Walleye Capital LLC Takes $1.59 Million Position in PTC Therapeutics, Inc. $PTCT

Walleye Capital LLC acquired a new position in shares of PTC Therapeutics, Inc. (NASDAQ:PTCT) in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 19,522 shares of the biopharmaceutical company’s stock, valued at approximately $1,592,000.

A number of other hedge funds have also modified their holdings of the company. UMB Bank n.a. acquired a new stake in PTC Therapeutics in the 4th quarter valued at approximately $26,000. Comerica Bank lifted its stake in PTC Therapeutics by 868.5% in the 3rd quarter. Comerica Bank now owns 523 shares of the biopharmaceutical company’s stock valued at $32,000 after acquiring an additional 469 shares in the last quarter. Salomon & Ludwin LLC acquired a new position in PTC Therapeutics during the 4th quarter worth approximately $41,000. Allworth Financial LP boosted its position in PTC Therapeutics by 63.8% during the 4th quarter. Allworth Financial LP now owns 634 shares of the biopharmaceutical company’s stock worth $48,000 after acquiring an additional 247 shares during the last quarter. Finally, First Horizon Corp bought a new position in shares of PTC Therapeutics during the 4th quarter worth approximately $53,000.

PTC Therapeutics Stock Down 0.4%

PTCT stock opened at $71.70 on Friday. The company has a market cap of $5.98 billion, a price-to-earnings ratio of -123.62, a P/E/G ratio of 2.22 and a beta of 0.56. PTC Therapeutics, Inc. has a twelve month low of $47.94 and a twelve month high of $90.87. The business has a 50 day moving average price of $77.79 and a two-hundred day moving average price of $72.49.

PTC Therapeutics (NASDAQ:PTCT) last announced its quarterly earnings data on Thursday, July 30th. The biopharmaceutical company reported $0.92 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.24 by $0.68. The company had revenue of $360.52 million for the quarter, compared to analysts’ expectations of $298.63 million. PTC Therapeutics had a negative return on equity of 362.45% and a negative net margin of 3.80%.The business’s revenue was up 101.5% compared to the same quarter last year. During the same quarter in the prior year, the business posted ($0.83) EPS. On average, equities research analysts anticipate that PTC Therapeutics, Inc. will post 1.17 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on the stock. Barclays lifted their price objective on shares of PTC Therapeutics from $120.00 to $122.00 and gave the company an “overweight” rating in a report on Friday. Zacks Research cut shares of PTC Therapeutics from a “strong-buy” rating to a “hold” rating in a report on Thursday, August 6th. Morgan Stanley raised their target price on shares of PTC Therapeutics from $93.00 to $104.00 and gave the company an “overweight” rating in a research report on Friday, July 31st. Citigroup upgraded shares of PTC Therapeutics from a “neutral” rating to a “buy” rating and lifted their price target for the company from $75.00 to $108.00 in a research note on Tuesday, June 9th. Finally, Jefferies Financial Group raised shares of PTC Therapeutics from a “hold” rating to a “buy” rating and boosted their price target for the stock from $76.00 to $85.00 in a research report on Wednesday, May 27th. One equities research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, two have issued a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $98.55.

Insiders Place Their Bets

In other PTC Therapeutics news, insider Eric Pauwels sold 21,277 shares of the stock in a transaction on Wednesday, June 10th. The shares were sold at an average price of $75.00, for a total value of $1,595,775.00. Following the completion of the sale, the insider owned 73,411 shares in the company, valued at $5,505,825. This trade represents a 22.47% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Neil Gregory Almstead sold 24,613 shares of the stock in a transaction on Tuesday, July 7th. The shares were sold at an average price of $88.89, for a total transaction of $2,187,849.57. Following the completion of the sale, the insider owned 60,299 shares of the company’s stock, valued at approximately $5,359,978.11. This represents a 28.99% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 190,030 shares of company stock valued at $15,654,065 in the last ninety days. 5.30% of the stock is currently owned by insiders.

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.