Harbor Capital Advisors Inc. Lowers Stock Position in PTC Therapeutics, Inc. (NASDAQ:PTCT)

Harbor Capital Advisors Inc. trimmed its position in shares of PTC Therapeutics, Inc. (NASDAQ:PTCT) by 22.6% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 40,725 shares of the biopharmaceutical company’s stock after selling 11,891 shares during the period. Harbor Capital Advisors Inc.’s holdings in PTC Therapeutics were worth $2,075,000 as of its most recent SEC filing.

Several other large investors have also made changes to their positions in PTCT. Smartleaf Asset Management LLC grew its position in PTC Therapeutics by 78.7% during the fourth quarter. Smartleaf Asset Management LLC now owns 613 shares of the biopharmaceutical company’s stock valued at $28,000 after acquiring an additional 270 shares during the period. Sterling Capital Management LLC grew its holdings in shares of PTC Therapeutics by 424.4% during the 4th quarter. Sterling Capital Management LLC now owns 645 shares of the biopharmaceutical company’s stock worth $29,000 after purchasing an additional 522 shares during the period. Venturi Wealth Management LLC acquired a new stake in PTC Therapeutics during the 4th quarter worth approximately $68,000. GF Fund Management CO. LTD. purchased a new position in PTC Therapeutics in the fourth quarter valued at approximately $73,000. Finally, Point72 Asia Singapore Pte. Ltd. acquired a new position in PTC Therapeutics during the fourth quarter valued at approximately $77,000.

PTC Therapeutics Stock Performance

NASDAQ:PTCT opened at $50.82 on Thursday. The stock has a market cap of $4.03 billion, a price-to-earnings ratio of -8.56 and a beta of 0.51. PTC Therapeutics, Inc. has a one year low of $28.72 and a one year high of $58.38. The business’s 50-day simple moving average is $46.65 and its 200 day simple moving average is $48.01.

PTC Therapeutics (NASDAQ:PTCT) last posted its quarterly earnings data on Tuesday, May 6th. The biopharmaceutical company reported $10.04 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.85 by $9.19. The business had revenue of $1.18 billion for the quarter, compared to analysts’ expectations of $437.16 million. PTC Therapeutics’s revenue for the quarter was down 9.6% compared to the same quarter last year. During the same quarter in the prior year, the firm earned ($1.20) earnings per share. On average, equities research analysts predict that PTC Therapeutics, Inc. will post -4.52 EPS for the current year.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on PTCT. Scotiabank initiated coverage on shares of PTC Therapeutics in a research report on Friday, March 7th. They issued a “sector perform” rating and a $55.00 price objective for the company. Wall Street Zen downgraded PTC Therapeutics from a “strong-buy” rating to a “buy” rating in a report on Friday, May 16th. Robert W. Baird cut their price objective on PTC Therapeutics from $70.00 to $66.00 and set an “outperform” rating on the stock in a research report on Wednesday, May 7th. Wells Fargo & Company upped their target price on PTC Therapeutics from $68.00 to $74.00 and gave the stock an “overweight” rating in a research report on Tuesday, May 27th. Finally, Barclays dropped their target price on PTC Therapeutics from $56.00 to $42.00 and set an “equal weight” rating on the stock in a report on Thursday, May 8th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, PTC Therapeutics has a consensus rating of “Moderate Buy” and a consensus price target of $63.75.

Insider Buying and Selling

In other PTC Therapeutics news, EVP Lee Scott Golden sold 897 shares of the firm’s stock in a transaction on Wednesday, April 2nd. The shares were sold at an average price of $46.95, for a total transaction of $42,114.15. Following the completion of the transaction, the executive vice president now directly owns 75,997 shares of the company’s stock, valued at $3,568,059.15. This trade represents a 1.17% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Matthew B. Klein sold 2,804 shares of the business’s stock in a transaction dated Tuesday, April 22nd. The stock was sold at an average price of $48.74, for a total transaction of $136,666.96. Following the completion of the sale, the chief executive officer now directly owns 273,234 shares of the company’s stock, valued at $13,317,425.16. The trade was a 1.02% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 6,513 shares of company stock worth $308,498. Insiders own 5.50% of the company’s stock.

PTC Therapeutics Company Profile

PTC Therapeutics, Inc, a biopharmaceutical company, focuses on the discovery, development, and commercialization of medicines to patients with rare disorders in the United States and internationally. The company offers Translarna and Emflaza for the treatment of Duchenne muscular dystrophy; Upstaza to treat aromatic l-amino acid decarboxylas (AADC) deficiency, a central nervous system disorder; Tegsedi and Waylivra for the treatment of rare diseases; and Evrysdi to treat spinal muscular atrophy (SMA) in adults and children.