Palo Alto Investors LP Makes New Investment in PTC Therapeutics, Inc. $PTCT

Palo Alto Investors LP bought a new position in shares of PTC Therapeutics, Inc. (NASDAQ:PTCT) during the 2nd quarter, HoldingsChannel reports. The fund bought 918,846 shares of the biopharmaceutical company’s stock, valued at approximately $74,950,268. PTC Therapeutics accounts for about 0.0% of Palo Alto Investors LP’s investment portfolio, making the stock its biggest holding.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Empowered Funds LLC acquired a new position in PTC Therapeutics during the second quarter worth $6,629,000. Jefferies Financial Group Inc. acquired a new stake in shares of PTC Therapeutics in the 2nd quarter worth $110,694,000. Corient Private Wealth LP purchased a new position in shares of PTC Therapeutics during the 2nd quarter worth $1,233,000. Bank of America Corp DE purchased a new position in shares of PTC Therapeutics during the 2nd quarter worth $118,462,000. Finally, Freestone Grove Partners LP acquired a new position in shares of PTC Therapeutics during the 2nd quarter valued at about $382,000.

Wall Street Analysts Forecast Growth

PTCT has been the subject of several recent analyst reports. Jefferies Financial Group upgraded shares of PTC Therapeutics from a “hold” rating to a “buy” rating and raised their price objective for the stock from $76.00 to $85.00 in a research report on Wednesday, May 27th. Zacks Research lowered shares of PTC Therapeutics from a “strong-buy” rating to a “hold” rating in a report on Thursday, August 6th. Barclays raised their price target 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. TD Cowen raised shares of PTC Therapeutics from a “hold” rating to a “buy” rating and lifted their price target for the company from $75.00 to $90.00 in a research report on Friday, May 8th. Finally, Weiss Ratings cut PTC Therapeutics from a “sell (d+)” rating to a “sell (d)” rating in a report on Monday, August 17th. One analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, two have given a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $98.55.

PTC Therapeutics Stock Down 2.4%

PTCT opened at $70.09 on Friday. PTC Therapeutics, Inc. has a 52 week low of $48.96 and a 52 week high of $90.87. The business has a fifty day simple moving average of $77.08 and a 200-day simple moving average of $72.27. The firm has a market cap of $5.85 billion, a P/E ratio of -120.84, a P/E/G ratio of 2.22 and a beta of 0.56.

PTC Therapeutics (NASDAQ:PTCT) last posted its quarterly earnings data 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. PTC Therapeutics had a negative return on equity of 362.45% and a negative net margin of 3.80%.The firm had revenue of $360.52 million for the quarter, compared to the consensus estimate of $298.63 million. During the same quarter in the previous year, the business earned ($0.83) EPS. The company’s quarterly revenue was up 101.5% compared to the same quarter last year. Sell-side analysts expect that PTC Therapeutics, Inc. will post 1.17 earnings per share for the current year.

Insider Activity at PTC Therapeutics

In related news, CEO Matthew B. Klein sold 10,292 shares of PTC Therapeutics stock in a transaction that occurred on Tuesday, August 4th. The shares were sold at an average price of $68.57, for a total value of $705,722.44. Following the completion of the transaction, the chief executive officer owned 383,868 shares in the company, valued at approximately $26,321,828.76. The trade was a 2.61% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible 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, VP Mark Elliott Boulding sold 2,813 shares of the stock in a transaction that occurred on Monday, August 17th. The stock was sold at an average price of $72.57, for a total transaction of $204,139.41. Following the sale, the vice president owned 105,272 shares in the company, valued at approximately $7,639,589.04. This trade represents a 2.60% 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. Over the last three months, insiders sold 217,843 shares of company stock valued at $17,686,454. 5.30% of the stock is owned by company insiders.

About PTC Therapeutics

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.