JPMorgan Chase & Co. Reduces Holdings in PTC Therapeutics, Inc. $PTCT

JPMorgan Chase & Co. lowered its position in PTC Therapeutics, Inc. (NASDAQ:PTCT) by 18.4% in the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 490,934 shares of the biopharmaceutical company’s stock after selling 110,626 shares during the quarter. JPMorgan Chase & Co. owned about 0.62% of PTC Therapeutics worth $30,129,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Vise Technologies Inc. purchased a new position in shares of PTC Therapeutics in the second quarter worth about $486,000. WCM Investment Management LLC bought a new position in PTC Therapeutics in the 3rd quarter worth approximately $8,919,000. Prudential Financial Inc. grew its stake in PTC Therapeutics by 35.5% in the 2nd quarter. Prudential Financial Inc. now owns 84,250 shares of the biopharmaceutical company’s stock valued at $4,115,000 after buying an additional 22,060 shares in the last quarter. Hussman Strategic Advisors Inc. raised its holdings in PTC Therapeutics by 200.0% during the 2nd quarter. Hussman Strategic Advisors Inc. now owns 63,000 shares of the biopharmaceutical company’s stock valued at $3,077,000 after acquiring an additional 42,000 shares during the period. Finally, Sector Gamma AS lifted its position in shares of 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 in the last quarter.

Insider Buying and Selling at PTC Therapeutics

In related news, VP Mark Elliott Boulding sold 3,019 shares of the business’s stock in a transaction that occurred on Thursday, February 19th. The stock was sold at an average price of $69.48, for a total value of $209,760.12. Following the completion of the sale, the vice president owned 105,212 shares in the company, valued at $7,310,129.76. The trade was a 2.79% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP Lee Scott Golden sold 2,484 shares of the company’s stock in a transaction that occurred on Wednesday, February 18th. The stock was sold at an average price of $69.36, for a total value of $172,290.24. Following the completion of the sale, the executive vice president directly owned 89,944 shares of the company’s stock, valued at approximately $6,238,515.84. This represents a 2.69% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders have sold 167,765 shares of company stock valued at $12,617,737. 5.50% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of analysts recently issued reports on the company. Weiss Ratings reiterated a “hold (c)” rating on shares of PTC Therapeutics in a research note on Monday, December 29th. Barclays reiterated an “overweight” rating and set a $120.00 price target on shares of PTC Therapeutics in a research report on Monday, February 23rd. Cantor Fitzgerald restated an “overweight” rating on shares of PTC Therapeutics in a research report on Friday, February 20th. The Goldman Sachs Group boosted their price objective on shares of PTC Therapeutics from $44.00 to $50.00 and gave the company a “sell” rating in a research note on Wednesday, November 5th. Finally, Royal Bank Of Canada decreased their target price on shares of PTC Therapeutics from $87.00 to $82.00 and set a “sector perform” rating on the stock in a report on Friday, February 20th. Ten investment 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. Based on data from MarketBeat, PTC Therapeutics has a consensus rating of “Moderate Buy” and an average target price of $80.93.

PTC Therapeutics Price Performance

Shares of PTCT opened at $68.19 on Friday. PTC Therapeutics, Inc. has a 1-year low of $35.95 and a 1-year high of $87.50. The company has a market capitalization of $5.64 billion, a P/E ratio of 8.81 and a beta of 0.48. The firm’s 50 day simple moving average is $74.19 and its 200 day simple moving average is $68.78.

PTC Therapeutics (NASDAQ:PTCT) last issued its quarterly earnings results on Thursday, February 19th. The biopharmaceutical company reported ($1.67) EPS for the quarter, missing analysts’ consensus estimates of ($0.21) by ($1.46). PTC Therapeutics had a negative return on equity of 362.45% and a net margin of 39.44%.The company had revenue of $164.68 million during the quarter, compared to the consensus estimate of $281.45 million. During the same period in the previous year, the company earned ($0.85) EPS. PTC Therapeutics’s quarterly revenue was down 22.7% on a year-over-year basis. On average, equities analysts anticipate that PTC Therapeutics, Inc. will post -4.52 earnings per share for the current year.

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.