Pictet Asset Management Holding SA Acquires 381,319 Shares of PTC Therapeutics, Inc. (NASDAQ:PTCT)

Pictet Asset Management Holding SA boosted its stake in PTC Therapeutics, Inc. (NASDAQ:PTCT) by 107.4% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 736,388 shares of the biopharmaceutical company’s stock after purchasing an additional 381,319 shares during the quarter. Pictet Asset Management Holding SA owned about 0.95% of PTC Therapeutics worth $33,241,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in the company. Point72 Asset Management L.P. lifted its position in PTC Therapeutics by 945.6% during 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 last quarter. Parkman Healthcare Partners LLC purchased a new stake in shares of PTC Therapeutics during the third quarter valued at $7,234,000. State Street Corp grew its stake 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 worth $107,554,000 after acquiring an additional 149,700 shares in the last quarter. Sector Gamma AS purchased a new position in PTC Therapeutics during the 4th quarter worth $2,945,000. Finally, Vanguard Group Inc. increased its stake in shares of PTC Therapeutics by 0.6% during the fourth quarter. Vanguard Group Inc. now owns 9,178,822 shares of the biopharmaceutical company’s stock valued at $414,332,000 after buying an additional 53,688 shares during the period.

PTC Therapeutics Price Performance

Shares of NASDAQ:PTCT opened at $54.24 on Monday. PTC Therapeutics, Inc. has a 1 year low of $24.00 and a 1 year high of $58.38. The firm has a market capitalization of $4.28 billion, a PE ratio of -9.13 and a beta of 0.66. The business’s 50 day moving average price is $51.04 and its 200-day moving average price is $45.24.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on PTCT. Barclays lifted their price objective on shares of PTC Therapeutics from $45.00 to $56.00 and gave the company an “equal weight” rating in a report on Tuesday, December 3rd. Scotiabank started 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 for the company. Cantor Fitzgerald boosted their price target on PTC Therapeutics from $76.00 to $113.00 and gave the company an “overweight” rating in a research note on Monday, February 3rd. Morgan Stanley reiterated an “overweight” rating and issued a $70.00 price objective (up previously from $67.00) on shares of PTC Therapeutics in a research note on Friday, March 7th. Finally, UBS Group upped their price objective on PTC Therapeutics from $47.00 to $71.00 and gave the stock a “buy” rating in a research report on Tuesday, December 3rd. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating, eight have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $64.00.

Insider Buying and Selling

In other PTC Therapeutics news, Director Stephanie Okey sold 5,000 shares of the company’s stock in a transaction 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 completion of the sale, the director now directly owns 8,867 shares in the company, valued at $478,818. This represents a 36.06 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Mark Elliott Boulding sold 1,543 shares of PTC Therapeutics stock in a transaction dated Tuesday, January 7th. The stock was sold at an average price of $45.34, for a total transaction of $69,959.62. Following the transaction, the vice president now directly owns 108,846 shares in the company, valued at $4,935,077.64. This trade represents a 1.40 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 43,391 shares of company stock worth $2,172,927. 5.50% of the stock is owned by insiders.

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.