Panagora Asset Management Inc. Acquires 11,471 Shares of PTC Therapeutics, Inc. $PTCT

Panagora Asset Management Inc. raised its holdings in shares of PTC Therapeutics, Inc. (NASDAQ:PTCT) by 3.3% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 359,837 shares of the biopharmaceutical company’s stock after acquiring an additional 11,471 shares during the quarter. Panagora Asset Management Inc.’s holdings in PTC Therapeutics were worth $27,333,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also bought and sold shares of the company. Thrivent Financial for Lutherans bought a new stake in PTC Therapeutics during the 4th quarter valued at $4,191,000. Teachers Retirement System of The State of Kentucky raised its holdings in PTC Therapeutics by 86.9% during the 4th quarter. Teachers Retirement System of The State of Kentucky now owns 40,858 shares of the biopharmaceutical company’s stock valued at $3,103,000 after acquiring an additional 19,000 shares during the period. Jefferies Financial Group Inc. bought a new stake in PTC Therapeutics during the 3rd quarter valued at $97,252,000. Ritholtz Wealth Management bought a new stake in PTC Therapeutics during the 4th quarter valued at $1,863,000. Finally, Comerica Bank raised its holdings in PTC Therapeutics by 3,231.9% during the 4th quarter. Comerica Bank now owns 17,426 shares of the biopharmaceutical company’s stock valued at $1,324,000 after acquiring an additional 16,903 shares during the period.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on the stock. Wall Street Zen cut shares of PTC Therapeutics from a “buy” rating to a “hold” rating in a report on Saturday, February 21st. Citigroup upgraded shares of PTC Therapeutics from a “neutral” rating to a “buy” rating and raised their price objective for the company from $75.00 to $108.00 in a research report on Tuesday, June 9th. Morgan Stanley restated an “overweight” rating and issued a $94.00 price objective on shares of PTC Therapeutics in a research report on Friday, May 8th. TD Cowen upgraded shares of PTC Therapeutics from a “hold” rating to a “buy” rating and raised their price objective for the company from $75.00 to $90.00 in a research report on Friday, May 8th. Finally, Barclays restated an “overweight” rating and issued a $120.00 price objective on shares of PTC Therapeutics in a research report on Monday, February 23rd. One investment analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, one has issued a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $91.36.

PTC Therapeutics Stock Performance

PTC Therapeutics stock opened at $76.77 on Tuesday. The stock has a market cap of $6.37 billion, a P/E ratio of -32.95, a PEG ratio of 3.46 and a beta of 0.55. PTC Therapeutics, Inc. has a fifty-two week low of $43.17 and a fifty-two week high of $87.50. The firm’s fifty day moving average price is $70.72 and its 200-day moving average price is $72.07.

PTC Therapeutics (NASDAQ:PTCT) last released its quarterly earnings results on Thursday, May 7th. The biopharmaceutical company reported ($0.03) earnings per share for the quarter, topping the consensus estimate of ($0.45) by $0.42. The firm had revenue of $272.55 million for the quarter, compared to analysts’ expectations of $217.42 million. PTC Therapeutics had a negative net margin of 22.58% and a negative return on equity of 362.45%. The business’s quarterly revenue was up 43.5% on a year-over-year basis. During the same quarter in the prior year, the firm posted $10.04 earnings per share. Sell-side analysts predict that PTC Therapeutics, Inc. will post 0.78 earnings per share for the current year.

Insider Transactions at PTC Therapeutics

In other news, EVP Lee Scott Golden sold 829 shares of the company’s stock in a transaction on Thursday, April 2nd. The shares were sold at an average price of $67.99, for a total value of $56,363.71. Following the transaction, the executive vice president owned 79,115 shares of the company’s stock, valued at approximately $5,379,028.85. This represents a 1.04% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed 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 company’s stock in a transaction on Wednesday, April 1st. The stock was sold at an average price of $69.04, for a total transaction of $3,590,287.12. Following the completion of the transaction, the insider directly owned 60,137 shares in the company, valued at approximately $4,151,858.48. The trade was a 46.37% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders have sold 98,148 shares of company stock valued at $7,001,475. Corporate insiders own 5.50% of the company’s stock.

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.