Hsbc Holdings PLC Reduces Holdings in PTC Therapeutics, Inc. $PTCT

Hsbc Holdings PLC lowered its position in PTC Therapeutics, Inc. (NASDAQ:PTCT) by 42.1% in the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 131,389 shares of the biopharmaceutical company’s stock after selling 95,670 shares during the quarter. Hsbc Holdings PLC owned about 0.16% of PTC Therapeutics worth $10,758,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in PTCT. UMB Bank n.a. purchased a new position in PTC Therapeutics in the 4th quarter valued at approximately $26,000. Comerica Bank boosted its holdings in shares of PTC Therapeutics by 868.5% in the third quarter. Comerica Bank now owns 523 shares of the biopharmaceutical company’s stock worth $32,000 after acquiring an additional 469 shares during the period. Allworth Financial LP grew its position in shares of PTC Therapeutics by 63.8% in the fourth quarter. Allworth Financial LP now owns 634 shares of the biopharmaceutical company’s stock valued at $48,000 after purchasing an additional 247 shares in the last quarter. IFP Advisors Inc grew its position in shares of PTC Therapeutics by 68.1% in the third quarter. IFP Advisors Inc now owns 765 shares of the biopharmaceutical company’s stock valued at $47,000 after purchasing an additional 310 shares in the last quarter. Finally, Smartleaf Asset Management LLC grew its position in shares of PTC Therapeutics by 96.4% in the fourth quarter. Smartleaf Asset Management LLC now owns 921 shares of the biopharmaceutical company’s stock valued at $70,000 after purchasing an additional 452 shares in the last quarter.

PTC Therapeutics Price Performance

Shares of PTCT opened at $67.57 on Thursday. PTC Therapeutics, Inc. has a 1 year low of $57.47 and a 1 year high of $90.87. The stock has a 50 day simple moving average of $75.02 and a two-hundred day simple moving average of $72.24. The firm has a market cap of $5.64 billion, a P/E ratio of -116.50, a P/E/G ratio of 2.12 and a beta of 0.55.

PTC Therapeutics (NASDAQ:PTCT) last posted its quarterly earnings results 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 net margin of 3.80% and a negative return on equity of 362.45%. The firm had revenue of $360.52 million for the quarter, compared to the consensus estimate of $298.63 million. During the same period last year, the firm posted ($0.83) earnings per share. The business’s revenue was up 101.5% compared to the same quarter last year. On average, equities analysts anticipate that PTC Therapeutics, Inc. will post 1.17 earnings per share for the current year.

Analyst Ratings Changes

PTCT has been the subject of several analyst reports. Morgan Stanley raised their target price on PTC Therapeutics from $93.00 to $104.00 and gave the stock an “overweight” rating in a research note on Friday, July 31st. Citigroup raised shares of PTC Therapeutics from a “neutral” rating to a “buy” rating and increased their price target for the stock from $75.00 to $108.00 in a report on Tuesday, June 9th. Jefferies Financial Group upgraded shares of PTC Therapeutics from a “hold” rating to a “buy” rating and raised their price objective for the company from $76.00 to $85.00 in a research report on Wednesday, May 27th. Zacks Research lowered shares of PTC Therapeutics from a “strong-buy” rating to a “hold” rating in a report on Thursday, August 6th. Finally, Weiss Ratings upgraded shares of PTC Therapeutics from a “sell (d)” rating to a “sell (d+)” rating in a research note on Tuesday, September 1st. One research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, two have given a Hold rating and two have given 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 target price of $98.55.

Insider Activity

In other PTC Therapeutics news, Director Mary L. Smith sold 15,834 shares of PTC Therapeutics stock in a transaction that occurred on 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 transaction, the director directly owned 21,813 shares of the company’s stock, valued at $1,963,170. The trade was a 42.06% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 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 that occurred on 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 directly owned 1,374,094 shares of the company’s stock, valued at approximately $100,748,572.08. This trade represents a 0.90% 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. In the last ninety days, insiders sold 196,566 shares of company stock valued at $16,090,679. Company insiders own 5.30% of the company’s stock.

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.