PTC Therapeutics, Inc. $PTCT Stock Bought by CenterBook Partners LP

CenterBook Partners LP raised its stake in PTC Therapeutics, Inc. (NASDAQ:PTCT) by 25.1% during the third quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 47,292 shares of the biopharmaceutical company’s stock after acquiring an additional 9,497 shares during the period. CenterBook Partners LP’s holdings in PTC Therapeutics were worth $3,064,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Rock Springs Capital Management LP raised its position in shares of PTC Therapeutics by 161.5% during the 1st quarter. Rock Springs Capital Management LP now owns 161,798 shares of the biopharmaceutical company’s stock valued at $11,023,000 after buying an additional 99,919 shares in the last quarter. Parkman Healthcare Partners LLC bought a new position in shares of PTC Therapeutics in the 2nd quarter valued at about $35,539,000. VIRGINIA RETIREMENT SYSTEMS ET Al bought a new position in shares of PTC Therapeutics in the 2nd quarter valued at about $2,321,000. Janus Henderson Group PLC lifted its holdings in shares of 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 valued at $489,997,000 after acquiring an additional 2,342,101 shares during the last quarter. Finally, The Manufacturers Life Insurance Company purchased a new position in PTC Therapeutics in the second quarter worth about $36,050,000.

Analysts Set New Price Targets

Several equities research analysts have weighed in on the company. Zacks Research cut PTC Therapeutics from a “strong-buy” rating to a “hold” rating in a research note on Thursday, August 6th. Barclays upped their price objective on PTC Therapeutics from $120.00 to $122.00 and gave the company an “overweight” rating in a research report on Friday, August 14th. TD Cowen raised their price objective on PTC Therapeutics from $90.00 to $95.00 and gave the company a “buy” rating in a research note on Friday, October 30th. Leerink Partners started coverage on PTC Therapeutics in a report on Monday, September 14th. They issued an “outperform” rating and a $98.00 target price for the company. Finally, Citigroup lifted their target price on PTC Therapeutics from $108.00 to $109.00 and gave the stock a “buy” rating in a report on Monday, November 2nd. One investment analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, three have given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $99.23.

PTC Therapeutics Trading Down 0.4%

Shares of PTCT opened at $65.44 on Friday. The company’s fifty day simple moving average is $64.77 and its 200-day simple moving average is $70.56. The company has a market cap of $5.47 billion, a P/E ratio of -46.74, a P/E/G ratio of 3.94 and a beta of 0.52. PTC Therapeutics, Inc. has a twelve month low of $58.80 and a twelve month high of $90.87.

PTC Therapeutics (NASDAQ:PTCT) last released its quarterly earnings results on Thursday, October 29th. The biopharmaceutical company reported ($0.62) EPS for the quarter, missing analysts’ consensus estimates of $0.14 by ($0.76). The company had revenue of $357.81 million for the quarter, compared to analysts’ expectations of $306.43 million. The company’s revenue for the quarter was up 69.6% compared to the same quarter last year. During the same period in the previous year, the company posted $0.20 earnings per share. Analysts predict that PTC Therapeutics, Inc. will post 0.60 earnings per share for the current fiscal year.

PTC Therapeutics declared that its Board of Directors has approved a stock buyback plan on Tuesday, November 3rd that allows the company to buy back $500 million in outstanding shares. This repurchase authorization allows the biopharmaceutical company to purchase up to 9.8% of its stock through open market purchases. Share repurchase plans are typically an indication that the company’s board of directors believes its shares are undervalued.

Insider Buying and Selling

In other PTC Therapeutics news, VP Mark Boulding sold 435 shares of the firm’s stock in a transaction dated Tuesday, October 6th. The shares were sold at an average price of $64.16, for a total value of $27,909.60. Following the completion of the sale, the vice president owned 105,272 shares of the company’s stock, valued at $6,754,251.52. This trade represents a 0.41% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Michael Schmertzler sold 2,500 shares of the firm’s stock in a transaction dated Wednesday, October 14th. The stock was sold at an average price of $59.61, for a total transaction of $149,025.00. Following the completion of the sale, the director directly owned 1,291,594 shares of the company’s stock, valued at approximately $76,991,918.34. The trade was a 0.19% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 67,078 shares of company stock valued at $4,616,538 in the last ninety days. 5.30% of the stock is owned by company insiders.

PTC Therapeutics Company Profile

PTC Therapeutics, Inc is a biopharmaceutical company focused on discovering, developing and commercializing medicines for rare diseases. Its research programs include small-molecule treatments, gene therapies and other approaches designed to address conditions with limited or no available treatment options.

The company’s commercial portfolio has included Emflaza (deflazacort), a corticosteroid approved in the United States to treat Duchenne muscular dystrophy, and Upstaza (eladocagene exuparvovec), a gene therapy authorized in the European Union for aromatic L-amino acid decarboxylase deficiency.