics Trading Down 9.9%

PTCT traded down $4.98 during trading on Friday, reaching $45.38. The stock had a trading volume of 2,362,927 shares, compared to its average volume of 1,131,415. The stock's 50 day moving average is $49.44 and its two-hundred day moving average is $48.93. The company has a market capitalization of $3.60 billion, a price-to-earnings ratio of 6.51 and a beta of 0.54. PTC Therapeutics, Inc. has a one year low of $29.01 and a one year high of $58.38.

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 (EPS) for the quarter, topping analysts' consensus estimates of ($1.07) by $0.24. The business had revenue of $178.88 million during the quarter, compared to the consensus estimate of $173.01 million. PTC Therapeutics had a negative return on equity of 86.77% and a net margin of 35.65%. The firm's quarterly revenue was down 4.2% compared to the same quarter last year. During the same quarter in the prior year, the company earned ($1.29) earnings per share. On average, equities research analysts predict that PTC Therapeutics, Inc. will post -4.52 earnings per share for the current year.

Analyst Upgrades and Downgrades

PTCT has been the subject of a number of research analyst reports. Robert W. Baird dropped their price target on PTC Therapeutics from $70.00 to $66.00 and set an "outperform" rating for the company in a research note on Wednesday, May 7th. Cantor Fitzgerald raised their price target on PTC Therapeutics from $112.00 to $120.00 and gave the stock an "overweight" rating in a research note on Tuesday, July 29th. JPMorgan Chase & Co. dropped their price target on PTC Therapeutics from $75.00 to $67.00 and set an "overweight" rating for the company in a research note on Wednesday, May 7th. UBS Group raised their price target on PTC Therapeutics from $71.00 to $80.00 and gave the stock a "buy" rating in a research note on Tuesday, July 29th. Finally, Wall Street Zen lowered PTC Therapeutics from a "strong-buy" rating to a "hold" rating in a research note on Saturday. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $69.85.

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.