Armistice Capital LLC lessened its holdings in PTC Therapeutics, Inc. (NASDAQ:PTCT – Free Report) by 14.5% during the fourth quarter, Holdings Channel.com reports. The institutional investor owned 2,801,869 shares of the biopharmaceutical company’s stock after selling 475,403 shares during the quarter. PTC Therapeutics comprises approximately 2.5% of Armistice Capital LLC’s holdings, making the stock its biggest position. Armistice Capital LLC’s holdings in PTC Therapeutics were worth $212,830,000 as of its most recent filing with the Securities & Exchange Commission.
Other hedge funds and other institutional investors have also recently modified their holdings of the company. Thrivent Financial for Lutherans purchased a new position in shares of PTC Therapeutics in the 4th quarter worth approximately $4,191,000. Teachers Retirement System of The State of Kentucky boosted its stake in shares of PTC Therapeutics by 86.9% in the 4th quarter. Teachers Retirement System of The State of Kentucky now owns 40,858 shares of the biopharmaceutical company’s stock worth $3,103,000 after buying an additional 19,000 shares during the last quarter. Jefferies Financial Group Inc. purchased a new position in shares of PTC Therapeutics in the 3rd quarter worth approximately $97,252,000. Ritholtz Wealth Management purchased a new position in shares of PTC Therapeutics in the 4th quarter worth approximately $1,863,000. Finally, Comerica Bank boosted its stake in shares of PTC Therapeutics by 3,231.9% in the 4th quarter. Comerica Bank now owns 17,426 shares of the biopharmaceutical company’s stock worth $1,324,000 after buying an additional 16,903 shares during the last quarter.
PTC Therapeutics Trading Up 7.2%
NASDAQ:PTCT opened at $78.53 on Thursday. The stock has a market capitalization of $6.51 billion, a PE ratio of -33.70, a price-to-earnings-growth ratio of 3.37 and a beta of 0.56. The firm’s 50 day moving average is $71.03 and its 200 day moving average is $71.93. PTC Therapeutics, Inc. has a 12 month low of $43.17 and a 12 month high of $87.50.
Insider Buying and Selling
In other PTC Therapeutics news, VP Mark Elliott Boulding sold 2,812 shares of the business’s stock in a transaction on Friday, May 15th. The shares were sold at an average price of $72.18, for a total transaction of $202,970.16. Following the sale, the vice president owned 105,212 shares of the company’s stock, valued at $7,594,202.16. The trade was a 2.60% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Neil Gregory Almstead sold 52,003 shares of the business’s stock in a transaction on Wednesday, April 1st. The shares were sold at an average price of $69.04, for a total transaction of $3,590,287.12. Following the sale, the insider directly owned 60,137 shares in the company, valued at $4,151,858.48. The trade was a 46.37% 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 have sold a total of 98,148 shares of company stock worth $7,001,475 in the last three months. Insiders own 5.50% of the company’s stock.
Wall Street Analyst Weigh In
A number of brokerages have recently weighed in on PTCT. Raymond James Financial began coverage on PTC Therapeutics in a research note on Friday, April 10th. They issued an “outperform” rating and a $108.00 target price on the stock. Truist Financial upgraded PTC Therapeutics to a “strong-buy” rating in a research note on Wednesday, March 25th. Barclays restated an “overweight” rating and issued a $120.00 target price on shares of PTC Therapeutics in a research note on Monday, February 23rd. Royal Bank Of Canada lifted their price target on shares of PTC Therapeutics from $81.00 to $82.00 and gave the stock a “sector perform” rating in a report on Friday, May 8th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating on shares of PTC Therapeutics in a report on Friday, February 20th. One analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, one has assigned a Hold rating and two have given a Sell rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $91.36.
View Our Latest Stock Analysis on PTCT
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.
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