Squarepoint Ops LLC Buys New Position in PTC Therapeutics, Inc. (NASDAQ:PTCT)

Squarepoint Ops LLC purchased a new position in shares of PTC Therapeutics, Inc. (NASDAQ:PTCT) during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 122,890 shares of the biopharmaceutical company’s stock, valued at approximately $3,758,000. Squarepoint Ops LLC owned 0.16% of PTC Therapeutics at the end of the most recent reporting period.

Several other hedge funds have also made changes to their positions in the business. Allspring Global Investments Holdings LLC purchased a new stake in PTC Therapeutics during the 1st quarter worth approximately $46,000. Quest Partners LLC purchased a new stake in shares of PTC Therapeutics during the second quarter worth $128,000. Lazard Asset Management LLC raised its stake in shares of PTC Therapeutics by 268.9% in the first quarter. Lazard Asset Management LLC now owns 6,504 shares of the biopharmaceutical company’s stock valued at $188,000 after acquiring an additional 4,741 shares in the last quarter. Headlands Technologies LLC boosted its holdings in PTC Therapeutics by 83.2% in the second quarter. Headlands Technologies LLC now owns 6,611 shares of the biopharmaceutical company’s stock valued at $202,000 after purchasing an additional 3,002 shares during the period. Finally, Sanibel Captiva Trust Company Inc. acquired a new position in PTC Therapeutics during the 2nd quarter worth $205,000.

Insider Activity

In related news, CFO Pierre Gravier sold 2,269 shares of the stock in a transaction dated Tuesday, July 16th. The shares were sold at an average price of $34.02, for a total transaction of $77,191.38. Following the completion of the transaction, the chief financial officer now directly owns 53,531 shares of the company’s stock, valued at $1,821,124.62. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 5.50% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on PTCT shares. JPMorgan Chase & Co. reiterated an “overweight” rating and issued a $53.00 price objective on shares of PTC Therapeutics in a research note on Thursday, June 20th. Cantor Fitzgerald reiterated an “overweight” rating and set a $64.00 price target on shares of PTC Therapeutics in a report on Tuesday, September 17th. Robert W. Baird began coverage on shares of PTC Therapeutics in a report on Wednesday, September 4th. They issued an “outperform” rating and a $44.00 price objective on the stock. Baird R W raised shares of PTC Therapeutics to a “strong-buy” rating in a research report on Wednesday, September 4th. Finally, Barclays increased their target price on PTC Therapeutics from $25.00 to $31.00 and gave the company an “equal weight” rating in a report on Friday, August 9th. 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 assigned a strong buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $37.64.

PTC Therapeutics Trading Down 2.8 %

Shares of PTCT stock opened at $36.05 on Wednesday. The company has a market capitalization of $2.76 billion, a P/E ratio of -4.69 and a beta of 0.64. The business’s 50 day moving average is $33.86 and its two-hundred day moving average is $32.71. PTC Therapeutics, Inc. has a twelve month low of $17.53 and a twelve month high of $40.69.

PTC Therapeutics (NASDAQ:PTCT) last posted its quarterly earnings data 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 analysts’ expectations of $192.12 million. As a group, equities analysts predict that PTC Therapeutics, Inc. will post -5.09 earnings per share for the current fiscal year.

PTC Therapeutics 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.