PTC Therapeutics, Inc. $PTCT Shares Sold by Assenagon Asset Management S.A.

Assenagon Asset Management S.A. cut its stake in shares of PTC Therapeutics, Inc. (NASDAQ:PTCT) by 49.7% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 54,170 shares of the biopharmaceutical company’s stock after selling 53,478 shares during the quarter. Assenagon Asset Management S.A. owned about 0.07% of PTC Therapeutics worth $4,115,000 as of its most recent SEC filing.

Several other hedge funds have also recently made changes to their positions in PTCT. Empowered Funds LLC acquired a new position in PTC Therapeutics in the 1st quarter worth approximately $1,999,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in PTC Therapeutics by 11.5% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 178,755 shares of the biopharmaceutical company’s stock valued at $9,109,000 after purchasing an additional 18,504 shares during the period. PNC Financial Services Group Inc. lifted its position in 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 purchasing an additional 295 shares during the period. Swiss National Bank boosted its holdings in PTC Therapeutics by 0.7% in the second quarter. Swiss National Bank now owns 135,565 shares of the biopharmaceutical company’s stock valued at $6,621,000 after purchasing an additional 1,000 shares during the last quarter. Finally, Legal & General Group Plc boosted its holdings in PTC Therapeutics by 15.6% in the second quarter. Legal & General Group Plc now owns 222,837 shares of the biopharmaceutical company’s stock valued at $10,883,000 after purchasing an additional 29,993 shares during the last quarter.

PTC Therapeutics Price Performance

Shares of NASDAQ:PTCT opened at $66.13 on Monday. The business’s 50 day moving average price is $69.75 and its 200-day moving average price is $70.87. PTC Therapeutics, Inc. has a 1 year low of $35.95 and a 1 year high of $87.50. The firm has a market capitalization of $5.47 billion, a price-to-earnings ratio of 8.54 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) EPS for the quarter, missing the consensus estimate of ($0.21) by ($1.46). The company had revenue of $164.68 million during the quarter, compared to analysts’ expectations of $281.45 million. PTC Therapeutics had a negative return on equity of 362.45% and a net margin of 39.44%.PTC Therapeutics’s revenue was down 22.7% compared to the same quarter last year. During the same period in the previous year, the firm posted ($0.85) EPS. On average, sell-side analysts expect that PTC Therapeutics, Inc. will post -4.52 earnings per share for the current year.

Insider Transactions at PTC Therapeutics

In related news, VP Mark Elliott Boulding sold 4,879 shares of PTC Therapeutics stock in a transaction dated Wednesday, January 7th. The stock was sold at an average price of $77.44, for a total value of $377,829.76. Following the sale, the vice president directly owned 117,659 shares in the company, valued at approximately $9,111,512.96. The trade was a 3.98% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Stephanie Okey sold 15,167 shares of the business’s stock in a transaction that occurred on Tuesday, March 10th. The stock was 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 ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 137,755 shares of company stock worth $9,945,471 in the last three months. 5.50% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on PTCT shares. Weiss Ratings restated a “hold (c)” rating on shares of PTC Therapeutics in a research note on Monday, December 29th. Truist Financial upgraded PTC Therapeutics to a “strong-buy” rating in a research report on Wednesday, March 25th. Wells Fargo & Company decreased their price target on PTC Therapeutics from $93.00 to $86.00 and set an “overweight” rating for the company in a report on Friday, February 20th. Bank of America lowered their price objective on PTC Therapeutics from $97.00 to $93.00 and set a “buy” rating on the stock in a research report on Friday, February 20th. Finally, TD Cowen reaffirmed a “hold” rating on shares of PTC Therapeutics in a research note on Thursday, January 29th. One investment analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $82.79.

PTC Therapeutics Company 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.