Castleark Management LLC Acquires Shares of 33,900 PTC Therapeutics, Inc. $PTCT

Castleark Management LLC acquired a new position in shares of PTC Therapeutics, Inc. (NASDAQ:PTCT) during the 2nd quarter, Holdings Channel reports. The firm acquired 33,900 shares of the biopharmaceutical company’s stock, valued at approximately $2,765,000.

A number of other institutional investors also recently made changes to their positions in PTCT. Empowered Funds LLC acquired a new stake in shares of PTC Therapeutics during the first quarter worth approximately $1,999,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in PTC Therapeutics by 11.5% during the 1st 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 acquiring an additional 18,504 shares during the last quarter. Quantbot Technologies LP grew its holdings in PTC Therapeutics by 280.1% during the 2nd quarter. Quantbot Technologies LP now owns 2,478 shares of the biopharmaceutical company’s stock worth $121,000 after acquiring an additional 1,826 shares in the last quarter. Arrowstreet Capital Limited Partnership acquired a new position in PTC Therapeutics during the 2nd quarter worth $1,661,000. Finally, EverSource Wealth Advisors LLC increased its position in shares of PTC Therapeutics by 247.4% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,143 shares of the biopharmaceutical company’s stock worth $56,000 after purchasing an additional 814 shares during the last quarter.

Analyst Upgrades and Downgrades

PTCT has been the topic of a number of recent analyst reports. Barclays upped their target price on shares of PTC Therapeutics from $120.00 to $122.00 and gave the company an “overweight” rating in a research note on Friday, August 14th. Wall Street Zen lowered PTC Therapeutics from a “strong-buy” rating to a “buy” rating in a report on Saturday, August 22nd. Weiss Ratings lowered PTC Therapeutics from a “sell (d+)” rating to a “sell (d)” rating in a report on Monday, August 17th. Zacks Research cut PTC Therapeutics from a “strong-buy” rating to a “hold” rating in a research note on Thursday, August 6th. Finally, Jefferies Financial Group raised PTC Therapeutics from a “hold” rating to a “buy” rating and increased their target price for the stock from $76.00 to $85.00 in a report on Wednesday, May 27th. One investment analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, two have given a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $98.55.

PTC Therapeutics Stock Performance

NASDAQ PTCT opened at $72.69 on Thursday. PTC Therapeutics, Inc. has a one year low of $48.86 and a one year high of $90.87. The company has a 50-day simple moving average of $77.40 and a 200-day simple moving average of $72.31. The firm has a market capitalization of $6.07 billion, a PE ratio of -125.33, a price-to-earnings-growth ratio of 2.27 and a beta of 0.56.

PTC Therapeutics (NASDAQ:PTCT) last released its quarterly earnings data on Thursday, July 30th. The biopharmaceutical company reported $0.92 earnings per share for the quarter, topping the consensus estimate of $0.24 by $0.68. PTC Therapeutics had a negative net margin of 3.80% and a negative return on equity of 362.45%. The firm had revenue of $360.52 million for the quarter, compared to analyst estimates of $298.63 million. During the same quarter in the prior year, the business earned ($0.83) earnings per share. PTC Therapeutics’s quarterly revenue was up 101.5% on a year-over-year basis. Equities analysts forecast that PTC Therapeutics, Inc. will post 1.17 earnings per share for the current year.

Insider Activity at PTC Therapeutics

In other news, Director Mary L. Smith sold 15,834 shares of the stock in a transaction that occurred on Thursday, July 9th. The stock was sold at an average price of $90.00, for a total transaction of $1,425,060.00. Following the sale, the director directly owned 21,813 shares in the company, valued at approximately $1,963,170. This represents a 42.06% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CAO Christine Marie Utter sold 19,686 shares of the company’s stock in a transaction on Wednesday, June 17th. The stock was sold at an average price of $75.56, for a total value of $1,487,474.16. Following the transaction, the chief accounting officer owned 70,199 shares of the company’s stock, valued at approximately $5,304,236.44. The trade was a 21.90% decrease in their ownership of the stock. 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. In the last three months, insiders sold 205,343 shares of company stock valued at $16,774,704. 5.30% of the stock is owned by insiders.

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.