Seven Eight Capital LP Has $563,000 Position in PTC Therapeutics, Inc. (NASDAQ:PTCT)

Seven Eight Capital LP cut its position in shares of PTC Therapeutics, Inc. (NASDAQ:PTCT) by 68.6% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 18,415 shares of the biopharmaceutical company’s stock after selling 40,277 shares during the quarter. Seven Eight Capital LP’s holdings in PTC Therapeutics were worth $563,000 at the end of the most recent quarter.

A number of other institutional investors have also added to or reduced their stakes in PTCT. Choreo LLC lifted its position in shares of PTC Therapeutics by 4.1% in the 2nd quarter. Choreo LLC now owns 11,426 shares of the biopharmaceutical company’s stock worth $356,000 after acquiring an additional 452 shares during the period. Arizona State Retirement System lifted its position in PTC Therapeutics by 3.4% in the second quarter. Arizona State Retirement System now owns 19,301 shares of the biopharmaceutical company’s stock worth $590,000 after purchasing an additional 636 shares during the period. Diversified Trust Co boosted its stake in PTC Therapeutics by 5.6% during the second quarter. Diversified Trust Co now owns 15,317 shares of the biopharmaceutical company’s stock worth $468,000 after buying an additional 818 shares in the last quarter. ProShare Advisors LLC increased its holdings in PTC Therapeutics by 9.3% in the 1st quarter. ProShare Advisors LLC now owns 18,313 shares of the biopharmaceutical company’s stock valued at $533,000 after buying an additional 1,564 shares during the period. Finally, Allspring Global Investments Holdings LLC acquired a new position in shares of PTC Therapeutics in the 1st quarter valued at $46,000.

PTC Therapeutics Stock Up 1.3 %

Shares of PTCT stock opened at $36.64 on Friday. PTC Therapeutics, Inc. has a 12 month low of $17.53 and a 12 month high of $40.69. The firm has a market cap of $2.81 billion, a price-to-earnings ratio of -4.77 and a beta of 0.64. The stock has a 50-day moving average price of $33.41 and a 200 day moving average price of $32.43.

PTC Therapeutics (NASDAQ:PTCT) last posted its quarterly earnings results on Thursday, August 8th. The biopharmaceutical company reported ($1.16) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.00) by ($0.16). The company had revenue of $186.70 million for the quarter, compared to analyst estimates of $192.12 million. Sell-side analysts predict that PTC Therapeutics, Inc. will post -5.09 earnings per share for the current fiscal year.

Insider Activity

In related news, CFO Pierre Gravier sold 2,269 shares of PTC Therapeutics stock in a transaction that occurred on Tuesday, July 16th. The shares were sold at an average price of $34.02, for a total transaction of $77,191.38. Following the transaction, the chief financial officer now owns 53,531 shares of the company’s stock, valued at approximately $1,821,124.62. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 5.50% of the stock is currently owned by company insiders.

Analyst Ratings Changes

PTCT has been the topic of a number of analyst reports. Morgan Stanley upped their target price on shares of PTC Therapeutics from $30.00 to $32.00 and gave the company an “equal weight” rating in a research note on Friday, July 12th. JPMorgan Chase & Co. restated an “overweight” rating and set a $53.00 target price on shares of PTC Therapeutics in a research report on Thursday, June 20th. Barclays upped their price target on PTC Therapeutics from $25.00 to $31.00 and gave the company an “equal weight” rating in a research report on Friday, August 9th. Baird R W raised PTC Therapeutics to a “strong-buy” rating in a report on Wednesday, September 4th. Finally, UBS Group assumed coverage on shares of PTC Therapeutics in a report on Monday, August 26th. They issued a “buy” rating and a $47.00 target price on the stock. Three analysts have rated the stock with a sell rating, seven have given a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, PTC Therapeutics has an average rating of “Hold” and an average price target of $37.64.

PTC Therapeutics Company Profile

PTC Therapeutics, Inc, a biopharmaceutical company, focuses on the discovery, development, and commercialization of medicines to patients with rare disorders in the United States and internationally. The company offers Translarna and Emflaza for the treatment of Duchenne muscular dystrophy; Upstaza to treat aromatic l-amino acid decarboxylas (AADC) deficiency, a central nervous system disorder; Tegsedi and Waylivra for the treatment of rare diseases; and Evrysdi to treat spinal muscular atrophy (SMA) in adults and children.