Point72 Asia Singapore Pte. Ltd. Takes Position in PTC Therapeutics, Inc. (NASDAQ:PTCT)

Point72 Asia Singapore Pte. Ltd. purchased a new stake in PTC Therapeutics, Inc. (NASDAQ:PTCT) during the fourth quarter, HoldingsChannel.com reports. The fund purchased 1,706 shares of the biopharmaceutical company’s stock, valued at approximately $77,000.

A number of other institutional investors also recently modified their holdings of PTCT. Smartleaf Asset Management LLC raised its position in shares of PTC Therapeutics by 78.7% in the fourth quarter. Smartleaf Asset Management LLC now owns 613 shares of the biopharmaceutical company’s stock valued at $28,000 after purchasing an additional 270 shares during the period. Sterling Capital Management LLC raised its position in shares of PTC Therapeutics by 424.4% in the fourth quarter. Sterling Capital Management LLC now owns 645 shares of the biopharmaceutical company’s stock valued at $29,000 after purchasing an additional 522 shares during the period. Venturi Wealth Management LLC bought a new position in shares of PTC Therapeutics in the fourth quarter valued at approximately $68,000. R Squared Ltd bought a new position in shares of PTC Therapeutics in the fourth quarter valued at approximately $79,000. Finally, KBC Group NV raised its position in shares of PTC Therapeutics by 36.4% in the fourth quarter. KBC Group NV now owns 3,045 shares of the biopharmaceutical company’s stock valued at $137,000 after purchasing an additional 813 shares during the period.

Analyst Upgrades and Downgrades

PTCT has been the topic of several research analyst reports. Bank of America upgraded shares of PTC Therapeutics from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $55.00 to $68.00 in a research note on Friday, May 9th. JPMorgan Chase & Co. lowered their price objective on shares of PTC Therapeutics from $75.00 to $67.00 and set an “overweight” rating on the stock in a research note on Wednesday, May 7th. Cantor Fitzgerald lowered their price objective on shares of PTC Therapeutics from $113.00 to $112.00 and set an “overweight” rating on the stock in a research note on Wednesday, May 7th. StockNews.com downgraded shares of PTC Therapeutics from a “strong-buy” rating to a “buy” rating in a research note on Friday. Finally, Barclays lowered their price objective on shares of PTC Therapeutics from $56.00 to $42.00 and set an “equal weight” rating on the stock in a research note on Thursday, May 8th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, PTC Therapeutics currently has a consensus rating of “Moderate Buy” and a consensus target price of $61.92.

PTC Therapeutics Price Performance

Shares of PTC Therapeutics stock opened at $46.01 on Friday. The firm has a market capitalization of $3.65 billion, a PE ratio of -7.75 and a beta of 0.52. The company’s fifty day moving average price is $48.22 and its two-hundred day moving average price is $47.19. PTC Therapeutics, Inc. has a 52-week low of $28.72 and a 52-week high of $58.38.

PTC Therapeutics (NASDAQ:PTCT) last announced its quarterly earnings results on Tuesday, May 6th. The biopharmaceutical company reported $10.04 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.85 by $9.19. The business had revenue of $1.18 billion during the quarter, compared to the consensus estimate of $437.16 million. During the same period last year, the firm earned ($1.20) EPS. The company’s quarterly revenue was down 9.6% compared to the same quarter last year. Analysts predict that PTC Therapeutics, Inc. will post -4.52 earnings per share for the current fiscal year.

Insider Transactions at PTC Therapeutics

In other news, CEO Matthew B. Klein sold 2,804 shares of the company’s stock in a transaction dated Tuesday, April 22nd. The shares were sold at an average price of $48.74, for a total value of $136,666.96. Following the sale, the chief executive officer now owns 273,234 shares of the company’s stock, valued at approximately $13,317,425.16. This represents a 1.02% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Lee Scott Golden sold 795 shares of the company’s stock in a transaction dated Wednesday, February 19th. The stock was sold at an average price of $50.10, for a total transaction of $39,829.50. Following the completion of the sale, the executive vice president now directly owns 77,856 shares in the company, valued at approximately $3,900,585.60. The trade was a 1.01% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 32,305 shares of company stock valued at $1,682,755. 5.50% of the stock is owned by insiders.

About PTC Therapeutics

PTC Therapeutics, Inc, a biopharmaceutical company, focuses on the discovery, development, and commercialization of medicines to patients with rare disorders in the United States and internationally. The company offers Translarna and Emflaza for the treatment of Duchenne muscular dystrophy; Upstaza to treat aromatic l-amino acid decarboxylas (AADC) deficiency, a central nervous system disorder; Tegsedi and Waylivra for the treatment of rare diseases; and Evrysdi to treat spinal muscular atrophy (SMA) in adults and children.