Principal Financial Group Inc. Lowers Stake in PTC Therapeutics, Inc. (NASDAQ:PTCT)

Principal Financial Group Inc. decreased its position in shares of PTC Therapeutics, Inc. (NASDAQ:PTCT) by 45.8% during the 3rd quarter, according to its most recent disclosure with the SEC. The firm owned 6,676 shares of the biopharmaceutical company’s stock after selling 5,646 shares during the period. Principal Financial Group Inc.’s holdings in PTC Therapeutics were worth $248,000 as of its most recent SEC filing.

A number of other hedge funds have also recently bought and sold shares of the company. Geode Capital Management LLC lifted its stake in shares of PTC Therapeutics by 0.6% during the 3rd quarter. Geode Capital Management LLC now owns 1,798,666 shares of the biopharmaceutical company’s stock worth $66,743,000 after purchasing an additional 10,886 shares during the period. Two Sigma Advisers LP boosted its stake in PTC Therapeutics by 10.3% in the 3rd quarter. Two Sigma Advisers LP now owns 429,842 shares of the biopharmaceutical company’s stock worth $15,947,000 after buying an additional 40,300 shares during the last quarter. Sphera Funds Management LTD. grew its holdings in PTC Therapeutics by 25.5% in the 3rd quarter. Sphera Funds Management LTD. now owns 118,345 shares of the biopharmaceutical company’s stock valued at $4,391,000 after buying an additional 24,027 shares during the period. State Street Corp grew its holdings in PTC Therapeutics by 5.4% in the 3rd quarter. State Street Corp now owns 2,899,040 shares of the biopharmaceutical company’s stock valued at $107,554,000 after buying an additional 149,700 shares during the period. Finally, Point72 Asset Management L.P. increased its stake in shares of PTC Therapeutics by 945.6% during the 3rd quarter. Point72 Asset Management L.P. now owns 575,860 shares of the biopharmaceutical company’s stock valued at $21,364,000 after acquiring an additional 643,960 shares during the last quarter.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on PTCT shares. StockNews.com downgraded shares of PTC Therapeutics from a “buy” rating to a “hold” rating in a report on Wednesday, December 18th. Wells Fargo & Company boosted their price objective on shares of PTC Therapeutics from $56.00 to $68.00 and gave the company an “overweight” rating in a research note on Tuesday, November 26th. UBS Group increased their target price on PTC Therapeutics from $47.00 to $71.00 and gave the stock a “buy” rating in a research report on Tuesday, December 3rd. Raymond James started coverage on PTC Therapeutics in a research report on Thursday, October 10th. They set a “market perform” rating for the company. Finally, The Goldman Sachs Group raised their price objective on PTC Therapeutics from $32.00 to $42.00 and gave the stock a “sell” rating in a report on Wednesday, December 4th. Three analysts have rated the stock with a sell rating, four have given a hold rating, eight have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, PTC Therapeutics presently has an average rating of “Hold” and an average target price of $54.08.

Insiders Place Their Bets

In other PTC Therapeutics news, VP Mark Elliott Boulding sold 85,600 shares of the stock in a transaction on Monday, December 2nd. The shares were sold at an average price of $52.26, for a total transaction of $4,473,456.00. Following the transaction, the vice president now directly owns 92,389 shares in the company, valued at $4,828,249.14. This represents a 48.09 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CAO Christine Marie Utter sold 17,800 shares of the business’s stock in a transaction dated Monday, December 2nd. The stock was sold at an average price of $51.77, for a total transaction of $921,506.00. Following the completion of the sale, the chief accounting officer now directly owns 52,428 shares of the company’s stock, valued at $2,714,197.56. The trade was a 25.35 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 205,229 shares of company stock worth $10,625,615 in the last quarter. 5.50% of the stock is owned by corporate insiders.

PTC Therapeutics Trading Down 1.6 %

Shares of PTCT stock opened at $45.78 on Tuesday. The firm has a fifty day simple moving average of $44.89 and a 200-day simple moving average of $38.24. The company has a market capitalization of $3.53 billion, a PE ratio of -7.71 and a beta of 0.62. PTC Therapeutics, Inc. has a twelve month low of $23.58 and a twelve month high of $54.16.

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.