JPMorgan Chase & Co. Decreases Position in PTC Therapeutics, Inc. $PTCT

JPMorgan Chase & Co. trimmed its holdings in shares of PTC Therapeutics, Inc. (NASDAQ:PTCT) by 18.4% in the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 490,934 shares of the biopharmaceutical company’s stock after selling 110,626 shares during the period. JPMorgan Chase & Co.’s holdings in PTC Therapeutics were worth $30,129,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of PTCT. Smartleaf Asset Management LLC lifted its stake in shares of PTC Therapeutics by 101.3% in the 3rd quarter. Smartleaf Asset Management LLC now owns 469 shares of the biopharmaceutical company’s stock valued at $28,000 after acquiring an additional 236 shares during the last quarter. PNC Financial Services Group Inc. increased its stake in PTC Therapeutics by 42.1% in the 2nd quarter. PNC Financial Services Group Inc. now owns 995 shares of the biopharmaceutical company’s stock worth $49,000 after purchasing an additional 295 shares during the period. EverSource Wealth Advisors LLC increased its stake in 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 period. Globeflex Capital L P bought a new stake in PTC Therapeutics in the second quarter valued at approximately $91,000. Finally, Plato Investment Management Ltd purchased a new stake in shares of PTC Therapeutics during the second quarter valued at approximately $92,000.

PTC Therapeutics Trading Up 0.1%

Shares of PTCT opened at $68.19 on Friday. The firm’s 50-day moving average price is $74.19 and its 200-day moving average price is $68.78. The firm has a market capitalization of $5.64 billion, a price-to-earnings ratio of 8.81 and a beta of 0.48. PTC Therapeutics, Inc. has a 1-year low of $35.95 and a 1-year high of $87.50.

PTC Therapeutics (NASDAQ:PTCT) last released its quarterly earnings results on Thursday, February 19th. The biopharmaceutical company reported ($1.67) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.21) by ($1.46). PTC Therapeutics had a negative return on equity of 362.45% and a net margin of 39.44%.The company had revenue of $164.68 million during the quarter, compared to the consensus estimate of $281.45 million. During the same period in the previous year, the company earned ($0.85) earnings per share. PTC Therapeutics’s quarterly revenue was down 22.7% on a year-over-year basis. On average, research analysts forecast that PTC Therapeutics, Inc. will post -4.52 EPS for the current fiscal year.

Analysts Set New Price Targets

Several brokerages recently commented on PTCT. Morgan Stanley lifted their target price on shares of PTC Therapeutics from $90.00 to $92.00 and gave the stock an “overweight” rating in a research note on Monday, February 23rd. Bank of America decreased their price objective on shares of PTC Therapeutics from $97.00 to $93.00 and set a “buy” rating on the stock in a research report on Friday, February 20th. Wells Fargo & Company dropped their target price on shares of PTC Therapeutics from $93.00 to $86.00 and set an “overweight” rating for the company in a report on Friday, February 20th. Wall Street Zen cut PTC Therapeutics from a “buy” rating to a “hold” rating in a research note on Saturday, February 21st. Finally, Citigroup upped their price target on PTC Therapeutics from $50.00 to $75.00 and gave the company a “neutral” rating in a research report on Wednesday, November 5th. Ten research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $80.93.

Insider Transactions at PTC Therapeutics

In other news, VP Mark Elliott Boulding sold 4,879 shares of the firm’s stock in a transaction that occurred on Wednesday, January 7th. The stock was sold at an average price of $77.44, for a total value of $377,829.76. Following the completion of the transaction, the vice president owned 117,659 shares in the company, valued at $9,111,512.96. This trade represents a 3.98% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Eric Pauwels sold 40,290 shares of PTC Therapeutics stock in a transaction that occurred on Wednesday, December 17th. The shares were sold at an average price of $75.43, for a total value of $3,039,074.70. Following the sale, the insider owned 70,373 shares in the company, valued at $5,308,235.39. This represents a 36.41% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 167,765 shares of company stock worth $12,617,737 over the last 90 days. 5.50% of the stock is currently owned by insiders.

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.