Federated Hermes Inc. Sells 9,468 Shares of PTC Therapeutics, Inc. $PTCT

Federated Hermes Inc. cut its position in PTC Therapeutics, Inc. (NASDAQ:PTCT) by 39.0% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 14,816 shares of the biopharmaceutical company’s stock after selling 9,468 shares during the quarter. Federated Hermes Inc.’s holdings in PTC Therapeutics were worth $909,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in the company. State Street Corp increased its holdings in PTC Therapeutics by 22.1% in the 2nd quarter. State Street Corp now owns 2,996,454 shares of the biopharmaceutical company’s stock worth $146,347,000 after acquiring an additional 541,558 shares during the last quarter. Geode Capital Management LLC boosted its position in PTC Therapeutics by 3.2% during the second quarter. Geode Capital Management LLC now owns 1,934,593 shares of the biopharmaceutical company’s stock worth $94,497,000 after purchasing an additional 60,707 shares during the period. Man Group plc boosted its position in PTC Therapeutics by 157.4% during the second quarter. Man Group plc now owns 671,513 shares of the biopharmaceutical company’s stock worth $32,797,000 after purchasing an additional 410,653 shares during the period. Hood River Capital Management LLC increased its stake in shares of PTC Therapeutics by 654.4% in the second quarter. Hood River Capital Management LLC now owns 636,502 shares of the biopharmaceutical company’s stock worth $31,087,000 after purchasing an additional 552,130 shares in the last quarter. Finally, Adage Capital Partners GP L.L.C. raised its position in shares of PTC Therapeutics by 1.8% in the second quarter. Adage Capital Partners GP L.L.C. now owns 605,905 shares of the biopharmaceutical company’s stock valued at $29,592,000 after purchasing an additional 10,905 shares during the period.

PTC Therapeutics Stock Up 3.2%

Shares of NASDAQ PTCT opened at $74.68 on Friday. The stock’s 50-day simple moving average is $76.08 and its two-hundred day simple moving average is $66.38. PTC Therapeutics, Inc. has a twelve month low of $35.95 and a twelve month high of $87.50. The firm has a market capitalization of $6.00 billion, a P/E ratio of 8.72 and a beta of 0.48.

PTC Therapeutics (NASDAQ:PTCT) last issued its quarterly earnings results on Tuesday, November 4th. The biopharmaceutical company reported $0.20 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($1.19) by $1.39. The firm had revenue of $211.01 million during the quarter, compared to the consensus estimate of $177.42 million. PTC Therapeutics had a negative return on equity of 194.11% and a net margin of 42.25%.The company’s revenue for the quarter was up 7.2% on a year-over-year basis. During the same quarter last year, the company posted ($1.39) EPS. As a group, research analysts anticipate that PTC Therapeutics, Inc. will post -4.52 EPS for the current fiscal year.

Insiders Place Their Bets

In other PTC Therapeutics news, CAO Christine Marie Utter sold 1,034 shares of PTC Therapeutics stock in a transaction that occurred on Thursday, January 8th. The shares were sold at an average price of $76.45, for a total transaction of $79,049.30. Following the completion of the sale, the chief accounting officer directly owned 72,693 shares in the company, valued at $5,557,379.85. The trade was a 1.40% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Matthew B. Klein sold 2,514 shares of the stock in a transaction on Thursday, January 8th. The stock was sold at an average price of $76.45, for a total transaction of $192,195.30. Following the completion of the transaction, the chief executive officer directly owned 394,453 shares in the company, valued at $30,155,931.85. The trade was a 0.63% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 291,016 shares of company stock valued at $23,050,330 over the last three months. Corporate insiders own 5.50% of the company’s stock.

Analysts Set New Price Targets

Several research analysts recently commented on the stock. Wells Fargo & Company raised their price objective on shares of PTC Therapeutics from $73.00 to $93.00 and gave the stock an “overweight” rating in a report on Wednesday, November 5th. Jefferies Financial Group raised their price target on PTC Therapeutics from $63.00 to $77.00 and gave the stock a “buy” rating in a report on Tuesday, October 28th. Royal Bank Of Canada cut PTC Therapeutics from an “outperform” rating to a “sector perform” rating and lifted their price target for the company from $82.00 to $91.00 in a research report on Monday, December 1st. Morgan Stanley reissued an “overweight” rating and set a $90.00 price objective on shares of PTC Therapeutics in a report on Thursday, January 8th. Finally, Wall Street Zen raised PTC Therapeutics from a “hold” rating to a “buy” rating in a report on Saturday, January 3rd. Ten analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $80.67.

About PTC Therapeutics

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.