Legal & General Group Plc Purchases 124,923 Shares of PTC Therapeutics, Inc. $PTCT

Legal & General Group Plc increased its stake in PTC Therapeutics, Inc. (NASDAQ:PTCT) by 51.8% in the 4th quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 366,265 shares of the biopharmaceutical company’s stock after purchasing an additional 124,923 shares during the quarter. Legal & General Group Plc’s holdings in PTC Therapeutics were worth $27,821,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. WCM Investment Management LLC purchased a new stake in shares of PTC Therapeutics in the third quarter worth about $8,919,000. Teachers Retirement System of The State of Kentucky grew its stake in PTC Therapeutics by 86.9% during the fourth quarter. Teachers Retirement System of The State of Kentucky now owns 40,858 shares of the biopharmaceutical company’s stock valued at $3,103,000 after acquiring an additional 19,000 shares in the last quarter. Thrivent Financial for Lutherans purchased a new position in PTC Therapeutics during the fourth quarter valued at approximately $4,191,000. Jefferies Financial Group Inc. purchased a new position in PTC Therapeutics during the third quarter valued at approximately $97,252,000. Finally, Ritholtz Wealth Management purchased a new position in PTC Therapeutics during the fourth quarter valued at approximately $1,863,000.

Insider Activity at PTC Therapeutics

In other PTC Therapeutics news, insider Neil Gregory Almstead sold 52,003 shares of the stock in a transaction that occurred on Wednesday, April 1st. The stock was sold at an average price of $69.04, for a total value of $3,590,287.12. Following the completion of the sale, the insider owned 60,137 shares in the company, valued at approximately $4,151,858.48. This trade represents a 46.37% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, VP Mark Elliott Boulding sold 2,812 shares of the stock in a transaction that occurred on Friday, May 15th. The stock was sold at an average price of $72.18, for a total value of $202,970.16. Following the completion of the transaction, the vice president directly owned 105,212 shares of the company’s stock, valued at $7,594,202.16. This represents a 2.60% 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. Insiders sold a total of 115,022 shares of company stock worth $7,925,979 over the last three months. Corporate insiders own 5.50% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on the company. Wells Fargo & Company boosted their target price on PTC Therapeutics from $86.00 to $95.00 and gave the stock an “overweight” rating in a research report on Friday, May 8th. Jefferies Financial Group upgraded PTC Therapeutics from a “hold” rating to a “buy” rating and upped their target price for the stock from $76.00 to $85.00 in a research note on Wednesday, May 27th. Raymond James Financial started coverage on PTC Therapeutics in a research note on Friday, April 10th. They issued an “outperform” rating and a $108.00 target price on the stock. Weiss Ratings lowered PTC Therapeutics from a “hold (c-)” rating to a “sell (d)” rating in a research note on Monday, May 11th. Finally, TD Cowen upgraded shares of PTC Therapeutics from a “hold” rating to a “buy” rating and lifted their target price for the company from $75.00 to $90.00 in a research report on Friday, May 8th. One 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 assigned a Sell rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $89.00.

PTC Therapeutics Stock Performance

PTCT opened at $73.85 on Monday. The stock has a 50-day moving average price of $69.46 and a 200-day moving average price of $72.41. PTC Therapeutics, Inc. has a 12-month low of $43.17 and a 12-month high of $87.50. The stock has a market capitalization of $6.13 billion, a P/E ratio of -31.70, a PEG ratio of 6.70 and a beta of 0.55.

PTC Therapeutics (NASDAQ:PTCT) last posted its quarterly earnings data on Thursday, May 7th. The biopharmaceutical company reported ($0.03) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.45) by $0.42. The firm had revenue of $272.55 million during the quarter, compared to analysts’ expectations of $217.42 million. PTC Therapeutics had a negative return on equity of 362.45% and a negative net margin of 22.58%.The company’s revenue for the quarter was up 43.5% compared to the same quarter last year. During the same period in the prior year, the business earned $10.04 EPS. On average, equities research analysts predict that PTC Therapeutics, Inc. will post 0.4 EPS for the current year.

PTC Therapeutics 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.