PTC Therapeutics, Inc. $PTCT Stake Boosted by Allspring Global Investments Holdings LLC

Allspring Global Investments Holdings LLC lifted its holdings in shares of PTC Therapeutics, Inc. (NASDAQ:PTCT) by 292.9% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 47,871 shares of the biopharmaceutical company’s stock after buying an additional 35,686 shares during the period. Allspring Global Investments Holdings LLC owned 0.06% of PTC Therapeutics worth $3,291,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in PTCT. Empowered Funds LLC acquired a new position in PTC Therapeutics during the 1st quarter valued at about $1,999,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in PTC Therapeutics by 11.5% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 178,755 shares of the biopharmaceutical company’s stock worth $9,109,000 after acquiring an additional 18,504 shares during the period. Quantbot Technologies LP grew its stake in shares of PTC Therapeutics by 280.1% in the second quarter. Quantbot Technologies LP now owns 2,478 shares of the biopharmaceutical company’s stock worth $121,000 after purchasing an additional 1,826 shares in the last quarter. Arrowstreet Capital Limited Partnership bought a new position in shares of PTC Therapeutics in the second quarter worth $1,661,000. Finally, EverSource Wealth Advisors LLC increased 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 purchasing an additional 814 shares during the period.

Analysts Set New Price Targets

PTCT has been the subject of a number of recent analyst reports. Zacks Research upgraded shares of PTC Therapeutics from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, July 7th. Raymond James Financial assumed coverage on PTC Therapeutics in a research note on Friday, April 10th. They issued an “outperform” rating and a $108.00 price objective on the stock. Wells Fargo & Company cut their price objective on PTC Therapeutics from $95.00 to $93.00 and set an “overweight” rating for the company in a report on Monday, July 20th. Cantor Fitzgerald raised their target price on PTC Therapeutics from $124.00 to $130.00 and gave the company an “overweight” rating in a research note on Thursday, July 16th. Finally, Weiss Ratings lowered PTC Therapeutics from a “hold (c-)” rating to a “sell (d)” rating in a report on Monday, May 11th. Two investment analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating, one has assigned a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $92.29.

Insider Activity at PTC Therapeutics

In related news, insider Eric Pauwels sold 21,277 shares of the business’s stock in a transaction that occurred on Wednesday, June 10th. The shares were sold at an average price of $75.00, for a total transaction of $1,595,775.00. Following the completion of the transaction, the insider owned 73,411 shares in the company, valued at approximately $5,505,825. The trade was a 22.47% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Neil Gregory Almstead sold 24,613 shares of PTC Therapeutics stock in a transaction on Tuesday, July 7th. The stock was sold at an average price of $88.89, for a total transaction of $2,187,849.57. Following the transaction, the insider directly owned 60,299 shares in the company, valued at approximately $5,359,978.11. This represents a 28.99% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders sold 198,662 shares of company stock worth $16,347,994. Insiders own 5.50% of the company’s stock.

PTC Therapeutics Price Performance

PTCT stock opened at $76.82 on Friday. The stock has a market capitalization of $6.37 billion, a price-to-earnings ratio of -32.97, a P/E/G ratio of 6.83 and a beta of 0.53. The business has a fifty day moving average price of $77.19 and a 200 day moving average price of $72.85. PTC Therapeutics, Inc. has a fifty-two week low of $43.17 and a fifty-two week high of $90.87.

PTC Therapeutics (NASDAQ:PTCT) last issued its quarterly earnings results on Thursday, May 7th. The biopharmaceutical company reported ($0.03) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.45) by $0.42. PTC Therapeutics had a negative net margin of 22.58% and a negative return on equity of 362.45%. The business had revenue of $272.55 million for the quarter, compared to the consensus estimate of $217.42 million. During the same quarter in the prior year, the company earned $10.04 EPS. The firm’s quarterly revenue was up 43.5% on a year-over-year basis. On average, equities analysts expect that PTC Therapeutics, Inc. will post 0.41 earnings per share for the current fiscal year.

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.