Castleark Management LLC Takes $7.36 Million Position in PTC Therapeutics, Inc. $PTCT

Castleark Management LLC purchased a new stake in shares of PTC Therapeutics, Inc. (NASDAQ:PTCT) during the 4th quarter, HoldingsChannel.com reports. The firm purchased 96,860 shares of the biopharmaceutical company’s stock, valued at approximately $7,357,000.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Smartleaf Asset Management LLC increased its position in shares of PTC Therapeutics by 101.3% during the third quarter. Smartleaf Asset Management LLC now owns 469 shares of the biopharmaceutical company’s stock valued at $28,000 after buying an additional 236 shares during the period. Optiver Holding B.V. increased its position in shares of PTC Therapeutics by 96.5% during the third 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 during the period. Comerica Bank increased its position in shares of PTC Therapeutics by 868.5% during the third quarter. Comerica Bank now owns 523 shares of the biopharmaceutical company’s stock valued at $32,000 after buying an additional 469 shares during the period. Salomon & Ludwin LLC bought a new stake in shares of PTC Therapeutics during the fourth quarter valued at about $41,000. Finally, Allworth Financial LP increased its position in shares of PTC Therapeutics by 63.8% during the fourth quarter. Allworth Financial LP now owns 634 shares of the biopharmaceutical company’s stock valued at $48,000 after buying an additional 247 shares during the period.

Insider Buying and Selling at PTC Therapeutics

In other PTC Therapeutics news, insider Neil Gregory Almstead sold 52,003 shares of the stock in a transaction that occurred on Wednesday, April 1st. The shares were sold at an average price of $69.04, for a total transaction of $3,590,287.12. Following the transaction, the insider directly owned 60,137 shares in the company, valued at $4,151,858.48. This trade represents a 46.37% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Eric Pauwels sold 21,277 shares of the stock in a transaction that occurred on Wednesday, June 10th. The shares were sold at an average price of $75.00, for a total transaction of $1,595,775.00. Following the transaction, the insider owned 73,411 shares in the company, valued at $5,505,825. The trade was a 22.47% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders sold 98,148 shares of company stock valued at $7,001,475. 5.50% of the stock is currently owned by corporate insiders.

PTC Therapeutics Price Performance

Shares of NASDAQ PTCT opened at $75.14 on Friday. PTC Therapeutics, Inc. has a one year low of $43.17 and a one year high of $87.50. The firm’s 50 day simple moving average is $70.54 and its two-hundred day simple moving average is $72.17. The stock has a market capitalization of $6.23 billion, a P/E ratio of -32.25, a PEG ratio of 3.44 and a beta of 0.56.

PTC Therapeutics (NASDAQ:PTCT) last issued its quarterly earnings results on Thursday, May 7th. The biopharmaceutical company reported ($0.03) EPS for the quarter, beating analysts’ consensus estimates of ($0.45) by $0.42. PTC Therapeutics had a negative net margin of 22.58% and a negative return on equity of 362.45%. The business had revenue of $272.55 million for the quarter, compared to analysts’ expectations of $217.42 million. During the same period last year, the business earned $10.04 earnings per share. The business’s quarterly revenue was up 43.5% on a year-over-year basis. As a group, equities analysts expect that PTC Therapeutics, Inc. will post 0.78 earnings per share for the current fiscal year.

Analysts Set New Price Targets

PTCT has been the topic of several analyst reports. Truist Financial upgraded PTC Therapeutics to a “strong-buy” rating in a research report on Wednesday, March 25th. Royal Bank Of Canada upped their price objective on shares of PTC Therapeutics from $81.00 to $82.00 and gave the stock a “sector perform” rating in a research report on Friday, May 8th. Citigroup upgraded shares of PTC Therapeutics from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $75.00 to $108.00 in a research report on Tuesday. 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. Finally, Barclays restated an “overweight” rating and issued a $120.00 price objective on shares of PTC Therapeutics in a research report on Monday, February 23rd. One equities research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, one has given a Hold rating and two have issued a Sell rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $91.36.

PTC Therapeutics 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.