Pictet Asset Management Holding SA Has $80.06 Million Stock Holdings in PTC Therapeutics, Inc. $PTCT

Pictet Asset Management Holding SA lifted its holdings in PTC Therapeutics, Inc. (NASDAQ:PTCT) by 20.9% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 1,183,720 shares of the biopharmaceutical company’s stock after buying an additional 204,763 shares during the quarter. Pictet Asset Management Holding SA owned about 1.43% of PTC Therapeutics worth $80,063,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in PTCT. UMB Bank n.a. bought a new stake in PTC Therapeutics during the 4th quarter worth about $26,000. Comerica Bank increased its position in PTC Therapeutics by 868.5% in the third quarter. Comerica Bank now owns 523 shares of the biopharmaceutical company’s stock worth $32,000 after purchasing an additional 469 shares during the period. Salomon & Ludwin LLC bought a new stake in shares of PTC Therapeutics during the fourth quarter worth approximately $41,000. Allworth Financial LP raised its position in shares of PTC Therapeutics by 63.8% during the 4th quarter. Allworth Financial LP now owns 634 shares of the biopharmaceutical company’s stock valued at $48,000 after acquiring an additional 247 shares during the last quarter. Finally, First Horizon Corp acquired a new position in PTC Therapeutics in the fourth quarter valued at about $53,000.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on the stock. Jefferies Financial Group raised shares of PTC Therapeutics from a “hold” rating to a “buy” rating and lifted their price target for the stock from $76.00 to $85.00 in a research report on Wednesday, May 27th. Wells Fargo & Company increased their price objective on PTC Therapeutics from $86.00 to $95.00 and gave the stock an “overweight” rating in a report on Friday, May 8th. Morgan Stanley reaffirmed an “overweight” rating and set a $94.00 price target on shares of PTC Therapeutics in a research report on Friday, May 8th. Raymond James Financial initiated coverage on shares of PTC Therapeutics in a research report on Friday, April 10th. They issued an “outperform” rating and a $108.00 target price for the company. Finally, TD Cowen raised PTC Therapeutics from a “hold” rating to a “buy” rating and boosted their price target for the stock from $75.00 to $90.00 in a research report on Friday, May 8th. One equities research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, one has issued a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $91.36.

PTC Therapeutics Trading Down 3.4%

Shares of NASDAQ PTCT opened at $81.57 on Tuesday. The company has a market capitalization of $6.77 billion, a P/E ratio of -35.01, a P/E/G ratio of 3.88 and a beta of 0.55. PTC Therapeutics, Inc. has a 12 month low of $43.17 and a 12 month high of $87.50. The stock has a 50 day moving average of $72.76 and a 200-day moving average of $72.14.

PTC Therapeutics (NASDAQ:PTCT) last posted its quarterly earnings results on Thursday, May 7th. The biopharmaceutical company reported ($0.03) earnings per share for the quarter, beating analysts’ consensus estimates 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 analysts’ expectations of $217.42 million. During the same quarter in the prior year, the business earned $10.04 EPS. The firm’s revenue for the quarter was up 43.5% on a year-over-year basis. Analysts predict that PTC Therapeutics, Inc. will post 0.78 EPS for the current fiscal year.

Insider Transactions at PTC Therapeutics

In related news, CAO Christine Marie Utter sold 19,686 shares of PTC Therapeutics stock in a transaction dated Wednesday, June 17th. The shares were sold at an average price of $75.56, for a total transaction of $1,487,474.16. Following the completion of the sale, the chief accounting officer owned 70,199 shares of the company’s stock, valued at approximately $5,304,236.44. The trade was a 21.90% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Neil Gregory Almstead sold 52,003 shares of PTC Therapeutics stock in a transaction dated Wednesday, April 1st. The stock was sold at an average price of $69.04, for a total transaction of $3,590,287.12. Following the sale, the insider directly owned 60,137 shares of the company’s stock, valued at $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. Over the last 90 days, insiders sold 178,328 shares of company stock valued at $13,487,625. Corporate insiders own 5.50% of the company’s stock.

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.