Summit Global Investments Acquires New Position in PTC Therapeutics, Inc. $PTCT

Summit Global Investments acquired a new stake in shares of PTC Therapeutics, Inc. (NASDAQ:PTCT) in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 7,542 shares of the biopharmaceutical company’s stock, valued at approximately $615,000.

Other large investors have also bought and sold shares of the company. Vanguard Group Inc. grew its holdings in shares of PTC Therapeutics by 6.2% during the fourth quarter. Vanguard Group Inc. now owns 8,803,203 shares of the biopharmaceutical company’s stock valued at $668,691,000 after buying an additional 514,204 shares during the last quarter. Janus Henderson Group PLC raised its holdings in PTC Therapeutics by 48.3% in the 1st quarter. Janus Henderson Group PLC now owns 7,193,433 shares of the biopharmaceutical company’s stock worth $489,997,000 after acquiring an additional 2,342,101 shares during the last quarter. Wellington Management Group LLP lifted its position in PTC Therapeutics by 4.8% in the 3rd quarter. Wellington Management Group LLP now owns 4,918,619 shares of the biopharmaceutical company’s stock valued at $301,856,000 after acquiring an additional 224,481 shares in the last quarter. State Street Corp lifted its position in PTC Therapeutics by 34.2% in the 4th quarter. State Street Corp now owns 4,206,126 shares of the biopharmaceutical company’s stock valued at $319,497,000 after acquiring an additional 1,071,343 shares in the last quarter. Finally, Toronto Dominion Bank boosted its stake in PTC Therapeutics by 27.5% during the 4th quarter. Toronto Dominion Bank now owns 4,138,215 shares of the biopharmaceutical company’s stock valued at $314,339,000 after purchasing an additional 891,690 shares during the last quarter.

Insiders Place Their Bets

In other news, insider Eric Pauwels sold 21,277 shares of the stock in a transaction that occurred on Wednesday, June 10th. The shares were sold at an average price of $75.00, for a total value of $1,595,775.00. Following the transaction, the insider owned 73,411 shares in the company, valued at $5,505,825. This represents a 22.47% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, VP Mark Elliott Boulding sold 10,462 shares of the stock in a transaction that occurred on Wednesday, June 17th. The stock was sold at an average price of $78.65, for a total transaction of $822,836.30. Following the completion of the transaction, the vice president owned 105,272 shares in the company, valued at $8,279,642.80. This trade represents a 9.04% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders sold 190,030 shares of company stock valued at $15,654,065. 5.30% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on the company. Jefferies Financial Group raised PTC Therapeutics from a “hold” rating to a “buy” rating and upped their price target for the company from $76.00 to $85.00 in a report on Wednesday, May 27th. Weiss Ratings upgraded PTC Therapeutics from a “sell (d)” rating to a “sell (d+)” rating in a report on Friday, July 31st. Royal Bank Of Canada boosted their target price on PTC Therapeutics from $82.00 to $85.00 and gave the stock a “sector perform” rating in a research report on Tuesday, July 7th. TD Cowen upgraded shares of PTC Therapeutics from a “hold” rating to a “buy” rating and upped their target price for the company from $75.00 to $90.00 in a research note on Friday, May 8th. Finally, Cantor Fitzgerald upped their target price on shares of PTC Therapeutics from $124.00 to $130.00 and gave the company an “overweight” rating in a research note on Thursday, July 16th. One investment analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, two have given a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, PTC Therapeutics has a consensus rating of “Moderate Buy” and a consensus price target of $98.55.

PTC Therapeutics Price Performance

NASDAQ PTCT opened at $71.70 on Friday. The business’s fifty day moving average price is $77.79 and its 200-day moving average price is $72.49. The stock has a market capitalization of $5.98 billion, a price-to-earnings ratio of -123.62, a PEG ratio of 2.21 and a beta of 0.56. PTC Therapeutics, Inc. has a 1-year low of $47.94 and a 1-year high of $90.87.

PTC Therapeutics (NASDAQ:PTCT) last issued its quarterly earnings data on Thursday, July 30th. The biopharmaceutical company reported $0.92 EPS for the quarter, topping the consensus estimate of $0.24 by $0.68. PTC Therapeutics had a negative return on equity of 362.45% and a negative net margin of 3.80%.The company had revenue of $360.52 million during the quarter, compared to analyst estimates of $298.63 million. During the same quarter in the previous year, the company posted ($0.83) earnings per share. PTC Therapeutics’s revenue was up 101.5% compared to the same quarter last year. Equities research analysts anticipate that PTC Therapeutics, Inc. will post 1.17 EPS for the current year.

PTC Therapeutics Company Profile

PTC Therapeutics, Inc is a biopharmaceutical company focused on the discovery, development and commercialization of small molecule and biologic therapies for the treatment of rare genetic disorders. Since its founding in 1998, PTC has dedicated its efforts to addressing high unmet medical needs by targeting underlying genetic causes of disease. The company’s research platform emphasizes mechanisms such as nonsense suppression and RNA modulation, enabling the development of novel treatments for conditions with limited therapeutic options.

Among PTC’s approved products is Translarna (ataluren), a first-in-class therapy designed to treat nonsense mutation Duchenne muscular dystrophy in select markets.