Principal Financial Group Inc. Increases Position in PTC Therapeutics, Inc. $PTCT

Principal Financial Group Inc. increased its holdings in PTC Therapeutics, Inc. (NASDAQ:PTCT) by 25.3% in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 67,677 shares of the biopharmaceutical company’s stock after purchasing an additional 13,677 shares during the quarter. Principal Financial Group Inc. owned 0.09% of PTC Therapeutics worth $4,153,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of the business. Arizona State Retirement System increased its position in shares of PTC Therapeutics by 2.0% in the third quarter. Arizona State Retirement System now owns 21,101 shares of the biopharmaceutical company’s stock valued at $1,295,000 after buying an additional 406 shares in the last quarter. New York State Common Retirement Fund grew its stake in PTC Therapeutics by 20.0% in the 3rd quarter. New York State Common Retirement Fund now owns 30,516 shares of the biopharmaceutical company’s stock valued at $1,873,000 after acquiring an additional 5,095 shares during the period. Vanguard Personalized Indexing Management LLC purchased a new stake in PTC Therapeutics in the 3rd quarter worth $230,000. Sector Gamma AS raised its position in PTC Therapeutics by 28.0% during the third quarter. Sector Gamma AS now owns 118,112 shares of the biopharmaceutical company’s stock worth $7,249,000 after acquiring an additional 25,862 shares during the period. Finally, Envestnet Portfolio Solutions Inc. acquired a new position in PTC Therapeutics during the third quarter worth $212,000.

PTC Therapeutics Price Performance

PTCT stock opened at $69.45 on Monday. PTC Therapeutics, Inc. has a 1 year low of $35.95 and a 1 year high of $87.50. The firm has a market capitalization of $5.58 billion, a PE ratio of 8.11 and a beta of 0.48. The business has a 50 day simple moving average of $75.46 and a 200-day simple moving average of $67.51.

Analyst Upgrades and Downgrades

PTCT has been the subject of a number of research reports. Royal Bank Of Canada cut shares of PTC Therapeutics from an “outperform” rating to a “sector perform” rating and boosted their target price for the stock from $82.00 to $91.00 in a research note on Monday, December 1st. Wells Fargo & Company boosted their price objective on PTC Therapeutics from $73.00 to $93.00 and gave the stock an “overweight” rating in a research note on Wednesday, November 5th. TD Cowen reissued a “hold” rating on shares of PTC Therapeutics in a report on Thursday, January 29th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of PTC Therapeutics in a research note on Monday, December 29th. Finally, Barclays upgraded PTC Therapeutics from an “equal weight” rating to an “overweight” rating and boosted their price target for the stock from $68.00 to $119.00 in a research report on Tuesday, January 27th. Ten research analysts have rated the stock with a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $80.67.

Insider Buying and Selling at PTC Therapeutics

In related news, Director Emma Reeve sold 10,000 shares of the firm’s stock in a transaction dated Friday, November 21st. The shares were sold at an average price of $79.50, for a total transaction of $795,000.00. Following the completion of the sale, the director directly owned 6,666 shares in the company, valued at approximately $529,947. This trade represents a 60.00% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Glenn Md Phd Steele, Jr. sold 12,000 shares of the business’s stock in a transaction dated Friday, January 2nd. The shares were sold at an average price of $76.35, for a total transaction of $916,200.00. Following the completion of the transaction, the director owned 18,500 shares in the company, valued at $1,412,475. The trade was a 39.34% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders have sold 280,871 shares of company stock worth $22,290,337. Corporate insiders own 5.50% of the company’s stock.

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.