Hsbc Holdings PLC lessened its holdings in shares of PTC Therapeutics, Inc. (NASDAQ:PTCT – Free Report) by 93.2% in the fourth quarter, according to its most recent filing with the SEC. The firm owned 12,128 shares of the biopharmaceutical company’s stock after selling 166,371 shares during the period. Hsbc Holdings PLC’s holdings in PTC Therapeutics were worth $926,000 as of its most recent filing with the SEC.
Several other institutional investors and hedge funds also recently made changes to their positions in the business. UMB Bank n.a. acquired a new position in shares of PTC Therapeutics in the 4th quarter valued at $26,000. Comerica Bank increased its holdings in PTC Therapeutics by 868.5% in the third quarter. Comerica Bank now owns 523 shares of the biopharmaceutical company’s stock valued at $32,000 after purchasing an additional 469 shares during the last quarter. Salomon & Ludwin LLC bought a new stake in PTC Therapeutics in the fourth quarter valued at about $41,000. IFP Advisors Inc increased its holdings in PTC Therapeutics by 68.1% in the third quarter. IFP Advisors Inc now owns 765 shares of the biopharmaceutical company’s stock valued at $47,000 after purchasing an additional 310 shares during the last quarter. Finally, Allworth Financial LP lifted its stake in PTC Therapeutics by 63.8% in the fourth 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 period.
Analyst Upgrades and Downgrades
PTCT has been the topic of a number of recent analyst reports. Truist Financial upgraded PTC Therapeutics to a “strong-buy” rating in a report on Wednesday, March 25th. Morgan Stanley reiterated an “overweight” rating and issued a $94.00 price target on shares of PTC Therapeutics in a research report on Friday, May 8th. TD Cowen raised shares of PTC Therapeutics from a “hold” rating to a “buy” rating and lifted their price objective for the stock from $75.00 to $90.00 in a research note on Friday, May 8th. Royal Bank Of Canada boosted their price objective on shares of PTC Therapeutics from $82.00 to $85.00 and gave the company a “sector perform” rating in a report on Tuesday, July 7th. Finally, Raymond James Financial assumed coverage on shares of PTC Therapeutics in a research note on Friday, April 10th. They issued an “outperform” rating and a $108.00 target price for the company. Two research analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating, one has given a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $91.57.
PTC Therapeutics Price Performance
Shares of PTC Therapeutics stock opened at $81.33 on Tuesday. PTC Therapeutics, Inc. has a 1 year low of $43.17 and a 1 year high of $90.87. The business has a 50-day moving average of $75.89 and a two-hundred day moving average of $72.76. The company has a market capitalization of $6.75 billion, a P/E ratio of -34.91, a price-to-earnings-growth ratio of 3.90 and a beta of 0.53.
PTC Therapeutics (NASDAQ:PTCT – Get Free Report) last released its quarterly earnings data on Thursday, May 7th. The biopharmaceutical company reported ($0.03) earnings per share for the quarter, beating the consensus estimate of ($0.45) by $0.42. PTC Therapeutics had a negative return on equity of 362.45% and a negative net margin of 22.58%.The business had revenue of $272.55 million for the quarter, compared to analysts’ expectations of $217.42 million. During the same quarter in the previous year, the business posted $10.04 EPS. PTC Therapeutics’s revenue for the quarter was up 43.5% on a year-over-year basis. On average, equities analysts anticipate that PTC Therapeutics, Inc. will post 0.78 EPS for the current fiscal year.
Insiders Place Their Bets
In other news, VP Mark Elliott Boulding sold 5,079 shares of the stock in a transaction on Monday, July 6th. The shares were sold at an average price of $85.08, for a total transaction of $432,121.32. Following the completion of the sale, the vice president owned 105,272 shares of the company’s stock, valued at $8,956,541.76. This represents a 4.60% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Neil Gregory Almstead sold 2,464 shares of the firm’s stock in a transaction on Thursday, July 9th. The stock was sold at an average price of $90.25, for a total transaction of $222,376.00. Following the sale, the insider owned 60,299 shares in the company, valued at approximately $5,441,984.75. The trade was a 3.93% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders have sold 201,512 shares of company stock worth $16,550,087. Company insiders own 5.50% of the company’s stock.
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.
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