Jacobs Levy Equity Management Inc. Sells 659,778 Shares of PTC Therapeutics, Inc. (NASDAQ:PTCT)

Jacobs Levy Equity Management Inc. trimmed its position in PTC Therapeutics, Inc. (NASDAQ:PTCT - Free Report) by 44.4% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 826,519 shares of the biopharmaceutical company's stock after selling 659,778 shares during the quarter. Jacobs Levy Equity Management Inc. owned about 1.07% of PTC Therapeutics worth $37,309,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in the company. Vanguard Group Inc. increased its holdings in shares of PTC Therapeutics by 0.6% in the fourth quarter. Vanguard Group Inc. now owns 9,178,822 shares of the biopharmaceutical company's stock worth $414,332,000 after purchasing an additional 53,688 shares during the last quarter. Janus Henderson Group PLC increased its stake in PTC Therapeutics by 24.4% during the fourth quarter. Janus Henderson Group PLC now owns 2,325,915 shares of the biopharmaceutical company's stock worth $105,015,000 after acquiring an additional 455,698 shares during the last quarter. Driehaus Capital Management LLC bought a new stake in PTC Therapeutics during the fourth quarter worth approximately $46,993,000. Pictet Asset Management Holding SA increased its stake in PTC Therapeutics by 107.4% during the fourth quarter. Pictet Asset Management Holding SA now owns 736,388 shares of the biopharmaceutical company's stock worth $33,241,000 after acquiring an additional 381,319 shares during the last quarter. Finally, Northern Trust Corp increased its stake in PTC Therapeutics by 7.8% during the fourth quarter. Northern Trust Corp now owns 727,976 shares of the biopharmaceutical company's stock worth $32,861,000 after acquiring an additional 52,714 shares during the last quarter.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on PTCT. Robert W. Baird reduced their price objective on PTC Therapeutics from $70.00 to $66.00 and set an "outperform" rating on the stock in a research note on Wednesday, May 7th. StockNews.com raised PTC Therapeutics from a "hold" rating to a "strong-buy" rating in a research note on Thursday. Barclays reduced their price objective on PTC Therapeutics from $56.00 to $42.00 and set an "equal weight" rating on the stock in a research note on Thursday. Cantor Fitzgerald dropped their target price on PTC Therapeutics from $113.00 to $112.00 and set an "overweight" rating for the company in a research report on Wednesday, May 7th. Finally, Citigroup upgraded PTC Therapeutics from a "sell" rating to a "neutral" rating and dropped their target price for the company from $50.00 to $40.00 in a research report on Wednesday, May 7th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating, nine have given a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $61.92.

PTC Therapeutics Trading Up 4.0%

Shares of NASDAQ PTCT opened at $44.23 on Monday. The stock has a market capitalization of $3.50 billion, a PE ratio of -7.45 and a beta of 0.52. The stock's fifty day simple moving average is $48.86 and its two-hundred day simple moving average is $47.06. PTC Therapeutics, Inc. has a 12-month low of $28.72 and a 12-month high of $58.38.

PTC Therapeutics (NASDAQ:PTCT - Get Free Report) last announced its earnings results on Tuesday, May 6th. The biopharmaceutical company reported $10.04 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.85 by $9.19. The company had revenue of $1.18 billion for the quarter, compared to the consensus estimate of $437.16 million. The firm's revenue was down 9.6% compared to the same quarter last year. During the same period last year, the business posted ($1.20) EPS. On average, equities analysts predict that PTC Therapeutics, Inc. will post -4.52 earnings per share for the current fiscal year.

Insider Buying and Selling at PTC Therapeutics

In related news, CEO Eric Pauwels sold 1,378 shares of the stock in a transaction that occurred on Wednesday, February 19th. The shares were sold at an average price of $50.10, for a total value of $69,037.80. Following the completion of the transaction, the chief executive officer now directly owns 85,427 shares of the company's stock, valued at $4,279,892.70. This trade represents a 1.59% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CAO Christine Marie Utter sold 879 shares of the stock in a transaction that occurred on Wednesday, February 19th. The shares were sold at an average price of $50.10, for a total transaction of $44,037.90. Following the completion of the transaction, the chief accounting officer now directly owns 63,442 shares of the company's stock, valued at $3,178,444.20. The trade was a 1.37% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 32,305 shares of company stock valued at $1,682,755. 5.50% of the stock is currently owned by corporate insiders.

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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