PNC Financial Services Group Inc. Boosts Stock Holdings in PTC Therapeutics, Inc. $PTCT

PNC Financial Services Group Inc. increased its stake in PTC Therapeutics, Inc. (NASDAQ:PTCT) by 84.2% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 700 shares of the biopharmaceutical company’s stock after buying an additional 320 shares during the period. PNC Financial Services Group Inc.’s holdings in PTC Therapeutics were worth $36,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. Wealth Enhancement Advisory Services LLC bought a new position in PTC Therapeutics in the first quarter worth about $595,000. Allspring Global Investments Holdings LLC purchased a new stake in PTC Therapeutics in the first quarter worth about $524,000. Cerity Partners LLC purchased a new stake in PTC Therapeutics in the first quarter worth about $641,000. Edgestream Partners L.P. purchased a new stake in PTC Therapeutics in the first quarter worth about $418,000. Finally, OCONNOR A Distinct Business Unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in PTC Therapeutics by 49.2% in the fourth quarter. OCONNOR A Distinct Business Unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 46,894 shares of the biopharmaceutical company’s stock worth $2,117,000 after purchasing an additional 15,459 shares during the period.

Insider Activity at PTC Therapeutics

In related news, CEO Matthew B. Klein sold 10,739 shares of the firm’s stock in a transaction that occurred on Tuesday, August 5th. The shares were sold at an average price of $51.74, for a total value of $555,635.86. Following the sale, the chief executive officer owned 337,767 shares in the company, valued at approximately $17,476,064.58. This trade represents a 3.08% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Pierre Gravier sold 2,516 shares of the firm’s stock in a transaction that occurred on Tuesday, July 15th. The stock was sold at an average price of $49.46, for a total transaction of $124,441.36. Following the completion of the sale, the chief financial officer owned 71,920 shares in the company, valued at $3,557,163.20. This represents a 3.38% decrease in their position. The disclosure for this sale can be found here. Company insiders own 5.50% of the company’s stock.

PTC Therapeutics Trading Up 3.4%

Shares of PTCT stock opened at $50.57 on Friday. PTC Therapeutics, Inc. has a 12-month low of $30.41 and a 12-month high of $58.38. The firm’s 50 day moving average is $48.86 and its 200 day moving average is $49.04. The stock has a market capitalization of $4.02 billion, a P/E ratio of 7.26 and a beta of 0.54.

PTC Therapeutics (NASDAQ:PTCT) last issued its earnings results on Thursday, August 7th. The biopharmaceutical company reported ($0.83) earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.07) by $0.24. PTC Therapeutics had a net margin of 35.65% and a negative return on equity of 106.31%. The company had revenue of $178.88 million for the quarter, compared to analysts’ expectations of $173.01 million. During the same quarter last year, the company posted ($1.29) earnings per share. The firm’s quarterly revenue was down 4.2% on a year-over-year basis. PTC Therapeutics has set its FY 2025 guidance at EPS. As a group, equities analysts predict that PTC Therapeutics, Inc. will post -4.52 earnings per share for the current year.

Analyst Ratings Changes

PTCT has been the topic of a number of recent research reports. Barclays upped their price objective on shares of PTC Therapeutics from $42.00 to $46.00 and gave the stock an “equal weight” rating in a report on Tuesday, July 29th. Truist Financial upped their price objective on shares of PTC Therapeutics from $80.00 to $86.00 and gave the stock a “buy” rating in a report on Tuesday, July 29th. Wall Street Zen cut shares of PTC Therapeutics from a “strong-buy” rating to a “hold” rating in a report on Saturday, August 9th. JPMorgan Chase & Co. cut their price objective on shares of PTC Therapeutics from $75.00 to $67.00 and set an “overweight” rating on the stock in a report on Wednesday, May 7th. Finally, Citigroup upped their price objective on shares of PTC Therapeutics from $40.00 to $50.00 and gave the stock a “neutral” rating in a report on Monday, July 28th. One equities research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $69.15.

PTC Therapeutics Company 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.