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

Jacobs Levy Equity Management Inc. lowered its position in PTC Therapeutics, Inc. (NASDAQ:PTCT - Free Report) by 44.4% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 826,519 shares of the biopharmaceutical company's stock after selling 659,778 shares during the quarter. Jacobs Levy Equity Management Inc. owned 1.07% of PTC Therapeutics worth $37,309,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of PTCT. Smartleaf Asset Management LLC lifted its position in shares of PTC Therapeutics by 78.7% in the 4th quarter. Smartleaf Asset Management LLC now owns 613 shares of the biopharmaceutical company's stock worth $28,000 after acquiring an additional 270 shares during the period. Sterling Capital Management LLC lifted its position in shares of PTC Therapeutics by 424.4% during the 4th quarter. Sterling Capital Management LLC now owns 645 shares of the biopharmaceutical company's stock worth $29,000 after buying an additional 522 shares during the period. Venturi Wealth Management LLC bought a new position in shares of PTC Therapeutics during the 4th quarter worth approximately $68,000. R Squared Ltd bought a new position in shares of PTC Therapeutics during the 4th quarter worth approximately $79,000. Finally, KBC Group NV lifted its position in shares of PTC Therapeutics by 36.4% during the 4th quarter. KBC Group NV now owns 3,045 shares of the biopharmaceutical company's stock worth $137,000 after buying an additional 813 shares during the period.

Analyst Ratings Changes

Several equities analysts recently commented on PTCT shares. StockNews.com downgraded PTC Therapeutics from a "strong-buy" rating to a "buy" rating in a research report on Friday. Barclays cut their target price on PTC Therapeutics from $56.00 to $42.00 and set an "equal weight" rating for the company in a research report on Thursday, May 8th. Royal Bank of Canada raised their target price on PTC Therapeutics from $57.00 to $58.00 and gave the stock an "outperform" rating in a research report on Wednesday, May 7th. Citigroup upgraded PTC Therapeutics from a "sell" rating to a "neutral" rating and cut their target price for the stock from $50.00 to $40.00 in a research report on Wednesday, May 7th. Finally, Robert W. Baird cut their target price on PTC Therapeutics from $70.00 to $66.00 and set an "outperform" rating for the company in a research report on Wednesday, May 7th. One research analyst has rated the stock with a sell rating, four have given a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, PTC Therapeutics currently has a consensus rating of "Moderate Buy" and a consensus target price of $61.92.

PTC Therapeutics Stock Up 1.5%

PTCT stock traded up $0.70 during midday trading on Friday, reaching $46.01. 1,556,085 shares of the company's stock traded hands, compared to its average volume of 870,808. The company has a 50-day simple moving average of $48.22 and a two-hundred day simple moving average of $47.19. The company has a market cap of $3.65 billion, a price-to-earnings ratio of -7.75 and a beta of 0.52. PTC Therapeutics, Inc. has a 1-year low of $28.72 and a 1-year high of $58.38.

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

Insider Activity

In other news, CEO Matthew B. Klein sold 2,804 shares of PTC Therapeutics stock in a transaction on Tuesday, April 22nd. The stock was sold at an average price of $48.74, for a total value of $136,666.96. Following the completion of the sale, the chief executive officer now directly owns 273,234 shares of the company's stock, valued at approximately $13,317,425.16. This trade represents a 1.02% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO Christine Marie Utter sold 879 shares of PTC Therapeutics stock in a transaction on Wednesday, February 19th. The shares were sold at an average price of $50.10, for a total value of $44,037.90. Following the completion of the sale, the chief accounting officer now directly owns 63,442 shares of the company's stock, valued at $3,178,444.20. This trade represents a 1.37% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 32,305 shares of company stock valued at $1,682,755. Company insiders own 5.50% of the company's stock.

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.