Summit Global Investments Invests $615,000 in PTC Therapeutics, Inc. $PTCT

Summit Global Investments bought a new position in PTC Therapeutics, Inc. (NASDAQ:PTCT) during the second quarter, according to its most recent disclosure with the SEC. The firm bought 7,542 shares of the biopharmaceutical company’s stock, valued at approximately $615,000.

A number of other institutional investors also recently bought and sold shares of the stock. EverSource Wealth Advisors LLC grew its holdings in PTC Therapeutics by 16.9% during the first quarter. EverSource Wealth Advisors LLC now owns 1,045 shares of the biopharmaceutical company’s stock valued at $71,000 after purchasing an additional 151 shares during the period. PNC Financial Services Group Inc. raised its stake in shares of PTC Therapeutics by 8.5% in the first quarter. PNC Financial Services Group Inc. now owns 3,128 shares of the biopharmaceutical company’s stock worth $213,000 after buying an additional 244 shares during the period. Allworth Financial LP raised its stake in shares of PTC Therapeutics by 63.8% in the fourth quarter. Allworth Financial LP now owns 634 shares of the biopharmaceutical company’s stock worth $48,000 after buying an additional 247 shares during the period. Measured Wealth Private Client Group LLC lifted its position in shares of PTC Therapeutics by 5.6% during the 4th quarter. Measured Wealth Private Client Group LLC now owns 4,963 shares of the biopharmaceutical company’s stock valued at $377,000 after buying an additional 265 shares in the last quarter. Finally, Evolve Private Wealth LLC lifted its position in shares of PTC Therapeutics by 5.2% during the 1st quarter. Evolve Private Wealth LLC now owns 6,122 shares of the biopharmaceutical company’s stock valued at $417,000 after buying an additional 305 shares in the last quarter.

PTC Therapeutics Stock Down 0.4%

NASDAQ PTCT opened at $71.70 on Friday. The firm has a market cap of $5.98 billion, a price-to-earnings ratio of -123.62, a price-to-earnings-growth ratio of 2.21 and a beta of 0.56. The business has a 50-day moving average price of $77.79 and a 200-day moving average price of $72.49. PTC Therapeutics, Inc. has a twelve month low of $47.94 and a twelve month high of $90.87.

PTC Therapeutics (NASDAQ:PTCT) last issued its earnings results on Thursday, July 30th. The biopharmaceutical company reported $0.92 earnings per share (EPS) for the quarter, beating the consensus estimate 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 company had revenue of $360.52 million for the quarter, compared to the consensus estimate of $298.63 million. During the same quarter last year, the company earned ($0.83) EPS. The firm’s quarterly revenue was up 101.5% on a year-over-year basis. Research analysts expect that PTC Therapeutics, Inc. will post 1.17 EPS for the current fiscal year.

Analyst Ratings Changes

A number of research analysts recently issued reports on the company. Cantor Fitzgerald boosted their price objective on 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 target price on shares of PTC Therapeutics from $82.00 to $85.00 and gave the stock a “sector perform” rating in a research note on Tuesday, July 7th. Jefferies Financial Group raised shares of PTC Therapeutics from a “hold” rating to a “buy” rating and lifted their price target for the company from $76.00 to $85.00 in a report on Wednesday, May 27th. Morgan Stanley upped their price target on shares of PTC Therapeutics from $93.00 to $104.00 and gave the stock an “overweight” rating in a research report on Friday, July 31st. Finally, Zacks Research cut shares of PTC Therapeutics from a “strong-buy” rating to a “hold” rating in a research note on Thursday, August 6th. One analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, two have assigned a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat, PTC Therapeutics currently has an average rating of “Moderate Buy” and an average price target of $98.55.

Insiders Place Their Bets

In other news, insider Neil Gregory Almstead sold 24,613 shares of the business’s stock in a transaction on Tuesday, July 7th. The shares were sold at an average price of $88.89, for a total value of $2,187,849.57. Following the transaction, the insider owned 60,299 shares of the company’s stock, valued at approximately $5,359,978.11. The trade was a 28.99% 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, VP Mark Elliott Boulding sold 10,462 shares of the business’s stock in a transaction on Wednesday, June 17th. The stock was sold at an average price of $78.65, for a total transaction of $822,836.30. Following the completion of the transaction, the vice president directly owned 105,272 shares in the company, valued at $8,279,642.80. This trade represents a 9.04% 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 sold a total of 190,030 shares of company stock worth $15,654,065 over the last ninety days. 5.30% of the stock is owned by company insiders.

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.