Hsbc Holdings PLC Lowers Stock Holdings in PTC Therapeutics, Inc. $PTCT

Hsbc Holdings PLC decreased its stake in shares of PTC Therapeutics, Inc. (NASDAQ:PTCT) by 42.1% in the second quarter, Holdings Channel reports. The institutional investor owned 131,389 shares of the biopharmaceutical company’s stock after selling 95,670 shares during the quarter. Hsbc Holdings PLC’s holdings in PTC Therapeutics were worth $10,758,000 as of its most recent SEC filing.

A number of other institutional investors have also recently modified their holdings of PTCT. UMB Bank n.a. purchased a new position in shares of PTC Therapeutics in the 4th quarter worth about $26,000. Comerica Bank increased its stake in PTC Therapeutics by 868.5% during the 3rd quarter. Comerica Bank now owns 523 shares of the biopharmaceutical company’s stock valued at $32,000 after purchasing an additional 469 shares in the last quarter. Allworth Financial LP raised its holdings in PTC Therapeutics by 63.8% in the fourth quarter. Allworth Financial LP now owns 634 shares of the biopharmaceutical company’s stock worth $48,000 after buying an additional 247 shares during the last quarter. IFP Advisors Inc raised its holdings in PTC Therapeutics by 68.1% in the third quarter. IFP Advisors Inc now owns 765 shares of the biopharmaceutical company’s stock worth $47,000 after buying an additional 310 shares during the last quarter. Finally, Smartleaf Asset Management LLC lifted its stake in shares of PTC Therapeutics by 96.4% in the fourth quarter. Smartleaf Asset Management LLC now owns 921 shares of the biopharmaceutical company’s stock worth $70,000 after buying an additional 452 shares in the last quarter.

PTC Therapeutics Stock Down 1.8%

NASDAQ PTCT opened at $67.57 on Thursday. The company has a 50-day moving average price of $75.02 and a 200-day moving average price of $72.24. PTC Therapeutics, Inc. has a 52 week low of $57.47 and a 52 week high of $90.87. The firm has a market capitalization of $5.64 billion, a P/E ratio of -116.50, a PEG ratio of 2.12 and a beta of 0.55.

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

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on the stock. Wells Fargo & Company raised their price target on shares of PTC Therapeutics from $106.00 to $109.00 and gave the company an “overweight” rating in a research report on Thursday, August 13th. Wall Street Zen lowered PTC Therapeutics from a “strong-buy” rating to a “buy” rating in a report on Saturday, August 22nd. Citigroup upgraded PTC Therapeutics from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $75.00 to $108.00 in a research note on Tuesday, June 9th. Cantor Fitzgerald increased their price objective on PTC Therapeutics from $124.00 to $130.00 and gave the company an “overweight” rating in a research report on Thursday, July 16th. Finally, Royal Bank Of Canada boosted their target price on PTC Therapeutics from $82.00 to $85.00 and gave the stock a “sector perform” rating in a research report on Tuesday, July 7th. One research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, two have given a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $98.55.

Insider Buying and Selling at PTC Therapeutics

In other PTC Therapeutics news, CEO Matthew Klein sold 10,292 shares of the company’s stock in a transaction dated Tuesday, August 4th. The stock was sold at an average price of $68.57, for a total value of $705,722.44. Following the completion of the sale, the chief executive officer owned 383,868 shares in the company, valued at $26,321,828.76. This represents a 2.61% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Michael Schmertzler sold 12,500 shares of the stock in a transaction that occurred on Wednesday, August 26th. The stock was sold at an average price of $72.94, for a total transaction of $911,750.00. Following the completion of the sale, the director directly owned 1,349,094 shares of the company’s stock, valued at $98,402,916.36. This represents a 0.92% 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. Insiders have sold a total of 196,566 shares of company stock valued at $16,090,679 in the last ninety days. 5.30% of the stock is currently owned by company 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.