Cinctive Capital Management LP Takes Position in PTC Therapeutics, Inc. $PTCT

Cinctive Capital Management LP purchased a new position in PTC Therapeutics, Inc. (NASDAQ:PTCT) in the 3rd quarter, according to the company in its most recent disclosure with the SEC. The fund purchased 95,308 shares of the biopharmaceutical company’s stock, valued at approximately $5,849,000. Cinctive Capital Management LP owned about 0.12% of PTC Therapeutics at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of PTCT. Smartleaf Asset Management LLC grew its position in PTC Therapeutics by 101.3% during the 3rd quarter. Smartleaf Asset Management LLC now owns 469 shares of the biopharmaceutical company’s stock valued at $28,000 after purchasing an additional 236 shares during the last quarter. Optiver Holding B.V. lifted its stake in shares of PTC Therapeutics by 96.5% in the third quarter. Optiver Holding B.V. now owns 507 shares of the biopharmaceutical company’s stock worth $31,000 after buying an additional 249 shares in the last quarter. Comerica Bank lifted its stake in shares of PTC Therapeutics by 868.5% in the third quarter. Comerica Bank now owns 523 shares of the biopharmaceutical company’s stock worth $32,000 after buying an additional 469 shares in the last quarter. PNC Financial Services Group Inc. grew its holdings in shares of PTC Therapeutics by 42.1% during the second quarter. PNC Financial Services Group Inc. now owns 995 shares of the biopharmaceutical company’s stock valued at $49,000 after buying an additional 295 shares during the last quarter. Finally, EverSource Wealth Advisors LLC grew its holdings in shares of PTC Therapeutics by 247.4% during the second quarter. EverSource Wealth Advisors LLC now owns 1,143 shares of the biopharmaceutical company’s stock valued at $56,000 after buying an additional 814 shares during the last quarter.

Insider Transactions at PTC Therapeutics

In related news, insider Eric Pauwels sold 40,290 shares of PTC Therapeutics stock in a transaction on Wednesday, December 17th. The stock was sold at an average price of $75.43, for a total value of $3,039,074.70. Following the completion of the sale, the insider owned 70,373 shares of the company’s stock, valued at $5,308,235.39. The trade was a 36.41% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Stephanie Okey sold 15,167 shares of the company’s stock in a transaction on Tuesday, March 10th. The shares were sold at an average price of $70.00, for a total value of $1,061,690.00. Following the sale, the director owned 8,000 shares of the company’s stock, valued at approximately $560,000. This trade represents a 65.47% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders sold 201,755 shares of company stock worth $14,809,336. Company insiders own 5.50% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts recently weighed in on the stock. Barclays reissued an “overweight” rating and set a $120.00 price target on shares of PTC Therapeutics in a research report on Monday, February 23rd. Weiss Ratings reiterated a “hold (c)” rating on shares of PTC Therapeutics in a research note on Monday, December 29th. TD Cowen reissued a “hold” rating on shares of PTC Therapeutics in a report on Thursday, January 29th. Wall Street Zen cut PTC Therapeutics from a “buy” rating to a “hold” rating in a research note on Saturday, February 21st. Finally, Bank of America lowered their price target on PTC Therapeutics from $97.00 to $93.00 and set a “buy” rating on the stock in a report on Friday, February 20th. Ten equities research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $82.79.

PTC Therapeutics Stock Up 1.8%

Shares of PTC Therapeutics stock opened at $64.49 on Monday. The company has a market cap of $5.34 billion, a price-to-earnings ratio of 8.33 and a beta of 0.51. The company’s 50 day moving average is $71.73 and its 200 day moving average is $70.04. PTC Therapeutics, Inc. has a twelve month low of $35.95 and a twelve month high of $87.50.

PTC Therapeutics (NASDAQ:PTCT) last posted its earnings results on Thursday, February 19th. The biopharmaceutical company reported ($1.67) EPS for the quarter, missing analysts’ consensus estimates of ($0.21) by ($1.46). The company had revenue of $164.68 million during the quarter, compared to the consensus estimate of $281.45 million. PTC Therapeutics had a negative return on equity of 362.45% and a net margin of 39.44%.The company’s revenue for the quarter was down 22.7% on a year-over-year basis. During the same period last year, the firm posted ($0.85) EPS. Sell-side analysts expect that PTC Therapeutics, Inc. will post -4.52 EPS for the current fiscal year.

PTC Therapeutics 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.