Burney Co. Sells 10,957 Shares of PTC Therapeutics, Inc. $PTCT

Burney Co. lessened its holdings in PTC Therapeutics, Inc. (NASDAQ:PTCT) by 41.2% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 15,612 shares of the biopharmaceutical company’s stock after selling 10,957 shares during the period. Burney Co.’s holdings in PTC Therapeutics were worth $1,064,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of the business. UMB Bank n.a. acquired a new stake in shares of PTC Therapeutics in the fourth quarter worth about $26,000. Comerica Bank increased its holdings in shares of PTC Therapeutics by 868.5% during the 3rd quarter. Comerica Bank now owns 523 shares of the biopharmaceutical company’s stock valued at $32,000 after acquiring an additional 469 shares during the last quarter. Salomon & Ludwin LLC bought a new position in shares of PTC Therapeutics in the 4th quarter valued at approximately $41,000. Allworth Financial LP lifted its holdings in PTC Therapeutics by 63.8% in the 4th quarter. Allworth Financial LP now owns 634 shares of the biopharmaceutical company’s stock worth $48,000 after purchasing an additional 247 shares during the last quarter. Finally, First Horizon Corp bought a new stake in PTC Therapeutics during the fourth quarter worth approximately $53,000.

Insider Transactions at PTC Therapeutics

In other PTC Therapeutics news, CAO Christine Marie Utter sold 19,686 shares of the business’s stock in a transaction on Wednesday, June 17th. The stock was sold at an average price of $75.56, for a total value of $1,487,474.16. Following the transaction, the chief accounting officer owned 70,199 shares of the company’s stock, valued at approximately $5,304,236.44. The trade was a 21.90% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Matthew B. Klein sold 12,572 shares of the stock in a transaction on Thursday, May 14th. The stock was sold at an average price of $72.95, for a total value of $917,127.40. Following the sale, the chief executive officer owned 393,998 shares in the company, valued at $28,742,154.10. The trade was a 3.09% decrease in their position. The disclosure for this sale is available in the SEC filing. 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. In the last quarter, insiders have sold 183,214 shares of company stock worth $14,902,651. 5.50% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on PTCT shares. Morgan Stanley reissued an “overweight” rating and issued a $94.00 price target on shares of PTC Therapeutics in a research report on Friday, May 8th. TD Cowen upgraded shares of PTC Therapeutics from a “hold” rating to a “buy” rating and raised their target price for the company from $75.00 to $90.00 in a research note on Friday, May 8th. Wells Fargo & Company boosted their target price on shares of PTC Therapeutics from $86.00 to $95.00 and gave the stock an “overweight” rating in a research report on Friday, May 8th. Raymond James Financial initiated coverage on shares of PTC Therapeutics in a report on Friday, April 10th. They set an “outperform” rating and a $108.00 price target for the company. Finally, Weiss Ratings downgraded PTC Therapeutics from a “hold (c-)” rating to a “sell (d)” rating in a research report on Monday, May 11th. One research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, one has given a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $91.57.

PTC Therapeutics Stock Down 0.7%

NASDAQ:PTCT opened at $88.57 on Thursday. The firm has a market cap of $7.35 billion, a PE ratio of -38.01, a price-to-earnings-growth ratio of 4.10 and a beta of 0.53. PTC Therapeutics, Inc. has a 12 month low of $43.17 and a 12 month high of $89.85. The company’s 50-day moving average price is $74.77 and its two-hundred day moving average price is $72.61.

PTC Therapeutics (NASDAQ:PTCT) last posted its earnings results on Thursday, May 7th. The biopharmaceutical company reported ($0.03) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.45) by $0.42. The company had revenue of $272.55 million during the quarter, compared to analysts’ expectations of $217.42 million. PTC Therapeutics had a negative net margin of 22.58% and a negative return on equity of 362.45%. PTC Therapeutics’s quarterly revenue was up 43.5% compared to the same quarter last year. During the same quarter in the previous year, the company posted $10.04 earnings per share. On average, research analysts expect that PTC Therapeutics, Inc. will post 0.78 EPS for the current fiscal year.

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.