Renaissance Technologies LLC Has $36.33 Million Position in PTC Therapeutics, Inc. $PTCT

Renaissance Technologies LLC cut its position in PTC Therapeutics, Inc. (NASDAQ:PTCT) by 12.2% in the 1st quarter, HoldingsChannel.com reports. The firm owned 533,300 shares of the biopharmaceutical company’s stock after selling 74,289 shares during the period. Renaissance Technologies LLC’s holdings in PTC Therapeutics were worth $36,334,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Empowered Funds LLC bought a new position in PTC Therapeutics during the 1st quarter worth $1,999,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in PTC Therapeutics by 11.5% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 178,755 shares of the biopharmaceutical company’s stock worth $9,109,000 after acquiring an additional 18,504 shares during the period. Quantbot Technologies LP raised its stake in PTC Therapeutics by 280.1% in the 2nd quarter. Quantbot Technologies LP now owns 2,478 shares of the biopharmaceutical company’s stock worth $121,000 after purchasing an additional 1,826 shares in the last quarter. Arrowstreet Capital Limited Partnership bought a new stake in PTC Therapeutics in the 2nd quarter valued at about $1,661,000. Finally, EverSource Wealth Advisors LLC grew its position in shares of PTC Therapeutics by 247.4% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,143 shares of the biopharmaceutical company’s stock worth $56,000 after purchasing an additional 814 shares in the last quarter.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on PTCT shares. Jefferies Financial Group upgraded shares of PTC Therapeutics from a “hold” rating to a “buy” rating and lifted their price target for the company from $76.00 to $85.00 in a research report on Wednesday, May 27th. Wells Fargo & Company reduced their price target on PTC Therapeutics from $95.00 to $93.00 and set an “overweight” rating on the stock in a research report on Monday, July 20th. Morgan Stanley restated an “overweight” rating and set a $94.00 price objective on shares of PTC Therapeutics in a research note on Friday, May 8th. Weiss Ratings cut PTC Therapeutics from a “hold (c-)” rating to a “sell (d)” rating in a report on Monday, May 11th. Finally, Cantor Fitzgerald upped their target price on PTC Therapeutics from $124.00 to $130.00 and gave the company an “overweight” rating in a research report on Thursday, July 16th. Two equities research analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating, one has given a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $93.83.

Insider Activity at PTC Therapeutics

In other PTC Therapeutics news, insider Neil Gregory Almstead sold 2,464 shares of the business’s stock in a transaction dated Thursday, July 9th. The stock was sold at an average price of $90.25, for a total transaction of $222,376.00. Following the completion of the transaction, the insider owned 60,299 shares of the company’s stock, valued at approximately $5,441,984.75. The trade was a 3.93% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, VP Mark Elliott Boulding sold 5,079 shares of the business’s stock in a transaction dated Monday, July 6th. The stock was sold at an average price of $85.08, for a total value of $432,121.32. Following the transaction, the vice president directly owned 105,272 shares of the company’s stock, valued at approximately $8,956,541.76. The trade was a 4.60% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 198,662 shares of company stock valued at $16,347,994 over the last ninety days. 5.50% of the stock is owned by corporate insiders.

PTC Therapeutics Stock Performance

Shares of PTCT stock opened at $75.39 on Wednesday. The stock’s fifty day moving average price is $77.40 and its two-hundred day moving average price is $72.81. The company has a market cap of $6.25 billion, a PE ratio of -32.36, a P/E/G ratio of 6.60 and a beta of 0.53. PTC Therapeutics, Inc. has a fifty-two week low of $43.17 and a fifty-two week high of $90.87.

PTC Therapeutics (NASDAQ:PTCT) last issued its quarterly earnings results on Thursday, May 7th. The biopharmaceutical company reported ($0.03) earnings per share (EPS) 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 company had revenue of $272.55 million for the quarter, compared to analyst estimates of $217.42 million. During the same quarter last year, the company posted $10.04 EPS. The company’s revenue for the quarter was up 43.5% compared to the same quarter last year. On average, equities analysts predict that PTC Therapeutics, Inc. will post 0.41 EPS for the current fiscal year.

PTC Therapeutics 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.