Inspire Investing LLC Trims Stock Position in PTC Therapeutics, Inc. (NASDAQ:PTCT)

Inspire Investing LLC decreased its stake in PTC Therapeutics, Inc. (NASDAQ:PTCT) by 5.5% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 11,545 shares of the biopharmaceutical company’s stock after selling 669 shares during the period. Inspire Investing LLC’s holdings in PTC Therapeutics were worth $353,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of PTCT. Victory Capital Management Inc. purchased a new position in shares of PTC Therapeutics during the fourth quarter worth about $271,000. Charles Schwab Investment Management Inc. grew its stake in PTC Therapeutics by 2.4% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 610,918 shares of the biopharmaceutical company’s stock worth $16,837,000 after buying an additional 14,155 shares during the last quarter. Norges Bank acquired a new position in PTC Therapeutics during the fourth quarter worth approximately $15,058,000. UBS Group AG increased its position in PTC Therapeutics by 270.8% during the fourth quarter. UBS Group AG now owns 288,748 shares of the biopharmaceutical company’s stock worth $7,958,000 after buying an additional 210,883 shares during the period. Finally, Rafferty Asset Management LLC lifted its stake in PTC Therapeutics by 64.8% in the fourth quarter. Rafferty Asset Management LLC now owns 339,963 shares of the biopharmaceutical company’s stock valued at $9,369,000 after buying an additional 133,676 shares during the last quarter.

PTC Therapeutics Stock Up 1.3 %

Shares of NASDAQ PTCT opened at $36.64 on Monday. The stock has a market capitalization of $2.81 billion, a price-to-earnings ratio of -4.77 and a beta of 0.64. PTC Therapeutics, Inc. has a 52 week low of $17.53 and a 52 week high of $40.69. The firm has a 50-day moving average price of $33.41 and a 200 day moving average price of $32.44.

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

Insiders Place Their Bets

In other news, CFO Pierre Gravier sold 2,269 shares of the firm’s stock in a transaction on Tuesday, July 16th. The stock was sold at an average price of $34.02, for a total value of $77,191.38. Following the completion of the transaction, the chief financial officer now owns 53,531 shares in the company, valued at $1,821,124.62. The sale was disclosed in a document filed with the SEC, which is available at this link. 5.50% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of brokerages have recently commented on PTCT. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $64.00 target price on shares of PTC Therapeutics in a report on Tuesday, September 17th. Bank of America lifted their price objective on shares of PTC Therapeutics from $25.00 to $32.00 and gave the company an “underperform” rating in a research note on Friday, June 21st. The Goldman Sachs Group increased their target price on shares of PTC Therapeutics from $18.00 to $32.00 and gave the stock a “sell” rating in a research note on Tuesday, May 28th. JPMorgan Chase & Co. restated an “overweight” rating and issued a $53.00 price target on shares of PTC Therapeutics in a research report on Thursday, June 20th. Finally, Robert W. Baird assumed coverage on PTC Therapeutics in a research report on Wednesday, September 4th. They set an “outperform” rating and a $44.00 price objective for the company. Three equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating, six have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, PTC Therapeutics presently has an average rating of “Hold” and a consensus price target of $37.64.

About PTC Therapeutics

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.