JPMorgan Chase & Co. Trims Stock Position in PTC Therapeutics, Inc. $PTCT

JPMorgan Chase & Co. cut its holdings in PTC Therapeutics, Inc. (NASDAQ:PTCT) by 18.4% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 490,934 shares of the biopharmaceutical company’s stock after selling 110,626 shares during the quarter. JPMorgan Chase & Co. owned approximately 0.61% of PTC Therapeutics worth $30,129,000 at the end of the most recent quarter.

Other institutional investors have also recently modified their holdings of the company. Jefferies Financial Group Inc. purchased a new stake in PTC Therapeutics in the 3rd quarter valued at approximately $97,252,000. Hood River Capital Management LLC increased its position in PTC Therapeutics by 654.4% during the second quarter. Hood River Capital Management LLC now owns 636,502 shares of the biopharmaceutical company’s stock worth $31,087,000 after buying an additional 552,130 shares in the last quarter. State Street Corp increased its position in PTC Therapeutics by 22.1% during the second quarter. State Street Corp now owns 2,996,454 shares of the biopharmaceutical company’s stock worth $146,347,000 after buying an additional 541,558 shares in the last quarter. Palo Alto Investors LP raised its holdings in shares of PTC Therapeutics by 112.2% in the third quarter. Palo Alto Investors LP now owns 862,613 shares of the biopharmaceutical company’s stock worth $52,939,000 after acquiring an additional 456,144 shares during the last quarter. Finally, Man Group plc raised its holdings in shares of PTC Therapeutics by 157.4% in the second quarter. Man Group plc now owns 671,513 shares of the biopharmaceutical company’s stock worth $32,797,000 after acquiring an additional 410,653 shares during the last quarter.

Insiders Place Their Bets

In related news, insider Neil Gregory Almstead sold 3,989 shares of the business’s stock in a transaction that occurred on Thursday, March 5th. The shares were sold at an average price of $63.38, for a total value of $252,822.82. Following the completion of the sale, the insider directly owned 2,737 shares in the company, valued at approximately $173,471.06. The trade was a 59.31% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Lee Scott Golden sold 10,000 shares of the stock in a transaction that occurred on Thursday, March 5th. The stock was sold at an average price of $63.38, for a total transaction of $633,800.00. Following the transaction, the executive vice president directly owned 79,944 shares in the company, valued at approximately $5,066,850.72. This represents a 11.12% decrease in their position. The SEC filing for this sale provides additional information. In the last three months, insiders sold 137,755 shares of company stock valued at $9,945,471. 5.50% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

A number of analysts recently commented on PTCT shares. Weiss Ratings reaffirmed a “hold (c)” rating on shares of PTC Therapeutics in a research note on Monday, December 29th. Wells Fargo & Company reduced their target price on shares of PTC Therapeutics from $93.00 to $86.00 and set an “overweight” rating on the stock in a report on Friday, February 20th. TD Cowen reaffirmed a “hold” rating on shares of PTC Therapeutics in a research note on Thursday, January 29th. Cantor Fitzgerald reiterated an “overweight” rating on shares of PTC Therapeutics in a report on Friday, February 20th. Finally, Wall Street Zen lowered shares of PTC Therapeutics from a “buy” rating to a “hold” rating in a research report on Saturday, February 21st. Ten analysts have rated the stock with a Buy rating, four have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $82.79.

PTC Therapeutics Trading Down 2.6%

PTC Therapeutics stock opened at $65.30 on Monday. The stock has a fifty day moving average price of $70.70 and a 200 day moving average price of $70.58. PTC Therapeutics, Inc. has a 52 week low of $35.95 and a 52 week high of $87.50. The firm has a market capitalization of $5.41 billion, a P/E ratio of 8.44 and a beta of 0.51.

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