PTC Therapeutics, Inc. $PTCT Shares Acquired by Principal Financial Group Inc.

Principal Financial Group Inc. lifted its holdings in shares of PTC Therapeutics, Inc. (NASDAQ:PTCT) by 25.3% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 67,677 shares of the biopharmaceutical company’s stock after purchasing an additional 13,677 shares during the quarter. Principal Financial Group Inc.’s holdings in PTC Therapeutics were worth $4,153,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also recently bought and sold shares of PTCT. PNC Financial Services Group Inc. boosted its stake in PTC Therapeutics by 42.1% during the second quarter. PNC Financial Services Group Inc. now owns 995 shares of the biopharmaceutical company’s stock worth $49,000 after buying an additional 295 shares during the period. EverSource Wealth Advisors LLC boosted its position in shares of PTC Therapeutics by 247.4% during 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 period. Globeflex Capital L P purchased a new stake in PTC Therapeutics in the second quarter valued at approximately $91,000. Plato Investment Management Ltd acquired a new position in PTC Therapeutics during the second quarter worth $92,000. Finally, Exchange Traded Concepts LLC purchased a new position in shares of PTC Therapeutics during the third quarter worth $92,000.

PTC Therapeutics Stock Performance

Shares of PTC Therapeutics stock opened at $69.45 on Monday. The business has a 50-day simple moving average of $75.46 and a 200-day simple moving average of $67.51. PTC Therapeutics, Inc. has a one year low of $35.95 and a one year high of $87.50. The company has a market cap of $5.58 billion, a PE ratio of 8.11 and a beta of 0.48.

Insiders Place Their Bets

In related news, insider Neil Gregory Almstead sold 881 shares of the stock in a transaction on Thursday, January 8th. The stock was sold at an average price of $76.45, for a total value of $67,352.45. Following the transaction, the insider owned 115,196 shares of the company’s stock, valued at $8,806,734.20. This represents a 0.76% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, insider Eric Pauwels sold 1,024 shares of PTC Therapeutics stock in a transaction dated Monday, January 12th. The stock was sold at an average price of $78.70, for a total value of $80,588.80. Following the sale, the insider directly owned 80,141 shares of the company’s stock, valued at $6,307,096.70. This trade represents a 1.26% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last three months, insiders sold 280,871 shares of company stock worth $22,290,337. 5.50% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

PTCT has been the topic of several research analyst reports. Morgan Stanley reiterated an “overweight” rating and issued a $90.00 price objective on shares of PTC Therapeutics in a report on Thursday, January 8th. The Goldman Sachs Group lifted their target price on PTC Therapeutics from $44.00 to $50.00 and gave the company a “sell” rating in a research report on Wednesday, November 5th. Citigroup increased their price target on shares of PTC Therapeutics from $50.00 to $75.00 and gave the stock a “neutral” rating in a research report on Wednesday, November 5th. Barclays raised shares of PTC Therapeutics from an “equal weight” rating to an “overweight” rating and raised their price objective for the company from $68.00 to $119.00 in a research note on Tuesday, January 27th. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of PTC Therapeutics in a research note on Monday, December 29th. Ten investment analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $80.67.

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.