Bank of New York Mellon Corp Purchases 8,083 Shares of PTC Therapeutics, Inc. $PTCT

Bank of New York Mellon Corp lifted its position in shares of PTC Therapeutics, Inc. (NASDAQ:PTCT) by 1.6% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 522,763 shares of the biopharmaceutical company’s stock after acquiring an additional 8,083 shares during the quarter. Bank of New York Mellon Corp owned approximately 0.63% of PTC Therapeutics worth $35,616,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Janus Henderson Group PLC grew its holdings in shares of PTC Therapeutics by 28.6% during the fourth quarter. Janus Henderson Group PLC now owns 4,851,332 shares of the biopharmaceutical company’s stock worth $368,587,000 after purchasing an additional 1,077,776 shares during the last quarter. State Street Corp increased its position in PTC Therapeutics by 34.2% in the 4th quarter. State Street Corp now owns 4,206,126 shares of the biopharmaceutical company’s stock valued at $319,497,000 after acquiring an additional 1,071,343 shares during the period. Toronto Dominion Bank raised its stake in shares of PTC Therapeutics by 27.5% during the fourth quarter. Toronto Dominion Bank now owns 4,138,215 shares of the biopharmaceutical company’s stock valued at $314,339,000 after acquiring an additional 891,690 shares during the last quarter. BNP Paribas Financial Markets raised its stake in shares of PTC Therapeutics by 4,013.1% during the fourth quarter. BNP Paribas Financial Markets now owns 828,662 shares of the biopharmaceutical company’s stock valued at $62,945,000 after acquiring an additional 808,515 shares during the last quarter. Finally, Vanguard Group Inc. raised its stake in shares of PTC Therapeutics by 6.2% during the fourth quarter. Vanguard Group Inc. now owns 8,803,203 shares of the biopharmaceutical company’s stock valued at $668,691,000 after acquiring an additional 514,204 shares during the last quarter.

Insider Activity

In other news, CEO Matthew B. Klein sold 12,572 shares of the firm’s stock in a transaction that occurred on Thursday, May 14th. The shares were sold at an average price of $72.95, for a total transaction of $917,127.40. Following the completion of the sale, the chief executive officer owned 393,998 shares of the company’s stock, valued at $28,742,154.10. This trade represents a 3.09% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Neil Gregory Almstead sold 24,613 shares of PTC Therapeutics stock in a transaction on Tuesday, July 7th. The shares were sold at an average price of $88.89, for a total transaction of $2,187,849.57. Following the completion of the sale, the insider owned 60,299 shares of the company’s stock, valued at $5,359,978.11. This represents a 28.99% decrease in their position. 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 three months, insiders sold 198,662 shares of company stock worth $16,347,994. Company insiders own 5.50% of the company’s stock.

Analysts Set New Price Targets

Several analysts recently weighed in on PTCT shares. Cantor Fitzgerald boosted their price objective on shares of PTC Therapeutics from $124.00 to $130.00 and gave the stock an “overweight” rating in a research note on Thursday, July 16th. Royal Bank Of Canada lifted their target price on PTC Therapeutics from $82.00 to $85.00 and gave the stock a “sector perform” rating in a report on Tuesday, July 7th. Citigroup upgraded PTC Therapeutics from a “neutral” rating to a “buy” rating and upped their price target for the company from $75.00 to $108.00 in a research report on Tuesday, June 9th. TD Cowen raised PTC Therapeutics from a “hold” rating to a “buy” rating and increased their price target for the company from $75.00 to $90.00 in a research note on Friday, May 8th. Finally, Jefferies Financial Group upgraded PTC Therapeutics from a “hold” rating to a “buy” rating and raised their price objective for the stock from $76.00 to $85.00 in a research report on Wednesday, May 27th. Two 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 given a Sell rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $92.29.

PTC Therapeutics Trading Down 2.1%

PTCT stock opened at $76.82 on Friday. The firm has a market cap of $6.37 billion, a PE ratio of -32.97, a price-to-earnings-growth ratio of 6.69 and a beta of 0.53. The stock has a 50-day moving average price of $77.19 and a 200-day moving average price of $72.85. PTC Therapeutics, Inc. has a 1-year low of $43.17 and a 1-year high of $90.87.

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