The Manufacturers Life Insurance Company Makes New Investment in PTC Therapeutics, Inc. $PTCT

The Manufacturers Life Insurance Company purchased a new stake in PTC Therapeutics, Inc. (NASDAQ:PTCT) during the 2nd quarter, Holdings Channel.com reports. The firm purchased 441,957 shares of the biopharmaceutical company’s stock, valued at approximately $36,050,000.

A number of other institutional investors also recently modified their holdings of the company. UMB Bank n.a. bought a new stake in shares of PTC Therapeutics in the fourth quarter valued at about $26,000. Comerica Bank grew its holdings in shares of PTC Therapeutics by 868.5% during the third quarter. Comerica Bank now owns 523 shares of the biopharmaceutical company’s stock worth $32,000 after buying an additional 469 shares in the last quarter. IFP Advisors Inc grew its holdings in shares of PTC Therapeutics by 68.1% during 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 in the last quarter. Allworth Financial LP raised its position 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. Finally, EverSource Wealth Advisors LLC raised its position in PTC Therapeutics by 247.4% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,143 shares of the biopharmaceutical company’s stock valued at $56,000 after buying an additional 814 shares during the last quarter.

Wall Street Analyst Weigh In

PTCT has been the topic of several research reports. Wall Street Zen cut PTC Therapeutics from a “strong-buy” rating to a “buy” rating in a research note on Saturday, August 22nd. 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, August 14th. Zacks Research cut shares of PTC Therapeutics from a “strong-buy” rating to a “hold” rating in a report on Thursday, August 6th. TD Cowen raised shares of PTC Therapeutics from a “hold” rating to a “buy” rating and raised their target price for the company from $75.00 to $90.00 in a research report on Friday, May 8th. Finally, Weiss Ratings downgraded shares of PTC Therapeutics from a “sell (d+)” rating to a “sell (d)” rating in a research report on Monday, August 17th. One investment analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, two have assigned a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $98.55.

Insider Buying and Selling at PTC Therapeutics

In related news, Director Mary L. Smith sold 15,834 shares of the business’s stock in a transaction on Thursday, July 9th. The stock was sold at an average price of $90.00, for a total value of $1,425,060.00. Following the completion of the sale, the director directly owned 21,813 shares in the company, valued at $1,963,170. The trade was a 42.06% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Neil Gregory Almstead sold 2,464 shares of the business’s stock in a transaction dated Thursday, July 9th. The shares were sold at an average price of $90.25, for a total transaction of $222,376.00. Following the completion of the sale, the insider directly owned 60,299 shares of the company’s stock, valued at approximately $5,441,984.75. The trade was a 3.93% 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 a total of 205,343 shares of company stock worth $16,774,704 in the last 90 days. Company insiders own 5.30% of the company’s stock.

PTC Therapeutics Stock Down 1.1%

NASDAQ:PTCT opened at $72.69 on Thursday. PTC Therapeutics, Inc. has a 12-month low of $48.86 and a 12-month high of $90.87. The stock’s 50 day moving average price is $77.40 and its two-hundred day moving average price is $72.31. The firm has a market capitalization of $6.07 billion, a price-to-earnings ratio of -125.33, a P/E/G ratio of 2.27 and a beta of 0.56.

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

PTC Therapeutics Company 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.