Algert Global LLC Buys New Stake in PTC Therapeutics, Inc. (NASDAQ:PTCT)

Algert Global LLC bought a new stake in PTC Therapeutics, Inc. (NASDAQ:PTCT) in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 28,309 shares of the biopharmaceutical company’s stock, valued at approximately $866,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Allspring Global Investments Holdings LLC purchased a new position in shares of PTC Therapeutics in the first quarter valued at $46,000. Quest Partners LLC purchased a new position in shares of PTC Therapeutics in the second quarter valued at $128,000. Lazard Asset Management LLC grew its holdings 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 purchasing an additional 4,741 shares in the last quarter. Headlands Technologies LLC boosted its stake in PTC Therapeutics by 83.2% during the second quarter. Headlands Technologies LLC now owns 6,611 shares of the biopharmaceutical company’s stock worth $202,000 after buying an additional 3,002 shares during the period. Finally, Sanibel Captiva Trust Company Inc. bought a new position in PTC Therapeutics during the second quarter valued at $205,000.

PTC Therapeutics Stock Performance

NASDAQ:PTCT opened at $35.10 on Friday. The firm has a 50-day simple moving average of $34.01 and a 200-day simple moving average of $32.86. PTC Therapeutics, Inc. has a one year low of $17.53 and a one year high of $40.69. The firm has a market cap of $2.69 billion, a P/E ratio of -4.57 and a beta of 0.65.

PTC Therapeutics (NASDAQ:PTCT) last released its quarterly earnings data 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 analysts’ expectations of $192.12 million. On average, research analysts predict that PTC Therapeutics, Inc. will post -5.09 EPS for the current fiscal year.

Insider Activity

In other news, CFO Pierre Gravier sold 2,269 shares of the 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 directly owns 53,531 shares in the company, valued at approximately $1,821,124.62. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 5.50% of the company’s stock.

Analyst Upgrades and Downgrades

PTCT has been the subject of a number of recent analyst reports. UBS Group assumed coverage on shares of PTC Therapeutics in a research note on Monday, August 26th. They set a “buy” rating and a $47.00 price target for the company. Morgan Stanley increased their price target on PTC Therapeutics from $30.00 to $32.00 and gave the stock an “equal weight” rating in a report on Friday, July 12th. JPMorgan Chase & Co. restated an “overweight” rating and set a $53.00 price objective on shares of PTC Therapeutics in a report on Thursday, June 20th. Bank of America increased their target price on PTC Therapeutics from $25.00 to $32.00 and gave the stock an “underperform” rating in a research note on Friday, June 21st. Finally, Robert W. Baird initiated coverage on shares of PTC Therapeutics in a research note on Wednesday, September 4th. They set an “outperform” rating and a $44.00 target price for the company. Three research analysts have rated the stock with a sell rating, five have assigned a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $39.08.

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.