Principal Financial Group Inc. Acquires 36,104 Shares of PTC Therapeutics, Inc. $PTCT

Principal Financial Group Inc. boosted its holdings in PTC Therapeutics, Inc. (NASDAQ:PTCT) by 7.5% in the first quarter, Holdings Channel reports. The institutional investor owned 515,001 shares of the biopharmaceutical company’s stock after acquiring an additional 36,104 shares during the quarter. Principal Financial Group Inc.’s holdings in PTC Therapeutics were worth $35,087,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also recently made changes to their positions in the company. UMB Bank n.a. bought a new position in shares of PTC Therapeutics in the fourth quarter worth $26,000. Comerica Bank raised its stake in shares of PTC Therapeutics by 868.5% during the 3rd quarter. Comerica Bank now owns 523 shares of the biopharmaceutical company’s stock valued at $32,000 after purchasing an additional 469 shares during the period. Salomon & Ludwin LLC bought a new stake in shares of PTC Therapeutics during the 4th quarter valued at $41,000. Allworth Financial LP lifted its holdings in PTC Therapeutics by 63.8% during the 4th quarter. Allworth Financial LP now owns 634 shares of the biopharmaceutical company’s stock worth $48,000 after purchasing an additional 247 shares in the last quarter. Finally, First Horizon Corp purchased a new stake in PTC Therapeutics during the 4th quarter worth about $53,000.

Insider Buying and Selling

In related news, insider Eric Pauwels sold 21,277 shares of the firm’s stock in a transaction that occurred on Wednesday, June 10th. The shares were sold at an average price of $75.00, for a total value of $1,595,775.00. Following the sale, the insider directly owned 73,411 shares of the company’s stock, valued at $5,505,825. This trade represents a 22.47% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available 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 PTC Therapeutics stock in a transaction that occurred on Wednesday, June 17th. The shares were sold at an average price of $75.56, for a total transaction of $1,487,474.16. Following the sale, 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. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 201,512 shares of company stock valued at $16,550,087 in the last 90 days. 5.50% of the stock is owned by company insiders.

PTC Therapeutics Stock Up 0.1%

PTC Therapeutics stock opened at $78.59 on Friday. The stock has a market cap of $6.52 billion, a price-to-earnings ratio of -33.73, a PEG ratio of 4.50 and a beta of 0.53. The business has a 50-day simple moving average of $76.77 and a 200 day simple moving average of $72.80. PTC Therapeutics, Inc. has a 52 week low of $43.17 and a 52 week high of $90.87.

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, beating 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 return on equity of 362.45% and a negative net margin of 22.58%.The company’s revenue was up 43.5% compared to the same quarter last year. During the same quarter last year, the firm posted $10.04 EPS. On average, research analysts anticipate that PTC Therapeutics, Inc. will post 0.6 earnings per share for the current year.

Wall Street Analyst Weigh In

PTCT has been the subject of a number of recent analyst reports. Raymond James Financial began coverage on PTC Therapeutics in a report on Friday, April 10th. They set an “outperform” rating and a $108.00 target price for the company. Jefferies Financial Group raised shares of PTC Therapeutics from a “hold” rating to a “buy” rating and increased their price target for the stock from $76.00 to $85.00 in a report on Wednesday, May 27th. TD Cowen raised shares of PTC Therapeutics from a “hold” rating to a “buy” rating and boosted their price objective for the company from $75.00 to $90.00 in a research note on Friday, May 8th. Truist Financial raised shares of PTC Therapeutics to a “strong-buy” rating in a report on Wednesday, March 25th. Finally, Morgan Stanley reiterated an “overweight” rating and issued a $94.00 target price on shares of PTC Therapeutics in a research note on Friday, May 8th. Two analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating, one has given a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $92.43.

About PTC Therapeutics

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.