VIRGINIA RETIREMENT SYSTEMS ET Al Buys New Position in PTC Therapeutics, Inc. $PTCT

VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new position in shares of PTC Therapeutics, Inc. (NASDAQ:PTCT) during the 2nd quarter, HoldingsChannel.com reports. The institutional investor purchased 28,450 shares of the biopharmaceutical company’s stock, valued at approximately $2,321,000.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. UMB Bank n.a. acquired a new stake in shares of PTC Therapeutics in the fourth quarter valued at approximately $26,000. Comerica Bank grew its position 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 acquiring an additional 469 shares during the last quarter. IFP Advisors Inc increased its holdings in shares of PTC Therapeutics by 68.1% in the 3rd quarter. IFP Advisors Inc now owns 765 shares of the biopharmaceutical company’s stock valued at $47,000 after acquiring an additional 310 shares during the period. 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 purchasing 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 purchasing an additional 814 shares during the last quarter.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on the stock. Royal Bank Of Canada increased their price target on shares of PTC Therapeutics from $82.00 to $85.00 and gave the stock a “sector perform” rating in a research note on Tuesday, July 7th. Wall Street Zen cut shares of PTC Therapeutics from a “strong-buy” rating to a “buy” rating in a report on Saturday, August 22nd. Jefferies Financial Group raised PTC Therapeutics from a “hold” rating to a “buy” rating and raised their price target for the stock from $76.00 to $85.00 in a report on Wednesday, May 27th. Cantor Fitzgerald boosted their price target 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, Wells Fargo & Company upped their price objective on PTC Therapeutics from $106.00 to $109.00 and gave the company an “overweight” rating in a research note on Thursday, August 13th. One equities research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, two have assigned a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat.com, PTC Therapeutics has a consensus rating of “Moderate Buy” and an average price target of $98.55.

Insider Transactions at PTC Therapeutics

In related news, VP Mark Boulding sold 2,813 shares of the company’s stock in a transaction 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 transaction, the vice president owned 105,272 shares of the company’s stock, valued at $7,639,589.04. This represents a 2.60% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Neil Almstead sold 2,464 shares of the firm’s stock in a transaction on Thursday, July 9th. The shares were sold at an average price of $90.25, for a total value 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. This trade represents a 3.93% decrease in their position. 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 90 days, insiders sold 196,566 shares of company stock valued at $16,090,679. 5.30% of the stock is owned by company insiders.

PTC Therapeutics Stock Down 0.3%

Shares of PTC Therapeutics stock opened at $67.37 on Friday. The firm has a market cap of $5.62 billion, a price-to-earnings ratio of -116.16, a price-to-earnings-growth ratio of 2.08 and a beta of 0.55. PTC Therapeutics, Inc. has a 52-week low of $57.47 and a 52-week high of $90.87. The company’s 50-day simple moving average is $74.70 and its 200-day simple moving average is $72.22.

PTC Therapeutics (NASDAQ:PTCT) last announced its quarterly earnings data on Thursday, July 30th. The biopharmaceutical company reported $0.92 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 the consensus estimate of $298.63 million. During the same quarter last year, the firm earned ($0.83) earnings per share. The firm’s revenue was up 101.5% compared to the same quarter last year. Equities research analysts anticipate that PTC Therapeutics, Inc. will post 1.17 EPS for the current year.

About PTC Therapeutics

PTC Therapeutics, Inc is a biopharmaceutical company focused on discovering, developing and commercializing medicines for rare diseases. The company uses technologies involving RNA biology, gene therapy and small-molecule drug discovery to address conditions with limited treatment options, including rare neurological and metabolic disorders.

PTC’s commercial portfolio has included Translarna (ataluren), an investigational treatment in some markets for Duchenne muscular dystrophy associated with a nonsense mutation, and Emflaza (deflazacort), a corticosteroid approved in the United States for Duchenne muscular dystrophy.