Corebridge Financial Inc. Lowers Stock Position in PTC Therapeutics, Inc. (NASDAQ:PTCT)

Corebridge Financial Inc. decreased its holdings in PTC Therapeutics, Inc. (NASDAQ:PTCT) by 7.0% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 37,864 shares of the biopharmaceutical company’s stock after selling 2,859 shares during the quarter. Corebridge Financial Inc.’s holdings in PTC Therapeutics were worth $1,709,000 at the end of the most recent quarter.

Other large investors have also recently bought and sold shares of the company. Point72 Asset Management L.P. increased its stake in PTC Therapeutics by 945.6% in the third quarter. Point72 Asset Management L.P. now owns 575,860 shares of the biopharmaceutical company’s stock valued at $21,364,000 after purchasing an additional 643,960 shares during the period. Parkman Healthcare Partners LLC acquired a new position in PTC Therapeutics in the 3rd quarter valued at about $7,234,000. State Street Corp raised its stake in PTC Therapeutics by 5.4% during the 3rd quarter. State Street Corp now owns 2,899,040 shares of the biopharmaceutical company’s stock valued at $107,554,000 after acquiring an additional 149,700 shares during the last quarter. Sector Gamma AS purchased a new position in shares of PTC Therapeutics in the 4th quarter valued at approximately $2,945,000. Finally, Vanguard Group Inc. increased its holdings in shares of PTC Therapeutics by 0.6% in the fourth quarter. Vanguard Group Inc. now owns 9,178,822 shares of the biopharmaceutical company’s stock valued at $414,332,000 after purchasing an additional 53,688 shares during the period.

PTC Therapeutics Stock Up 3.8 %

Shares of PTCT stock opened at $48.37 on Thursday. The stock has a market cap of $3.81 billion, a P/E ratio of -8.14 and a beta of 0.58. PTC Therapeutics, Inc. has a fifty-two week low of $24.00 and a fifty-two week high of $58.38. The business has a fifty day simple moving average of $51.27 and a 200-day simple moving average of $45.48.

Analysts Set New Price Targets

PTCT has been the topic of a number of analyst reports. Scotiabank assumed coverage on shares of PTC Therapeutics in a research report on Friday, March 7th. They issued a “sector perform” rating and a $55.00 price objective on the stock. The Goldman Sachs Group boosted their price target on shares of PTC Therapeutics from $32.00 to $42.00 and gave the stock a “sell” rating in a research note on Wednesday, December 4th. StockNews.com downgraded shares of PTC Therapeutics from a “buy” rating to a “hold” rating in a research report on Monday, February 17th. JPMorgan Chase & Co. lowered their price objective on PTC Therapeutics from $78.00 to $75.00 and set an “overweight” rating on the stock in a report on Monday. Finally, Morgan Stanley reissued an “overweight” rating and set a $70.00 target price (up from $67.00) on shares of PTC Therapeutics in a research note on Friday, March 7th. Two research analysts have rated the stock with a sell rating, five have assigned 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.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $63.77.

Insider Activity at PTC Therapeutics

In related news, Director Stephanie Okey sold 5,000 shares of the company’s stock in a transaction that occurred on Thursday, March 13th. The stock was sold at an average price of $54.00, for a total value of $270,000.00. Following the sale, the director now owns 8,867 shares of the company’s stock, valued at approximately $478,818. This represents a 36.06 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Lee Scott Golden sold 795 shares of the stock in a transaction on Wednesday, February 19th. The shares were sold at an average price of $50.10, for a total value of $39,829.50. Following the sale, the executive vice president now owns 77,856 shares in the company, valued at approximately $3,900,585.60. This trade represents a 1.01 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 35,112 shares of company stock valued at $1,799,047. Insiders own 5.50% of the company’s stock.

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.