Allianz Asset Management GmbH Trims Holdings in PTC Therapeutics, Inc. (NASDAQ:PTCT)

Allianz Asset Management GmbH trimmed its holdings in PTC Therapeutics, Inc. (NASDAQ:PTCT) by 26.7% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 12,900 shares of the biopharmaceutical company’s stock after selling 4,700 shares during the quarter. Allianz Asset Management GmbH’s holdings in PTC Therapeutics were worth $657,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors also recently bought and sold shares of the business. Sterling Capital Management LLC raised its position in shares of PTC Therapeutics by 424.4% in the 4th quarter. Sterling Capital Management LLC now owns 645 shares of the biopharmaceutical company’s stock worth $29,000 after purchasing an additional 522 shares during the last quarter. GAMMA Investing LLC increased its stake in PTC Therapeutics by 86.3% during the 1st quarter. GAMMA Investing LLC now owns 952 shares of the biopharmaceutical company’s stock valued at $49,000 after purchasing an additional 441 shares in the last quarter. GF Fund Management CO. LTD. purchased a new position in PTC Therapeutics in the fourth quarter worth about $73,000. Point72 Asia Singapore Pte. Ltd. purchased a new position in PTC Therapeutics in the fourth quarter worth about $77,000. Finally, Smallwood Wealth Investment Management LLC bought a new position in shares of PTC Therapeutics in the first quarter worth approximately $86,000.

Wall Street Analyst Weigh In

PTCT has been the subject of a number of recent analyst reports. Wells Fargo & Company boosted their price objective on shares of PTC Therapeutics from $74.00 to $78.00 and gave the stock an “overweight” rating in a report on Tuesday. Citigroup lifted their target price on PTC Therapeutics from $40.00 to $50.00 and gave the stock a “neutral” rating in a report on Monday. Bank of America upped their price target on PTC Therapeutics from $68.00 to $84.00 and gave the company a “buy” rating in a report on Tuesday. UBS Group increased their price objective on PTC Therapeutics from $71.00 to $80.00 and gave the company a “buy” rating in a research report on Tuesday. Finally, Royal Bank Of Canada lifted their price objective on PTC Therapeutics from $57.00 to $58.00 and gave the stock an “outperform” rating in a report on Wednesday, May 7th. One research analyst has rated the stock with a sell rating, four have given a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $69.38.

PTC Therapeutics Stock Performance

Shares of NASDAQ:PTCT opened at $52.13 on Friday. The stock’s 50-day simple moving average is $49.21 and its two-hundred day simple moving average is $48.71. The stock has a market capitalization of $4.13 billion, a price-to-earnings ratio of 8.01 and a beta of 0.54. PTC Therapeutics, Inc. has a 52-week low of $29.01 and a 52-week high of $58.38.

PTC Therapeutics (NASDAQ:PTCT) last posted its quarterly earnings data on Tuesday, May 6th. The biopharmaceutical company reported $10.04 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.85 by $9.19. The company had revenue of $1.18 billion for the quarter, compared to the consensus estimate of $437.16 million. PTC Therapeutics had a net margin of 33.56% and a negative return on equity of 78.56%. The firm’s revenue was down 9.6% compared to the same quarter last year. During the same quarter last year, the firm posted ($1.20) earnings per share. As a group, equities analysts forecast that PTC Therapeutics, Inc. will post -4.52 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, CFO Pierre Gravier sold 2,516 shares of the firm’s stock in a transaction on Tuesday, July 15th. The stock was sold at an average price of $49.46, for a total value of $124,441.36. Following the transaction, the chief financial officer directly owned 71,920 shares of the company’s stock, valued at approximately $3,557,163.20. This trade represents a 3.38% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Mark Elliott Boulding sold 883 shares of PTC Therapeutics stock in a transaction on Friday, May 16th. The shares were sold at an average price of $46.02, for a total value of $40,635.66. Following the transaction, the vice president owned 103,901 shares in the company, valued at $4,781,524.02. This trade represents a 0.84% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 5,328 shares of company stock valued at $254,158. Insiders own 5.50% of the company’s stock.

PTC Therapeutics Profile

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.