Phocas Financial Corp. Decreases Stake in PTC Therapeutics, Inc. $PTCT

Phocas Financial Corp. trimmed its holdings in shares of PTC Therapeutics, Inc. (NASDAQ:PTCT) by 31.6% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 25,482 shares of the biopharmaceutical company’s stock after selling 11,752 shares during the period. Phocas Financial Corp.’s holdings in PTC Therapeutics were worth $1,936,000 at the end of the most recent reporting period.

Several other large investors also recently made changes to their positions in the business. Smartleaf Asset Management LLC lifted its stake in shares of PTC Therapeutics by 101.3% during the third quarter. Smartleaf Asset Management LLC now owns 469 shares of the biopharmaceutical company’s stock worth $28,000 after purchasing an additional 236 shares in the last quarter. Optiver Holding B.V. boosted its holdings in PTC Therapeutics by 96.5% in the 3rd quarter. Optiver Holding B.V. now owns 507 shares of the biopharmaceutical company’s stock worth $31,000 after acquiring an additional 249 shares during the period. IFP Advisors Inc boosted its holdings in PTC Therapeutics by 68.1% in the 3rd quarter. IFP Advisors Inc now owns 765 shares of the biopharmaceutical company’s stock worth $47,000 after acquiring an additional 310 shares during the period. Arizona State Retirement System grew its position in PTC Therapeutics by 2.0% in the third quarter. Arizona State Retirement System now owns 21,101 shares of the biopharmaceutical company’s stock valued at $1,295,000 after acquiring an additional 406 shares in the last quarter. Finally, Mariner LLC raised its stake in shares of PTC Therapeutics by 5.1% during the third quarter. Mariner LLC now owns 8,745 shares of the biopharmaceutical company’s stock valued at $537,000 after purchasing an additional 426 shares during the period.

PTC Therapeutics Stock Up 0.8%

NASDAQ:PTCT opened at $73.57 on Thursday. The company has a market cap of $6.09 billion, a PE ratio of 9.51 and a beta of 0.55. The business’s 50 day moving average is $68.33 and its two-hundred day moving average is $71.65. PTC Therapeutics, Inc. has a 52 week low of $35.95 and a 52 week high of $87.50.

PTC Therapeutics (NASDAQ:PTCT) last issued its quarterly earnings results on Thursday, February 19th. The biopharmaceutical company reported ($1.67) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.21) by ($1.46). PTC Therapeutics had a net margin of 39.44% and a negative return on equity of 362.45%. The firm had revenue of $164.68 million during the quarter, compared to the consensus estimate of $281.45 million. During the same quarter last year, the firm posted ($0.85) earnings per share. PTC Therapeutics’s revenue was down 22.7% compared to the same quarter last year. As a group, sell-side analysts expect that PTC Therapeutics, Inc. will post -4.52 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on the stock. Morgan Stanley raised their price target on shares of PTC Therapeutics from $90.00 to $92.00 and gave the company an “overweight” rating in a report on Monday, February 23rd. Barclays reissued an “overweight” rating and issued a $120.00 price objective on shares of PTC Therapeutics in a research report on Monday, February 23rd. Truist Financial raised PTC Therapeutics to a “strong-buy” rating in a research report on Wednesday, March 25th. Wall Street Zen cut PTC Therapeutics from a “buy” rating to a “hold” rating in a research note on Saturday, February 21st. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of PTC Therapeutics in a report on Monday, December 29th. One research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, five have given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $84.40.

Insiders Place Their Bets

In related news, EVP Lee Scott Golden sold 10,000 shares of the business’s stock in a transaction that occurred on Thursday, March 5th. The stock was sold at an average price of $63.38, for a total transaction of $633,800.00. Following the completion of the transaction, the executive vice president owned 79,944 shares in the company, valued at $5,066,850.72. The trade was a 11.12% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Neil Gregory Almstead sold 52,003 shares of the stock in a transaction on Wednesday, April 1st. The stock was sold at an average price of $69.04, for a total value of $3,590,287.12. Following the completion of the sale, the insider directly owned 60,137 shares in the company, valued at $4,151,858.48. This represents a 46.37% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders sold 123,642 shares of company stock worth $8,432,528. Corporate insiders own 5.50% of the company’s stock.

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.