Bank of New York Mellon Corp Trims Stock Position in PTC Therapeutics, Inc. (NASDAQ:PTCT)

Bank of New York Mellon Corp cut its stake in shares of PTC Therapeutics, Inc. (NASDAQ:PTCT) by 0.6% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 216,882 shares of the biopharmaceutical company’s stock after selling 1,315 shares during the period. Bank of New York Mellon Corp owned approximately 0.28% of PTC Therapeutics worth $9,790,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Choreo LLC raised its stake in PTC Therapeutics by 2.0% during the 4th quarter. Choreo LLC now owns 11,961 shares of the biopharmaceutical company’s stock valued at $541,000 after acquiring an additional 240 shares during the last quarter. Janney Montgomery Scott LLC raised its stake in PTC Therapeutics by 8.3% during the 4th quarter. Janney Montgomery Scott LLC now owns 5,965 shares of the biopharmaceutical company’s stock valued at $269,000 after acquiring an additional 455 shares during the last quarter. KBC Group NV raised its stake in PTC Therapeutics by 29.2% during the 3rd quarter. KBC Group NV now owns 2,232 shares of the biopharmaceutical company’s stock valued at $83,000 after acquiring an additional 504 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in PTC Therapeutics by 6.1% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 15,413 shares of the biopharmaceutical company’s stock valued at $572,000 after acquiring an additional 884 shares during the last quarter. Finally, Venturi Wealth Management LLC purchased a new stake in PTC Therapeutics during the 4th quarter valued at approximately $68,000.

Insider Buying and Selling at PTC Therapeutics

In other PTC Therapeutics news, CEO Matthew B. Klein sold 8,279 shares of the stock in a transaction on Tuesday, December 31st. The stock was sold at an average price of $45.16, for a total transaction of $373,879.64. Following the sale, the chief executive officer now owns 217,528 shares in the company, valued at approximately $9,823,564.48. This represents a 3.67 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Mark Elliott Boulding sold 15,521 shares of the stock in a transaction on Wednesday, March 12th. The shares were sold at an average price of $53.30, for a total value of $827,269.30. Following the sale, the vice president now owns 103,901 shares in the company, valued at approximately $5,537,923.30. This trade represents a 13.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 38,391 shares of company stock worth $1,902,927. 5.50% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several analysts have commented on PTCT shares. Citigroup upped their price objective on PTC Therapeutics from $32.00 to $45.00 and gave the company a “sell” rating in a research note on Wednesday, February 12th. Cantor Fitzgerald boosted their target price on PTC Therapeutics from $76.00 to $113.00 and gave the stock an “overweight” rating in a research report on Monday, February 3rd. StockNews.com cut PTC Therapeutics from a “buy” rating to a “hold” rating in a research report on Monday, February 17th. Robert W. Baird boosted their target price on PTC Therapeutics from $52.00 to $70.00 and gave the stock an “outperform” rating in a research report on Tuesday, December 3rd. Finally, JPMorgan Chase & Co. boosted their target price on PTC Therapeutics from $72.00 to $78.00 and gave the stock an “overweight” rating in a research report on Friday. Two analysts have rated the stock with a sell rating, five have issued a hold rating, eight have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $64.00.

PTC Therapeutics Price Performance

PTCT opened at $54.50 on Friday. The stock has a market cap of $4.30 billion, a P/E ratio of -9.18 and a beta of 0.66. The stock’s 50 day simple moving average is $48.60 and its 200 day simple moving average is $43.51. PTC Therapeutics, Inc. has a 1-year low of $24.00 and a 1-year high of $55.65.

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.