Engineers Gate Manager LP Trims Holdings in PTC Therapeutics, Inc. $PTCT

Engineers Gate Manager LP lowered its stake in shares of PTC Therapeutics, Inc. (NASDAQ:PTCT) by 40.9% during the second quarter, HoldingsChannel.com reports. The institutional investor owned 27,276 shares of the biopharmaceutical company’s stock after selling 18,878 shares during the quarter. Engineers Gate Manager LP’s holdings in PTC Therapeutics were worth $2,225,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in the stock. Allworth Financial LP raised its holdings in shares of PTC Therapeutics by 63.8% during the 4th quarter. Allworth Financial LP now owns 634 shares of the biopharmaceutical company’s stock worth $48,000 after acquiring an additional 247 shares during the period. EverSource Wealth Advisors LLC boosted its position in shares of PTC Therapeutics by 16.9% during the 1st quarter. EverSource Wealth Advisors LLC now owns 1,045 shares of the biopharmaceutical company’s stock valued at $71,000 after acquiring an additional 151 shares during the last quarter. Harbor Investment Advisory LLC purchased a new stake in shares of PTC Therapeutics in the second quarter valued at about $81,000. IFP Advisors Inc grew its holdings in shares of PTC Therapeutics by 64.3% in the fourth quarter. IFP Advisors Inc now owns 1,257 shares of the biopharmaceutical company’s stock valued at $95,000 after purchasing an additional 492 shares during the period. Finally, Quantbot Technologies LP acquired a new stake in PTC Therapeutics during the second quarter worth about $112,000.

Analysts Set New Price Targets

A number of equities analysts have commented on the stock. Royal Bank Of Canada lifted their target price on shares of PTC Therapeutics from $82.00 to $85.00 and gave the stock a “sector perform” rating in a research note on Tuesday, July 7th. Citigroup raised shares of PTC Therapeutics from a “neutral” rating to a “buy” rating and increased their price target for the company from $75.00 to $108.00 in a research note on Tuesday, June 9th. Cantor Fitzgerald raised their price target on shares of PTC Therapeutics from $124.00 to $130.00 and gave the stock an “overweight” rating in a report on Thursday, July 16th. Wells Fargo & Company lifted their price target on shares of PTC Therapeutics from $106.00 to $109.00 and gave the company an “overweight” rating in a research report on Thursday, August 13th. Finally, Weiss Ratings upgraded PTC Therapeutics from a “sell (d)” rating to a “sell (d+)” rating in a report on Tuesday, September 1st. One analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, two have issued a Hold rating and two have given a Sell rating to the company. According to MarketBeat.com, PTC Therapeutics currently has a consensus rating of “Moderate Buy” and an average price target of $98.50.

PTC Therapeutics Stock Performance

PTC Therapeutics stock opened at $66.48 on Tuesday. The company’s 50 day simple moving average is $73.98 and its 200-day simple moving average is $72.17. PTC Therapeutics, Inc. has a 1 year low of $57.74 and a 1 year high of $90.87. The company has a market capitalization of $5.55 billion, a price-to-earnings ratio of -114.62, a price-to-earnings-growth ratio of 2.04 and a beta of 0.55.

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

Insider Buying and Selling

In other PTC Therapeutics news, insider Neil Almstead sold 2,464 shares of the company’s stock in a transaction on Thursday, July 9th. The stock was sold at an average price of $90.25, for a total transaction of $222,376.00. Following the transaction, the insider directly owned 60,299 shares in the company, valued at $5,441,984.75. This represents a 3.93% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, VP Mark Boulding sold 2,813 shares of the firm’s stock in a transaction on Monday, August 17th. The stock was sold at an average price of $72.57, for a total value of $204,139.41. Following the transaction, the vice president owned 105,272 shares of the company’s stock, valued at approximately $7,639,589.04. This represents a 2.60% decrease in their ownership of the stock. 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 have sold 206,566 shares of company stock valued at $16,769,079 over the last quarter. 5.30% of the stock is owned by corporate insiders.

PTC Therapeutics Profile

PTC Therapeutics, Inc is a biopharmaceutical company focused on discovering, developing and commercializing medicines for rare diseases. The company uses technologies involving RNA biology, gene therapy and small-molecule drug discovery to address conditions with limited treatment options, including rare neurological and metabolic disorders.

PTC’s commercial portfolio has included Translarna (ataluren), an investigational treatment in some markets for Duchenne muscular dystrophy associated with a nonsense mutation, and Emflaza (deflazacort), a corticosteroid approved in the United States for Duchenne muscular dystrophy.