Millennium Management LLC Increases Stock Holdings in PTC Therapeutics, Inc. (NASDAQ:PTCT)

Millennium Management LLC grew its stake in shares of PTC Therapeutics, Inc. (NASDAQ:PTCT) by 123.2% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 317,579 shares of the biopharmaceutical company’s stock after purchasing an additional 175,289 shares during the quarter. Millennium Management LLC owned approximately 0.41% of PTC Therapeutics worth $9,712,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also modified their holdings of the stock. Wellington Management Group LLP raised its stake in PTC Therapeutics by 4.0% during the 4th quarter. Wellington Management Group LLP now owns 9,816,603 shares of the biopharmaceutical company’s stock worth $270,546,000 after acquiring an additional 380,415 shares in the last quarter. Vanguard Group Inc. grew its holdings in shares of PTC Therapeutics by 10.8% during the fourth quarter. Vanguard Group Inc. now owns 8,800,843 shares of the biopharmaceutical company’s stock worth $242,551,000 after purchasing an additional 855,354 shares during the last quarter. Los Angeles Capital Management LLC increased its position in shares of PTC Therapeutics by 23.1% during the first quarter. Los Angeles Capital Management LLC now owns 10,800 shares of the biopharmaceutical company’s stock worth $314,000 after purchasing an additional 2,024 shares in the last quarter. Allspring Global Investments Holdings LLC purchased a new stake in shares of PTC Therapeutics in the 1st quarter valued at about $46,000. Finally, Pinnacle Associates Ltd. boosted its position in shares of PTC Therapeutics by 1.8% in the 1st quarter. Pinnacle Associates Ltd. now owns 156,938 shares of the biopharmaceutical company’s stock valued at $4,565,000 after purchasing an additional 2,734 shares during the period.

PTC Therapeutics Stock Up 16.5 %

NASDAQ:PTCT opened at $40.77 on Wednesday. The firm’s fifty day simple moving average is $34.22 and its 200-day simple moving average is $33.00. The stock has a market cap of $3.13 billion, a PE ratio of -5.31 and a beta of 0.65. PTC Therapeutics, Inc. has a fifty-two week low of $17.53 and a fifty-two week high of $41.81.

PTC Therapeutics (NASDAQ:PTCT) last issued its earnings results 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 business had revenue of $186.70 million for the quarter, compared to the consensus estimate of $192.12 million. Equities analysts anticipate that PTC Therapeutics, Inc. will post -5.09 earnings per share for the current year.

Insider Buying and Selling

In other news, CFO Pierre Gravier sold 2,269 shares of the firm’s stock in a transaction on Tuesday, July 16th. The stock was sold at an average price of $34.02, for a total value of $77,191.38. Following the completion of the transaction, the chief financial officer now owns 53,531 shares in the company, valued at $1,821,124.62. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 5.50% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

Several research firms have commented on PTCT. Baird R W raised PTC Therapeutics to a “strong-buy” rating in a research report on Wednesday, September 4th. Barclays lifted their target price on shares of PTC Therapeutics from $25.00 to $31.00 and gave the company an “equal weight” rating in a report on Friday, August 9th. Cantor Fitzgerald reissued an “overweight” rating and set a $64.00 price objective on shares of PTC Therapeutics in a research report on Tuesday, September 17th. Robert W. Baird reaffirmed an “outperform” rating and issued a $44.00 target price on shares of PTC Therapeutics in a report on Tuesday. Finally, JPMorgan Chase & Co. reissued an “overweight” rating and set a $53.00 price target on shares of PTC Therapeutics in a report on Thursday, June 20th. Three research analysts have rated the stock with a sell rating, five have assigned a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average target price 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.