Legal & General Group Plc Purchases Shares of 352,734 PTC Therapeutics, Inc. $PTCT

Legal & General Group Plc bought a new stake in PTC Therapeutics, Inc. (NASDAQ:PTCT) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund bought 352,734 shares of the biopharmaceutical company’s stock, valued at approximately $28,773,000.

Other large investors also recently modified their holdings of the company. UMB Bank n.a. acquired a new position in PTC Therapeutics during the fourth quarter valued at approximately $26,000. Comerica Bank increased its holdings in shares of PTC Therapeutics by 868.5% in the third quarter. Comerica Bank now owns 523 shares of the biopharmaceutical company’s stock valued at $32,000 after purchasing an additional 469 shares during the last quarter. Allworth Financial LP grew its stake in PTC Therapeutics by 63.8% in the 4th 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 last quarter. IFP Advisors Inc grew its position in shares of PTC Therapeutics by 68.1% in the third quarter. IFP Advisors Inc now owns 765 shares of the biopharmaceutical company’s stock valued at $47,000 after purchasing an additional 310 shares during the last quarter. Finally, Smartleaf Asset Management LLC grew its holdings in PTC Therapeutics by 96.4% in the 4th quarter. Smartleaf Asset Management LLC now owns 921 shares of the biopharmaceutical company’s stock valued at $70,000 after buying an additional 452 shares in the last quarter.

Insider Buying and Selling at PTC Therapeutics

In other news, Director Michael Schmertzler sold 12,500 shares of the company’s stock in a transaction on Wednesday, August 19th. The shares were sold at an average price of $73.32, for a total value of $916,500.00. Following the completion of the sale, the director owned 1,374,094 shares in the company, valued at $100,748,572.08. This represents a 0.90% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through 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 company’s stock in a transaction dated Wednesday, June 10th. The stock was sold at an average price of $75.00, for a total transaction of $1,595,775.00. Following the completion of the sale, the insider directly owned 73,411 shares of the company’s stock, valued at $5,505,825. The trade was a 22.47% decrease in their ownership of the stock. 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. In the last quarter, insiders sold 217,843 shares of company stock worth $17,686,454. 5.30% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

PTCT has been the topic of several recent research reports. Barclays raised their target price on shares of PTC Therapeutics from $120.00 to $122.00 and gave the stock an “overweight” rating in a report on Friday, August 14th. Royal Bank Of Canada increased their target price on shares of PTC Therapeutics from $82.00 to $85.00 and gave the stock a “sector perform” rating in a report on Tuesday, July 7th. Weiss Ratings cut PTC Therapeutics from a “sell (d+)” rating to a “sell (d)” rating in a research note on Monday, August 17th. Wells Fargo & Company raised their price objective on shares of PTC Therapeutics from $106.00 to $109.00 and gave the company an “overweight” rating in a report on Thursday, August 13th. Finally, Citigroup upgraded PTC Therapeutics from a “neutral” rating to a “buy” rating and upped their price target for the company from $75.00 to $108.00 in a research report on Tuesday, June 9th. One research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, two have assigned a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat, PTC Therapeutics has a consensus rating of “Moderate Buy” and an average price target of $98.55.

PTC Therapeutics Stock Down 2.4%

NASDAQ PTCT opened at $70.09 on Friday. The business has a 50 day moving average price of $77.08 and a 200-day moving average price of $72.27. PTC Therapeutics, Inc. has a 52 week low of $48.96 and a 52 week high of $90.87. The company has a market cap of $5.85 billion, a price-to-earnings ratio of -120.84, a P/E/G ratio of 2.16 and a beta of 0.56.

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

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.