Corient Private Wealth LP Makes New Investment in PTC Therapeutics, Inc. $PTCT

Corient Private Wealth LP purchased a new position in shares of PTC Therapeutics, Inc. (NASDAQ:PTCT) during the second quarter, Holdings Channel.com reports. The fund purchased 15,115 shares of the biopharmaceutical company’s stock, valued at approximately $1,233,000.

Several other large investors also recently made changes to their positions in the business. BlackRock Inc. purchased a new stake in PTC Therapeutics during the second quarter valued at about $1,139,089,000. Jupiter Topco LLC bought a new stake in PTC Therapeutics in the second quarter valued at about $590,182,000. Janus Henderson Group PLC grew its stake in PTC Therapeutics by 48.3% during the first quarter. Janus Henderson Group PLC now owns 7,193,433 shares of the biopharmaceutical company’s stock worth $489,997,000 after buying an additional 2,342,101 shares during the last quarter. Wellington Management Group LLP grew its holdings in shares of PTC Therapeutics by 4.8% during the third quarter. Wellington Management Group LLP now owns 4,918,619 shares of the biopharmaceutical company’s stock worth $301,856,000 after purchasing an additional 224,481 shares during the last quarter. Finally, State Street Corp raised its position in shares of PTC Therapeutics by 34.2% during the fourth quarter. State Street Corp now owns 4,206,126 shares of the biopharmaceutical company’s stock worth $319,497,000 after acquiring an additional 1,071,343 shares during the last quarter.

Insider Activity

In other news, Director Mary L. Smith sold 15,834 shares of the business’s stock in a transaction dated Thursday, July 9th. The stock was sold at an average price of $90.00, for a total value of $1,425,060.00. Following the completion of the sale, the director owned 21,813 shares of the company’s stock, valued at approximately $1,963,170. The trade was a 42.06% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Michael Schmertzler sold 12,500 shares of the stock in a transaction dated Wednesday, August 19th. The shares were sold at an average price of $73.32, for a total value of $916,500.00. Following the sale, the director owned 1,374,094 shares of the company’s stock, valued at $100,748,572.08. This represents a 0.90% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders sold 217,843 shares of company stock worth $17,686,454. Company insiders own 5.30% of the company’s stock.

PTC Therapeutics Price Performance

Shares of NASDAQ PTCT opened at $69.30 on Friday. The stock has a market capitalization of $5.78 billion, a P/E ratio of -119.48, a P/E/G ratio of 2.20 and a beta of 0.55. PTC Therapeutics, Inc. has a 1 year low of $56.51 and a 1 year high of $90.87. The company has a 50-day moving average price of $75.80 and a 200-day moving average price of $72.24.

PTC Therapeutics (NASDAQ:PTCT) last posted its quarterly earnings data on Thursday, July 30th. The biopharmaceutical company reported $0.92 EPS for the quarter, beating 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 business had revenue of $360.52 million for the quarter, compared to the consensus estimate of $298.63 million. During the same quarter in the prior year, the business earned ($0.83) earnings per share. PTC Therapeutics’s revenue for the quarter was up 101.5% on a year-over-year basis. As a group, equities research analysts anticipate that PTC Therapeutics, Inc. will post 1.17 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

PTCT has been the topic of several recent analyst reports. Royal Bank Of Canada boosted their price objective on shares of PTC Therapeutics from $82.00 to $85.00 and gave the company a “sector perform” rating in a report on Tuesday, July 7th. Citigroup raised shares of PTC Therapeutics from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $75.00 to $108.00 in a research report on Tuesday, June 9th. Zacks Research downgraded shares of PTC Therapeutics from a “strong-buy” rating to a “hold” rating in a research report on Thursday, August 6th. Jefferies Financial Group raised PTC Therapeutics from a “hold” rating to a “buy” rating and upped their price objective for the stock from $76.00 to $85.00 in a research report on Wednesday, May 27th. Finally, Wells Fargo & Company increased their price objective on PTC Therapeutics from $106.00 to $109.00 and gave the stock an “overweight” rating in a report on Thursday, August 13th. One investment analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, two have assigned a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $98.55.

About PTC Therapeutics

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.