Panagora Asset Management Inc. Has $27.33 Million Stake in PTC Therapeutics, Inc. $PTCT

Panagora Asset Management Inc. raised its stake in shares of PTC Therapeutics, Inc. (NASDAQ:PTCT) by 3.3% in the fourth quarter, according to its most recent 13F filing with the SEC. The fund owned 359,837 shares of the biopharmaceutical company’s stock after purchasing an additional 11,471 shares during the period. Panagora Asset Management Inc. owned approximately 0.45% of PTC Therapeutics worth $27,333,000 as of its most recent SEC filing.

Other hedge funds have also added to or reduced their stakes in the company. Thrivent Financial for Lutherans acquired a new position in PTC Therapeutics during the 4th quarter valued at about $4,191,000. Teachers Retirement System of The State of Kentucky boosted its stake in PTC Therapeutics by 86.9% during the 4th quarter. Teachers Retirement System of The State of Kentucky now owns 40,858 shares of the biopharmaceutical company’s stock valued at $3,103,000 after purchasing an additional 19,000 shares during the last quarter. Ritholtz Wealth Management acquired a new position in PTC Therapeutics during the 4th quarter valued at about $1,863,000. Jefferies Financial Group Inc. acquired a new position in PTC Therapeutics during the 3rd quarter valued at about $97,252,000. Finally, Comerica Bank boosted its stake in PTC Therapeutics by 3,231.9% during the 4th quarter. Comerica Bank now owns 17,426 shares of the biopharmaceutical company’s stock valued at $1,324,000 after purchasing an additional 16,903 shares during the last quarter.

Insiders Place Their Bets

In related news, VP Mark Elliott Boulding sold 3,540 shares of the company’s stock in a transaction that occurred on Friday, May 8th. The stock was sold at an average price of $78.97, for a total value of $279,553.80. Following the transaction, the vice president owned 105,212 shares in the company, valued at approximately $8,308,591.64. This represents a 3.26% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Neil Gregory Almstead sold 52,003 shares of the company’s stock in a transaction that occurred on Wednesday, April 1st. The shares were sold at an average price of $69.04, for a total value of $3,590,287.12. Following the completion of the transaction, the insider owned 60,137 shares in the company, valued at approximately $4,151,858.48. The trade was a 46.37% decrease in their position. 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. Insiders have sold 98,148 shares of company stock valued at $7,001,475 in the last quarter. 5.50% of the stock is currently owned by company insiders.

PTC Therapeutics Stock Up 2.2%

Shares of NASDAQ PTCT opened at $76.77 on Tuesday. PTC Therapeutics, Inc. has a twelve month low of $43.17 and a twelve month high of $87.50. The stock’s 50 day moving average price is $70.72 and its 200-day moving average price is $72.07. The company has a market capitalization of $6.37 billion, a PE ratio of -32.95, a PEG ratio of 3.46 and a beta of 0.55.

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

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on PTCT shares. Wall Street Zen downgraded PTC Therapeutics from a “buy” rating to a “hold” rating in a research note on Saturday, February 21st. Royal Bank Of Canada boosted their target price on PTC Therapeutics from $81.00 to $82.00 and gave the stock a “sector perform” rating in a research note on Friday, May 8th. Truist Financial upgraded PTC Therapeutics to a “strong-buy” rating in a research note on Wednesday, March 25th. Morgan Stanley restated an “overweight” rating and issued a $94.00 target price on shares of PTC Therapeutics in a research note on Friday, May 8th. Finally, Cantor Fitzgerald restated an “overweight” rating on shares of PTC Therapeutics in a research note on Friday, February 20th. One equities research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, one has issued a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $91.36.

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.