10,000 PTC Therapeutics, Inc. $PTCT Shares Sold by VIRGINIA RETIREMENT SYSTEMS ET Al

VIRGINIA RETIREMENT SYSTEMS ET Al lessened its holdings in shares of PTC Therapeutics, Inc. (NASDAQ:PTCT) by 35.1% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 18,450 shares of the biopharmaceutical company’s stock after selling 10,000 shares during the quarter. VIRGINIA RETIREMENT SYSTEMS ET Al’s holdings in PTC Therapeutics were worth $1,195,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Allworth Financial LP bought a new position in shares of PTC Therapeutics during the 2nd quarter worth approximately $67,000. EverSource Wealth Advisors LLC increased its holdings 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 worth $71,000 after acquiring an additional 151 shares during the last quarter. Harbor Investment Advisory LLC acquired a new position in shares of PTC Therapeutics during the 2nd quarter worth approximately $81,000. Quantbot Technologies LP bought a new stake in PTC Therapeutics in the 2nd quarter valued at $112,000. Finally, GAMMA Investing LLC raised its stake in PTC Therapeutics by 58.1% in the 2nd quarter. GAMMA Investing LLC now owns 1,453 shares of the biopharmaceutical company’s stock valued at $119,000 after acquiring an additional 534 shares during the period.

PTC Therapeutics Stock Up 1.2%

PTC Therapeutics stock opened at $68.97 on Thursday. PTC Therapeutics, Inc. has a 12 month low of $58.80 and a 12 month high of $90.87. The stock’s 50 day moving average is $65.03 and its 200-day moving average is $70.63.

PTC Therapeutics (NASDAQ:PTCT) last released its quarterly earnings results on Thursday, October 29th. The biopharmaceutical company reported ($0.62) earnings per share for the quarter, missing the consensus estimate of $0.14 by ($0.76). The company had revenue of $357.81 million during the quarter, compared to analyst estimates of $306.43 million. The company’s revenue was up 69.6% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.20 earnings per share. Research analysts predict that PTC Therapeutics, Inc. will post 0.59 earnings per share for the current fiscal year.

PTC Therapeutics announced that its Board of Directors has authorized a stock repurchase program on Tuesday, November 3rd that allows the company to repurchase $500 million in outstanding shares. This repurchase authorization allows the biopharmaceutical company to purchase up to 9.8% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s board believes its shares are undervalued.

Analysts Set New Price Targets

Several brokerages have issued reports on PTCT. Wells Fargo & Company raised their price target on PTC Therapeutics from $109.00 to $112.00 and gave the company an “overweight” rating in a report on Friday, October 30th. Raymond James Financial set a $106.00 price objective on shares of PTC Therapeutics in a report on Tuesday, October 20th. TD Cowen upped their price objective on shares of PTC Therapeutics from $90.00 to $95.00 and gave the company a “buy” rating in a report on Friday, October 30th. Morgan Stanley increased their price objective on shares of PTC Therapeutics from $93.00 to $104.00 and gave the company an “overweight” rating in a research report on Friday, July 31st. Finally, Citigroup raised their target price on shares of PTC Therapeutics from $108.00 to $109.00 and gave the stock a “buy” rating in a research note on Monday. One research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $99.23.

Insider Buying and Selling at PTC Therapeutics

In other news, VP Mark Boulding sold 2,813 shares of PTC Therapeutics stock in a transaction on Monday, August 17th. The stock was sold at an average price of $72.57, for a total transaction of $204,139.41. Following the completion of the sale, the vice president owned 105,272 shares of the company’s stock, valued at approximately $7,639,589.04. This trade represents a 2.60% decrease in their ownership of the stock. The transaction was disclosed in a filing 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, Director Glenn Md Phd Steele, Jr. sold 12,000 shares of the business’s stock in a transaction dated Wednesday, September 30th. The shares were sold at an average price of $65.16, for a total transaction of $781,920.00. Following the completion of the sale, the director directly owned 22,500 shares of the company’s stock, valued at approximately $1,466,100. The trade was a 34.78% 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 a total of 67,078 shares of company stock valued at $4,616,538 in the last ninety days. 5.30% of the stock is currently owned by corporate insiders.

PTC Therapeutics Profile

PTC Therapeutics, Inc is a biopharmaceutical company focused on discovering, developing and commercializing medicines for rare diseases. Its research programs include small-molecule treatments, gene therapies and other approaches designed to address conditions with limited or no available treatment options.

The company’s commercial portfolio has included Emflaza (deflazacort), a corticosteroid approved in the United States to treat Duchenne muscular dystrophy, and Upstaza (eladocagene exuparvovec), a gene therapy authorized in the European Union for aromatic L-amino acid decarboxylase deficiency.