PTC Therapeutics, Inc. $PTCT Stock: Pictet Asset Management Holding SA Reduces Stake

Pictet Asset Management Holding SA reduced its stake in shares of PTC Therapeutics, Inc. (NASDAQ:PTCT) by 27.0% in the third quarter, HoldingsChannel reports. The institutional investor owned 838,077 shares of the biopharmaceutical company’s stock after selling 309,767 shares during the period. Pictet Asset Management Holding SA’s holdings in PTC Therapeutics were worth $54,327,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in PTCT. Ashton Thomas Private Wealth LLC purchased a new position in shares of PTC Therapeutics during the third quarter valued at about $354,000. CenterBook Partners LP raised its position in shares of PTC Therapeutics by 25.1% during the 3rd quarter. CenterBook Partners LP now owns 47,292 shares of the biopharmaceutical company’s stock valued at $3,064,000 after buying an additional 9,497 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. bought a new stake in shares of PTC Therapeutics in the 3rd quarter valued at approximately $276,000. Profund Advisors LLC lifted its position in PTC Therapeutics by 56.2% in the third quarter. Profund Advisors LLC now owns 35,877 shares of the biopharmaceutical company’s stock worth $2,324,000 after buying an additional 12,904 shares during the last quarter. Finally, Vise Technologies Inc. increased its position in PTC Therapeutics by 3.1% during the third quarter. Vise Technologies Inc. now owns 8,826 shares of the biopharmaceutical company’s stock valued at $572,000 after acquiring an additional 266 shares during the last quarter.

Wall Street Analyst Weigh In

Several research analysts have issued reports on the company. Morgan Stanley boosted their target price on PTC Therapeutics from $93.00 to $104.00 and gave the company an “overweight” rating in a research report on Friday, July 31st. UBS Group initiated coverage on PTC Therapeutics in a research note on Thursday, October 15th. They issued a “buy” rating and a $90.00 target price on the stock. Citigroup lifted their target price on PTC Therapeutics from $108.00 to $109.00 and gave the stock a “buy” rating in a research report on Monday, November 2nd. Cantor Fitzgerald upped their price target on shares of PTC Therapeutics from $130.00 to $137.00 and gave the stock an “overweight” rating in a report on Tuesday, September 22nd. Finally, Truist Financial began coverage on shares of PTC Therapeutics in a research note on Friday, October 16th. They issued a “hold” rating and a $62.00 price target on the stock. 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 given a Sell rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $99.23.

Insiders Place Their Bets

In other news, VP Mark Boulding sold 2,813 shares of the firm’s stock in a transaction dated Monday, August 17th. The shares were sold at an average price of $72.57, for a total value of $204,139.41. Following the sale, the vice president directly owned 105,272 shares in the company, valued at approximately $7,639,589.04. This trade represents a 2.60% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible 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 PTC Therapeutics stock in a transaction that occurred on Wednesday, September 30th. The stock was sold at an average price of $65.16, for a total transaction of $781,920.00. Following the completion of the transaction, the director directly owned 22,500 shares in the company, 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. Over the last ninety days, insiders sold 67,078 shares of company stock worth $4,616,538. 5.30% of the stock is owned by corporate insiders.

PTC Therapeutics Price Performance

PTCT opened at $65.03 on Tuesday. PTC Therapeutics, Inc. has a 12 month low of $58.80 and a 12 month high of $90.87. The stock has a fifty day moving average price of $64.67 and a 200-day moving average price of $70.51.

PTC Therapeutics (NASDAQ:PTCT) last issued its quarterly earnings data on Thursday, October 29th. The biopharmaceutical company reported ($0.62) earnings per share for the quarter, missing analysts’ consensus estimates of $0.14 by ($0.76). The company had revenue of $357.81 million during the quarter, compared to the consensus estimate of $306.43 million. During the same quarter in the prior year, the firm posted $0.20 earnings per share. PTC Therapeutics’s quarterly revenue was up 69.6% compared to the same quarter last year. Analysts expect that PTC Therapeutics, Inc. will post 0.60 earnings per share for the current year.

PTC Therapeutics announced that its Board of Directors has authorized a stock buyback plan on Tuesday, November 3rd that permits the company to repurchase $500 million in shares. This repurchase authorization permits the biopharmaceutical company to buy up to 9.8% of its shares through open market purchases. Stock repurchase plans are typically a sign that the company’s board of directors believes its stock is undervalued.

About PTC Therapeutics

PTC Therapeutics is a biopharmaceutical company focused on discovering, developing and commercializing medicines for rare diseases. Founded in 1998 and headquartered in Warren, New Jersey, the company works across several therapeutic areas, including genetic and neurological disorders.

Its products include Kebilidi (eladocagene exuparvovec), a gene therapy for aromatic L-amino acid decarboxylase deficiency, and Sephience (sepiapterin), a treatment for phenylketonuria. PTC has also developed medicines for Duchenne muscular dystrophy, including ataluren, marketed as Translarna in some regions.

PTC serves patients and healthcare providers in the United States and internationally.