Point72 Hong Kong Ltd Acquires 21,034 Shares of PTC Therapeutics, Inc. (NASDAQ:PTCT)

Point72 Hong Kong Ltd raised its holdings in shares of PTC Therapeutics, Inc. (NASDAQ:PTCT) by 184.5% in the 4th quarter, HoldingsChannel.com reports. The fund owned 32,436 shares of the biopharmaceutical company’s stock after purchasing an additional 21,034 shares during the quarter. Point72 Hong Kong Ltd’s holdings in PTC Therapeutics were worth $1,464,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. ProShare Advisors LLC raised its position in shares of PTC Therapeutics by 32.5% during the 4th quarter. ProShare Advisors LLC now owns 25,102 shares of the biopharmaceutical company’s stock valued at $1,133,000 after acquiring an additional 6,164 shares during the last quarter. Quantinno Capital Management LP bought a new stake in shares of PTC Therapeutics in the 4th quarter valued at $436,000. MPM Bioimpact LLC increased its position in shares of PTC Therapeutics by 384.6% in the 4th quarter. MPM Bioimpact LLC now owns 434,767 shares of the biopharmaceutical company’s stock valued at $19,625,000 after buying an additional 345,052 shares in the last quarter. Nuveen Asset Management LLC increased its position in shares of PTC Therapeutics by 34.0% in the 4th quarter. Nuveen Asset Management LLC now owns 1,077,794 shares of the biopharmaceutical company’s stock valued at $48,652,000 after buying an additional 273,638 shares in the last quarter. Finally, OCONNOR A Distinct Business Unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in shares of PTC Therapeutics by 49.2% in the 4th quarter. OCONNOR A Distinct Business Unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 46,894 shares of the biopharmaceutical company’s stock valued at $2,117,000 after buying an additional 15,459 shares in the last quarter.

Analysts Set New Price Targets

PTCT has been the subject of a number of research reports. Royal Bank of Canada increased their target price on PTC Therapeutics from $57.00 to $58.00 and gave the stock an “outperform” rating in a report on Wednesday, May 7th. Citigroup upgraded shares of PTC Therapeutics from a “sell” rating to a “neutral” rating and reduced their price objective for the stock from $50.00 to $40.00 in a research note on Wednesday, May 7th. Barclays reduced their price objective on shares of PTC Therapeutics from $56.00 to $42.00 and set an “equal weight” rating for the company in a research note on Thursday, May 8th. Bank of America upgraded shares of PTC Therapeutics from a “neutral” rating to a “buy” rating and increased their price objective for the stock from $55.00 to $68.00 in a research note on Friday, May 9th. Finally, JPMorgan Chase & Co. reduced their price objective on shares of PTC Therapeutics from $75.00 to $67.00 and set an “overweight” rating for the company in a research note on Wednesday, May 7th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $61.92.

PTC Therapeutics Stock Performance

Shares of NASDAQ:PTCT opened at $45.31 on Friday. PTC Therapeutics, Inc. has a 52-week low of $28.72 and a 52-week high of $58.38. The company has a market capitalization of $3.59 billion, a P/E ratio of -7.63 and a beta of 0.52. The company has a 50-day simple moving average of $48.35 and a 200 day simple moving average of $47.12.

PTC Therapeutics (NASDAQ:PTCT) last issued its earnings results on Tuesday, May 6th. The biopharmaceutical company reported $10.04 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.85 by $9.19. The firm had revenue of $1.18 billion during the quarter, compared to analyst estimates of $437.16 million. During the same quarter last year, the business posted ($1.20) earnings per share. The company’s revenue for the quarter was down 9.6% on a year-over-year basis. As a group, equities analysts forecast that PTC Therapeutics, Inc. will post -4.52 earnings per share for the current year.

Insider Buying and Selling at PTC Therapeutics

In other PTC Therapeutics news, CAO Christine Marie Utter sold 879 shares of the stock in a transaction dated Wednesday, February 19th. The shares were sold at an average price of $50.10, for a total value of $44,037.90. Following the transaction, the chief accounting officer now directly owns 63,442 shares of the company’s stock, valued at $3,178,444.20. This represents a 1.37% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Matthew B. Klein sold 2,804 shares of the stock in a transaction dated Tuesday, April 22nd. The shares were sold at an average price of $48.74, for a total transaction of $136,666.96. Following the completion of the transaction, the chief executive officer now directly owns 273,234 shares in the company, valued at approximately $13,317,425.16. This represents a 1.02% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 32,305 shares of company stock valued at $1,682,755 in the last three months. 5.50% of the stock is currently owned by company insiders.

About PTC Therapeutics

PTC Therapeutics, Inc, a biopharmaceutical company, focuses on the discovery, development, and commercialization of medicines to patients with rare disorders in the United States and internationally. The company offers Translarna and Emflaza for the treatment of Duchenne muscular dystrophy; Upstaza to treat aromatic l-amino acid decarboxylas (AADC) deficiency, a central nervous system disorder; Tegsedi and Waylivra for the treatment of rare diseases; and Evrysdi to treat spinal muscular atrophy (SMA) in adults and children.