Boxer Capital Management LLC Invests $12.27 Million in PTC Therapeutics, Inc. $PTCT

Boxer Capital Management LLC purchased a new stake in shares of PTC Therapeutics, Inc. (NASDAQ:PTCT) during the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 200,000 shares of the biopharmaceutical company’s stock, valued at approximately $12,274,000. PTC Therapeutics makes up approximately 3.9% of Boxer Capital Management LLC’s investment portfolio, making the stock its 6th biggest position. Boxer Capital Management LLC owned about 0.25% of PTC Therapeutics as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Smartleaf Asset Management LLC raised its holdings in PTC Therapeutics by 101.3% in the third quarter. Smartleaf Asset Management LLC now owns 469 shares of the biopharmaceutical company’s stock worth $28,000 after purchasing an additional 236 shares in the last quarter. Optiver Holding B.V. boosted its holdings in shares of PTC Therapeutics by 96.5% during the 3rd quarter. Optiver Holding B.V. now owns 507 shares of the biopharmaceutical company’s stock valued at $31,000 after buying an additional 249 shares in the last quarter. Comerica Bank grew its position in shares of PTC Therapeutics by 868.5% in the 3rd quarter. Comerica Bank now owns 523 shares of the biopharmaceutical company’s stock worth $32,000 after buying an additional 469 shares during the period. PNC Financial Services Group Inc. grew its position in shares of 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 buying an additional 295 shares during the period. Finally, EverSource Wealth Advisors LLC grew 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 buying an additional 814 shares during the period.

Analyst Ratings Changes

PTCT has been the subject of a number of recent research reports. Cantor Fitzgerald reissued an “overweight” rating on shares of PTC Therapeutics in a research report on Friday, February 20th. Wall Street Zen downgraded shares of PTC Therapeutics from a “buy” rating to a “hold” rating in a research note on Saturday, February 21st. TD Cowen reiterated a “hold” rating on shares of PTC Therapeutics in a report on Thursday, January 29th. Royal Bank Of Canada dropped their price target on PTC Therapeutics from $87.00 to $82.00 and set a “sector perform” rating on the stock in a research report on Friday, February 20th. Finally, Morgan Stanley upped their price target on PTC Therapeutics from $90.00 to $92.00 and gave the stock an “overweight” rating in a research note on Monday, February 23rd. Ten research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $82.79.

PTC Therapeutics Stock Up 1.8%

Shares of NASDAQ PTCT opened at $64.49 on Friday. PTC Therapeutics, Inc. has a twelve month low of $35.95 and a twelve month high of $87.50. The firm has a market cap of $5.34 billion, a P/E ratio of 8.33 and a beta of 0.51. The company has a 50 day moving average of $71.73 and a 200 day moving average of $69.89.

PTC Therapeutics (NASDAQ:PTCT) last issued its earnings results on Thursday, February 19th. The biopharmaceutical company reported ($1.67) EPS for the quarter, missing the consensus estimate of ($0.21) by ($1.46). PTC Therapeutics had a net margin of 39.44% and a negative return on equity of 362.45%. The business had revenue of $164.68 million for the quarter, compared to analysts’ expectations of $281.45 million. During the same quarter in the prior year, the business posted ($0.85) earnings per share. The business’s revenue for the quarter was down 22.7% on a year-over-year basis. As a group, equities analysts expect that PTC Therapeutics, Inc. will post -4.52 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other PTC Therapeutics news, CEO Matthew B. Klein sold 8,089 shares of the company’s stock in a transaction dated Tuesday, December 30th. The shares were sold at an average price of $76.64, for a total transaction of $619,940.96. Following the transaction, the chief executive officer owned 341,875 shares in the company, valued at approximately $26,201,300. This represents a 2.31% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Lee Scott Golden sold 10,000 shares of PTC Therapeutics stock in a transaction that occurred on Thursday, March 5th. The stock was sold at an average price of $63.38, for a total transaction of $633,800.00. Following the completion of the sale, the executive vice president owned 79,944 shares of the company’s stock, valued at $5,066,850.72. This represents a 11.12% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 201,755 shares of company stock worth $14,809,336 in the last quarter. Insiders own 5.50% of the company’s stock.

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.