PTC Therapeutics, Inc. $PTCT Stock: VIRGINIA RETIREMENT SYSTEMS ET Al Reduces Holdings

VIRGINIA RETIREMENT SYSTEMS ET Al reduced its stake in PTC Therapeutics, Inc. (NASDAQ:PTCT) by 35.1% in the 3rd quarter, HoldingsChannel reports. The institutional investor owned 18,450 shares of the biopharmaceutical company’s stock after selling 10,000 shares during the quarter. VIRGINIA RETIREMENT SYSTEMS ET Al’s holdings in PTC Therapeutics were worth $1,195,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in PTCT. EverSource Wealth Advisors LLC increased its stake in PTC Therapeutics by 16.9% during the 1st quarter. EverSource Wealth Advisors LLC now owns 1,045 shares of the biopharmaceutical company’s stock worth $71,000 after acquiring an additional 151 shares during the period. Envestnet Portfolio Solutions Inc. raised its holdings in PTC Therapeutics by 1.8% in the 2nd quarter. Envestnet Portfolio Solutions Inc. now owns 13,730 shares of the biopharmaceutical company’s stock valued at $1,120,000 after acquiring an additional 237 shares in the last quarter. PNC Financial Services Group Inc. lifted its position in shares of PTC Therapeutics by 8.5% during the 1st quarter. PNC Financial Services Group Inc. now owns 3,128 shares of the biopharmaceutical company’s stock valued at $213,000 after acquiring an additional 244 shares during the period. New York State Teachers Retirement System lifted its position in shares of PTC Therapeutics by 0.7% during the 1st quarter. New York State Teachers Retirement System now owns 44,953 shares of the biopharmaceutical company’s stock valued at $3,063,000 after acquiring an additional 316 shares during the period. Finally, Quantinno Capital Management LP lifted its position in shares of PTC Therapeutics by 6.0% during the 1st quarter. Quantinno Capital Management LP now owns 6,606 shares of the biopharmaceutical company’s stock valued at $450,000 after acquiring an additional 372 shares during the period.

PTC Therapeutics Price Performance

Shares of NASDAQ:PTCT opened at $68.97 on Thursday. PTC Therapeutics, Inc. has a 1 year low of $58.80 and a 1 year high of $90.87. The company’s 50 day simple moving average is $65.03 and its 200 day simple moving average is $70.63.

PTC Therapeutics (NASDAQ:PTCT) last released its earnings results on Thursday, October 29th. The biopharmaceutical company reported ($0.62) earnings per share for the quarter, missing the consensus estimate of $0.14 by ($0.76). The business had revenue of $357.81 million during the quarter, compared to analysts’ expectations of $306.43 million. PTC Therapeutics’s revenue was up 69.6% on a year-over-year basis. During the same period in the previous year, the firm earned $0.20 EPS. Equities analysts anticipate that PTC Therapeutics, Inc. will post 0.59 EPS for the current year.

PTC Therapeutics declared that its Board of Directors has approved a stock buyback program on Tuesday, November 3rd that allows the company to repurchase $500 million in outstanding shares. This buyback authorization allows the biopharmaceutical company to reacquire up to 9.8% of its shares through open market purchases. Share buyback programs are often a sign that the company’s board believes its shares are undervalued.

Wall Street Analysts Forecast Growth

PTCT has been the topic of several analyst reports. Wells Fargo & Company increased their target price on PTC Therapeutics from $109.00 to $112.00 and gave the stock an “overweight” rating in a report on Friday, October 30th. Zacks Research downgraded PTC Therapeutics from a “strong-buy” rating to a “hold” rating in a research note on Thursday, August 6th. UBS Group assumed coverage on shares of PTC Therapeutics in a research report on Thursday, October 15th. They set a “buy” rating and a $90.00 price objective for the company. Barclays upped their price objective on shares of PTC Therapeutics from $120.00 to $122.00 and gave the stock an “overweight” rating in a research report on Friday, August 14th. Finally, Weiss Ratings upgraded shares of PTC Therapeutics from a “sell (d)” rating to a “sell (d+)” rating in a research note on Thursday, October 8th. One equities research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $99.23.

Insider Activity

In related news, VP Mark Boulding sold 2,813 shares of the company’s stock in a transaction on Monday, August 17th. The stock was sold at an average price of $72.57, for a total transaction of $204,139.41. Following the completion of the sale, the vice president directly owned 105,272 shares in the company, valued at $7,639,589.04. This represents a 2.60% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Michael Schmertzler sold 12,500 shares of the firm’s stock in a transaction dated Wednesday, August 26th. The shares were sold at an average price of $72.94, for a total value of $911,750.00. Following the completion of the sale, the director directly owned 1,349,094 shares in the company, valued at $98,402,916.36. This trade represents a 0.92% 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 quarter, insiders have sold 67,078 shares of company stock worth $4,616,538. Insiders own 5.30% of the company’s stock.

PTC Therapeutics Company Profile

PTC Therapeutics, Inc is a biopharmaceutical company focused on discovering, developing and commercializing medicines for rare diseases. Its research programs include small-molecule treatments, gene therapies and other approaches designed to address conditions with limited or no available treatment options.

The company’s commercial portfolio has included Emflaza (deflazacort), a corticosteroid approved in the United States to treat Duchenne muscular dystrophy, and Upstaza (eladocagene exuparvovec), a gene therapy authorized in the European Union for aromatic L-amino acid decarboxylase deficiency.