Palo Alto Investors LP Invests $74.95 Million in PTC Therapeutics, Inc. $PTCT

Palo Alto Investors LP acquired a new position in shares of PTC Therapeutics, Inc. (NASDAQ:PTCT) in the 2nd quarter, according to the company in its most recent filing with the SEC. The fund acquired 918,846 shares of the biopharmaceutical company’s stock, valued at approximately $74,950,268. PTC Therapeutics makes up 0.0% of Palo Alto Investors LP’s portfolio, making the stock its biggest position. Palo Alto Investors LP owned about 1.10% of PTC Therapeutics as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the company. UMB Bank n.a. acquired a new stake in PTC Therapeutics in the fourth quarter valued at approximately $26,000. Comerica Bank increased its position in shares of PTC Therapeutics by 868.5% during the third quarter. Comerica Bank now owns 523 shares of the biopharmaceutical company’s stock worth $32,000 after purchasing an additional 469 shares in the last quarter. IFP Advisors Inc lifted its holdings in shares of PTC Therapeutics by 68.1% during the 3rd quarter. IFP Advisors Inc now owns 765 shares of the biopharmaceutical company’s stock valued at $47,000 after purchasing an additional 310 shares during the last quarter. Allworth Financial LP lifted its holdings in shares of PTC Therapeutics by 63.8% during the 4th quarter. Allworth Financial LP now owns 634 shares of the biopharmaceutical company’s stock valued at $48,000 after purchasing an additional 247 shares during the last quarter. Finally, EverSource Wealth Advisors LLC boosted its position in shares of PTC Therapeutics by 247.4% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,143 shares of the biopharmaceutical company’s stock worth $56,000 after purchasing an additional 814 shares in the last quarter.

Analysts Set New Price Targets

Several research analysts recently weighed in on the company. Cantor Fitzgerald boosted their target price on PTC Therapeutics from $124.00 to $130.00 and gave the stock an “overweight” rating in a research note on Thursday, July 16th. Royal Bank Of Canada increased their price target on PTC Therapeutics from $82.00 to $85.00 and gave the company a “sector perform” rating in a research note on Tuesday, July 7th. Citigroup raised PTC Therapeutics from a “neutral” rating to a “buy” rating and raised their price target for the stock from $75.00 to $108.00 in a report on Tuesday, June 9th. Zacks Research lowered PTC Therapeutics from a “strong-buy” rating to a “hold” rating in a research note on Thursday, August 6th. Finally, Wells Fargo & Company upped their price objective on shares of PTC Therapeutics from $106.00 to $109.00 and gave the company an “overweight” rating in a report on Thursday, August 13th. One research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, two have issued a Hold rating and two have issued a Sell rating to the company. According to MarketBeat.com, PTC Therapeutics presently has an average rating of “Moderate Buy” and a consensus target price of $98.55.

PTC Therapeutics Stock Performance

NASDAQ:PTCT opened at $70.09 on Friday. The firm’s fifty day moving average is $77.08 and its two-hundred day moving average is $72.27. The firm has a market cap of $5.85 billion, a price-to-earnings ratio of -120.84, a PEG ratio of 2.22 and a beta of 0.56. PTC Therapeutics, Inc. has a one year low of $48.96 and a one 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 analysts’ consensus estimates 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 business had revenue of $360.52 million for the quarter, compared to analysts’ expectations of $298.63 million. During the same quarter last year, the company earned ($0.83) EPS. The business’s revenue was up 101.5% on a year-over-year basis. As a group, equities research analysts predict that PTC Therapeutics, Inc. will post 1.17 earnings per share for the current fiscal year.

Insider Activity

In related news, Director Mary L. Smith sold 15,834 shares of the firm’s stock in a transaction dated Thursday, July 9th. The shares were 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 approximately $1,963,170. This trade represents a 42.06% decrease in their position. The sale 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, insider Neil Gregory Almstead sold 24,613 shares of the firm’s stock in a transaction that occurred on Tuesday, July 7th. The shares were sold at an average price of $88.89, for a total value of $2,187,849.57. Following the completion of the transaction, the insider owned 60,299 shares in the company, valued at approximately $5,359,978.11. This trade represents a 28.99% 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. Over the last 90 days, insiders have sold 217,843 shares of company stock worth $17,686,454. 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.