Ieq Capital LLC Buys Shares of 19,611 PTC Therapeutics, Inc. $PTCT

Ieq Capital LLC purchased a new stake in shares of PTC Therapeutics, Inc. (NASDAQ:PTCT) in the second quarter, HoldingsChannel.com reports. The fund purchased 19,611 shares of the biopharmaceutical company’s stock, valued at approximately $1,600,000.

Several other institutional investors have also modified their holdings of the company. Allworth Financial LP acquired a new stake in shares of PTC Therapeutics in the 2nd quarter worth approximately $67,000. Virtus Advisers LLC acquired a new position in PTC Therapeutics during the second quarter worth $420,000. Vise Technologies Inc. purchased a new stake in PTC Therapeutics during the second quarter worth $698,000. E Fund Management Co. Ltd. acquired a new stake in PTC Therapeutics in the second quarter valued at $458,000. Finally, BlackRock Inc. acquired a new stake in PTC Therapeutics in the second quarter valued at $1,139,089,000.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on PTCT shares. Barclays lifted their price target on PTC Therapeutics from $120.00 to $122.00 and gave the stock an “overweight” rating in a research note on Friday, August 14th. Citigroup upgraded shares of PTC Therapeutics from a “neutral” rating to a “buy” rating and raised their target price for the company from $75.00 to $108.00 in a report on Tuesday, June 9th. Jefferies Financial Group upgraded shares of PTC Therapeutics from a “hold” rating to a “buy” rating and lifted their target price for the stock from $76.00 to $85.00 in a research report on Wednesday, May 27th. Wells Fargo & Company upped their price target on shares of PTC Therapeutics from $106.00 to $109.00 and gave the company an “overweight” rating in a report on Thursday, August 13th. Finally, Cantor Fitzgerald increased their price target on shares of PTC Therapeutics from $124.00 to $130.00 and gave the company an “overweight” rating in a research report on Thursday, July 16th. One investment analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, two have issued a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, PTC Therapeutics presently has an average rating of “Moderate Buy” and an average target price of $98.55.

PTC Therapeutics Stock Up 3.4%

NASDAQ PTCT opened at $73.47 on Wednesday. PTC Therapeutics, Inc. has a fifty-two week low of $48.28 and a fifty-two week high of $90.87. The business has a fifty day moving average of $77.51 and a 200-day moving average of $72.31. The stock has a market cap of $6.13 billion, a price-to-earnings ratio of -126.67, a price-to-earnings-growth ratio of 2.19 and a beta of 0.56.

PTC Therapeutics (NASDAQ:PTCT) last posted its quarterly earnings data on Thursday, July 30th. The biopharmaceutical company reported $0.92 EPS for the quarter, beating analysts’ consensus estimates of $0.24 by $0.68. The business had revenue of $360.52 million for the quarter, compared to analyst estimates of $298.63 million. PTC Therapeutics had a negative return on equity of 362.45% and a negative net margin of 3.80%.The business’s revenue for the quarter was up 101.5% compared to the same quarter last year. During the same quarter last year, the company earned ($0.83) earnings per share. As a group, analysts anticipate that PTC Therapeutics, Inc. will post 1.17 EPS for the current year.

Insider Buying and Selling

In other news, Director Mary L. Smith sold 15,834 shares of PTC Therapeutics stock in a transaction dated Thursday, July 9th. The shares were sold at an average price of $90.00, for a total transaction of $1,425,060.00. Following the completion of the sale, the director directly owned 21,813 shares in the company, valued at $1,963,170. The trade was a 42.06% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Eric Pauwels sold 21,277 shares of the business’s stock in a transaction that occurred on Wednesday, June 10th. The shares were sold at an average price of $75.00, for a total transaction of $1,595,775.00. Following the completion of the transaction, the insider directly owned 73,411 shares of the company’s stock, valued at approximately $5,505,825. This represents a 22.47% 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. Insiders sold 205,343 shares of company stock worth $16,774,704 in the last 90 days. 5.30% of the stock is currently owned by corporate insiders.

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.