Moore Capital Management LP Raises Stock Holdings in PTC Therapeutics, Inc. $PTCT

Moore Capital Management LP grew its holdings in PTC Therapeutics, Inc. (NASDAQ:PTCT) by 69.1% in the second quarter, according to its most recent disclosure with the SEC. The fund owned 75,588 shares of the biopharmaceutical company’s stock after buying an additional 30,894 shares during the period. Moore Capital Management LP’s holdings in PTC Therapeutics were worth $6,166,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently modified their holdings of PTCT. Thrivent Financial for Lutherans acquired a new position in PTC Therapeutics during the 4th quarter worth approximately $4,191,000. Royce & Associates LP grew its stake in PTC Therapeutics by 146.5% in the 4th quarter. Royce & Associates LP now owns 80,794 shares of the biopharmaceutical company’s stock worth $6,137,000 after acquiring an additional 48,015 shares during the period. Jefferies Financial Group Inc. increased its stake in shares of PTC Therapeutics by 4.7% during the 4th quarter. Jefferies Financial Group Inc. now owns 1,658,481 shares of the biopharmaceutical company’s stock valued at $125,978,000 after acquiring an additional 73,803 shares during the last quarter. Legal & General Group Plc grew its position in PTC Therapeutics by 51.8% during the fourth quarter. Legal & General Group Plc now owns 366,265 shares of the biopharmaceutical company’s stock valued at $27,821,000 after acquiring an additional 124,923 shares during the period. Finally, Comerica Bank increased its position in shares of PTC Therapeutics by 3,231.9% in the fourth quarter. Comerica Bank now owns 17,426 shares of the biopharmaceutical company’s stock worth $1,324,000 after acquiring an additional 16,903 shares in the last quarter.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on PTCT shares. Jefferies Financial Group raised 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. Cantor Fitzgerald raised their price objective on shares of PTC Therapeutics from $124.00 to $130.00 and gave the company an “overweight” rating in a research note on Thursday, July 16th. Royal Bank Of Canada raised their price objective on PTC Therapeutics from $82.00 to $85.00 and gave the stock a “sector perform” rating in a research note on Tuesday, July 7th. Wall Street Zen lowered PTC Therapeutics from a “strong-buy” rating to a “buy” rating in a report on Saturday, August 22nd. Finally, TD Cowen upgraded shares of PTC Therapeutics from a “hold” rating to a “buy” rating and increased their target price for the stock from $75.00 to $90.00 in a research report on Friday, May 8th. One investment analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, two have issued a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $98.55.

PTC Therapeutics Stock Performance

Shares of NASDAQ PTCT opened at $70.09 on Monday. The business’s 50-day simple moving average is $77.08 and its 200-day simple moving average is $72.26. PTC Therapeutics, Inc. has a 52 week low of $48.96 and a 52 week high of $90.87. The firm has a market cap of $5.85 billion, a price-to-earnings ratio of -120.84, a P/E/G ratio of 2.16 and a beta of 0.56.

PTC Therapeutics (NASDAQ:PTCT) last released its earnings results 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. The firm had revenue of $360.52 million during the quarter, compared to analyst estimates of $298.63 million. PTC Therapeutics had a negative net margin of 3.80% and a negative return on equity of 362.45%. The business’s revenue was up 101.5% on a year-over-year basis. During the same quarter in the previous year, the business earned ($0.83) EPS. As a group, equities research analysts forecast that PTC Therapeutics, Inc. will post 1.17 earnings per share for the current year.

Insider Activity

In other PTC Therapeutics news, CEO Matthew B. Klein sold 10,292 shares of the firm’s stock in a transaction that occurred on Tuesday, August 4th. The stock was sold at an average price of $68.57, for a total value of $705,722.44. Following the sale, the chief executive officer owned 383,868 shares of the company’s stock, valued at $26,321,828.76. This trade represents a 2.61% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. 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. Also, Director Michael Schmertzler sold 12,500 shares of PTC Therapeutics stock in a transaction that occurred on Wednesday, August 26th. The stock was sold at an average price of $72.94, for a total value of $911,750.00. Following the completion of the transaction, the director directly owned 1,349,094 shares in the company, valued at approximately $98,402,916.36. This represents a 0.92% 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 217,843 shares of company stock worth $17,686,454 over the last 90 days. Company insiders own 5.30% of the company’s stock.

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.