PTC Therapeutics, Inc. (NASDAQ:PTCT) Stake Lessened by Assenagon Asset Management S.A.

Assenagon Asset Management S.A. lowered its holdings in PTC Therapeutics, Inc. (NASDAQ:PTCT) by 23.1% in the first quarter, Holdings Channel.com reports. The firm owned 337,960 shares of the biopharmaceutical company’s stock after selling 101,710 shares during the period. Assenagon Asset Management S.A.’s holdings in PTC Therapeutics were worth $17,222,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. Smartleaf Asset Management LLC lifted its holdings in shares of PTC Therapeutics by 78.7% in the fourth quarter. Smartleaf Asset Management LLC now owns 613 shares of the biopharmaceutical company’s stock valued at $28,000 after purchasing an additional 270 shares in the last quarter. Sterling Capital Management LLC lifted its holdings in shares of PTC Therapeutics by 424.4% in the fourth quarter. Sterling Capital Management LLC now owns 645 shares of the biopharmaceutical company’s stock valued at $29,000 after purchasing an additional 522 shares in the last quarter. GAMMA Investing LLC lifted its holdings in shares of PTC Therapeutics by 86.3% in the first quarter. GAMMA Investing LLC now owns 952 shares of the biopharmaceutical company’s stock valued at $49,000 after purchasing an additional 441 shares in the last quarter. Venturi Wealth Management LLC purchased a new stake in shares of PTC Therapeutics in the fourth quarter valued at $68,000. Finally, GF Fund Management CO. LTD. purchased a new stake in shares of PTC Therapeutics in the fourth quarter valued at $73,000.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on PTCT shares. Cantor Fitzgerald reduced their target price on PTC Therapeutics from $113.00 to $112.00 and set an “overweight” rating for the company in a report on Wednesday, May 7th. Wall Street Zen downgraded shares of PTC Therapeutics from a “strong-buy” rating to a “buy” rating in a research note on Friday, May 16th. Scotiabank initiated coverage on shares of PTC Therapeutics in a research note on Friday, March 7th. They issued a “sector perform” rating and a $55.00 price target on the stock. Bank of America raised shares of PTC Therapeutics from a “neutral” rating to a “buy” rating and upped their price target for the stock from $55.00 to $68.00 in a research note on Friday, May 9th. Finally, JPMorgan Chase & Co. dropped their price target on shares of PTC Therapeutics from $75.00 to $67.00 and set an “overweight” rating on the stock in a research note on Wednesday, May 7th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating, nine have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, PTC Therapeutics currently has an average rating of “Moderate Buy” and a consensus price target of $63.75.

Insiders Place Their Bets

In other PTC Therapeutics news, VP Mark Elliott Boulding sold 883 shares of the stock in a transaction on Friday, May 16th. The shares were sold at an average price of $46.02, for a total transaction of $40,635.66. Following the transaction, the vice president now directly owns 103,901 shares of the company’s stock, valued at $4,781,524.02. This represents a 0.84% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Matthew B. Klein sold 2,804 shares of the firm’s stock in a transaction dated Tuesday, April 22nd. The shares were sold at an average price of $48.74, for a total value of $136,666.96. Following the completion of the sale, the chief executive officer now directly owns 273,234 shares in the company, valued at approximately $13,317,425.16. This represents a 1.02% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 6,513 shares of company stock valued at $308,498 over the last three months. 5.50% of the stock is currently owned by insiders.

PTC Therapeutics Price Performance

PTC Therapeutics stock opened at $51.26 on Friday. The company has a market capitalization of $4.06 billion, a price-to-earnings ratio of -8.63 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 company’s fifty day moving average price is $46.81 and its two-hundred day moving average price is $48.06.

PTC Therapeutics (NASDAQ:PTCT) last posted its earnings results on Tuesday, May 6th. The biopharmaceutical company reported $10.04 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 analyst estimates of $437.16 million. The company’s quarterly revenue was down 9.6% compared to the same quarter last year. During the same period in the previous year, the company earned ($1.20) earnings per share. As a group, sell-side analysts anticipate that PTC Therapeutics, Inc. will post -4.52 earnings per share for the current year.

PTC Therapeutics 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.