Sierra Summit Advisors LLC Invests $624,000 in PTC Therapeutics, Inc. $PTCT

Sierra Summit Advisors LLC bought a new position in PTC Therapeutics, Inc. (NASDAQ:PTCT) during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund bought 8,213 shares of the biopharmaceutical company’s stock, valued at approximately $624,000.

Other institutional investors have also made changes to their positions in the company. Smartleaf Asset Management LLC increased its position in shares of PTC Therapeutics by 101.3% in the third quarter. Smartleaf Asset Management LLC now owns 469 shares of the biopharmaceutical company’s stock worth $28,000 after acquiring an additional 236 shares in the last quarter. Optiver Holding B.V. grew its position in PTC Therapeutics by 96.5% in the third quarter. Optiver Holding B.V. now owns 507 shares of the biopharmaceutical company’s stock worth $31,000 after acquiring an additional 249 shares in the last quarter. Comerica Bank boosted its holdings in 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 purchasing an additional 469 shares in the last quarter. Salomon & Ludwin LLC bought a new stake in shares of PTC Therapeutics during the 4th quarter worth about $41,000. Finally, IFP Advisors Inc boosted its stake 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 worth $47,000 after acquiring an additional 310 shares in the last quarter.

PTC Therapeutics Stock Down 1.7%

Shares of NASDAQ:PTCT opened at $69.79 on Friday. The business has a 50 day moving average price of $68.93 and a 200 day moving average price of $72.43. PTC Therapeutics, Inc. has a twelve month low of $43.17 and a twelve month high of $87.50. The company has a market cap of $5.79 billion, a price-to-earnings ratio of -29.95, a PEG ratio of 13.24 and a beta of 0.53.

PTC Therapeutics (NASDAQ:PTCT) last announced its earnings results on Thursday, May 7th. The biopharmaceutical company reported ($0.03) earnings per share for the quarter, beating the consensus estimate of ($0.45) by $0.42. PTC Therapeutics had a negative return on equity of 362.45% and a negative net margin of 22.58%.The firm had revenue of $272.55 million during the quarter, compared to the consensus estimate of $217.42 million. During the same quarter in the prior year, the company earned $10.04 EPS. The firm’s revenue for the quarter was up 43.5% compared to the same quarter last year. Analysts anticipate that PTC Therapeutics, Inc. will post 0.19 EPS for the current year.

Insider Activity

In other PTC Therapeutics news, EVP Lee Scott Golden sold 829 shares of the stock in a transaction on Thursday, April 2nd. The shares were sold at an average price of $67.99, for a total value of $56,363.71. Following the completion of the sale, the executive vice president directly owned 79,115 shares of the company’s stock, valued at $5,379,028.85. This represents a 1.04% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, VP Mark Elliott Boulding sold 2,812 shares of the stock in a transaction on Friday, May 15th. The shares were sold at an average price of $72.18, for a total transaction of $202,970.16. Following the completion of the sale, the vice president directly owned 105,212 shares of the company’s stock, valued at approximately $7,594,202.16. This trade represents a 2.60% decrease in their ownership of the stock. 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 115,022 shares of company stock worth $7,925,979 over the last 90 days. Company insiders own 5.50% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on PTCT. Cantor Fitzgerald reiterated an “overweight” rating on shares of PTC Therapeutics in a research note on Friday, February 20th. Weiss Ratings downgraded shares of PTC Therapeutics from a “hold (c-)” rating to a “sell (d)” rating in a report on Monday, May 11th. Bank of America decreased their price objective on shares of PTC Therapeutics from $97.00 to $93.00 and set a “buy” rating for the company in a report on Friday, February 20th. Morgan Stanley reaffirmed an “overweight” rating and set a $94.00 price objective on shares of PTC Therapeutics in a report on Friday, May 8th. Finally, Royal Bank Of Canada upped their price objective on shares of PTC Therapeutics from $81.00 to $82.00 and gave the stock a “sector perform” rating in a report on Friday, May 8th. One research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, three have issued a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $88.36.

About PTC Therapeutics

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.