Empowered Funds LLC Makes New Investment in PTC Therapeutics, Inc. $PTCT

Empowered Funds LLC bought a new stake in PTC Therapeutics, Inc. (NASDAQ:PTCT) during the second quarter, Holdings Channel.com reports. The firm bought 81,271 shares of the biopharmaceutical company’s stock, valued at approximately $6,629,000.

Several other hedge funds have also recently bought and sold shares of the company. BlackRock Inc. bought a new position in PTC Therapeutics in the 2nd quarter worth about $1,139,089,000. Vanguard Group Inc. grew its holdings in PTC Therapeutics by 6.2% in the 4th quarter. Vanguard Group Inc. now owns 8,803,203 shares of the biopharmaceutical company’s stock worth $668,691,000 after buying an additional 514,204 shares in the last quarter. Jupiter Topco LLC acquired a new stake in PTC Therapeutics in the 2nd quarter valued at approximately $590,182,000. Janus Henderson Group PLC increased its position in PTC Therapeutics by 48.3% in the 1st quarter. Janus Henderson Group PLC now owns 7,193,433 shares of the biopharmaceutical company’s stock valued at $489,997,000 after acquiring an additional 2,342,101 shares during the period. Finally, Wellington Management Group LLP increased its position in PTC Therapeutics by 4.8% in the 3rd quarter. Wellington Management Group LLP now owns 4,918,619 shares of the biopharmaceutical company’s stock valued at $301,856,000 after acquiring an additional 224,481 shares during the period.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on the company. Citigroup upgraded PTC Therapeutics from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $75.00 to $108.00 in a research report on Tuesday, June 9th. Royal Bank Of Canada raised their price target on PTC Therapeutics from $82.00 to $85.00 and gave the company a “sector perform” rating in a report on Tuesday, July 7th. Barclays lifted their price objective on shares of PTC Therapeutics from $120.00 to $122.00 and gave the company an “overweight” rating in a research note on Friday, August 14th. Wall Street Zen downgraded shares of PTC Therapeutics from a “strong-buy” rating to a “buy” rating in a report on Saturday, August 22nd. Finally, Morgan Stanley increased their target price 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. One investment analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, two have given a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $98.55.

PTC Therapeutics Price Performance

Shares of NASDAQ:PTCT opened at $70.09 on Monday. The stock has a market cap of $5.85 billion, a price-to-earnings ratio of -120.84, a PEG ratio of 2.16 and a beta of 0.56. PTC Therapeutics, Inc. has a 12 month low of $48.96 and a 12 month high of $90.87. The stock’s 50 day moving average price is $77.08 and its 200 day moving average price is $72.26.

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

Insiders Place Their Bets

In related news, insider Neil Gregory Almstead sold 2,464 shares of PTC Therapeutics stock in a transaction dated 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 of the company’s stock, valued at $5,441,984.75. The trade was a 3.93% decrease in their ownership of the stock. The transaction was disclosed in a legal filing 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 Elliott Boulding sold 2,813 shares of the business’s stock in a transaction dated 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 in the company, valued at approximately $7,639,589.04. This trade represents a 2.60% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders have sold 217,843 shares of company stock valued at $17,686,454. 5.30% of the stock is currently owned by insiders.

PTC Therapeutics Company 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.