Lazard Asset Management LLC Acquires 34,069 Shares of PTC Therapeutics, Inc. (NASDAQ:PTCT)

Lazard Asset Management LLC lifted its holdings in PTC Therapeutics, Inc. (NASDAQ:PTCT) by 294.3% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 45,647 shares of the biopharmaceutical company’s stock after buying an additional 34,069 shares during the period. Lazard Asset Management LLC owned about 0.06% of PTC Therapeutics worth $2,059,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. Smartleaf Asset Management LLC increased its holdings in shares of PTC Therapeutics by 78.7% in the 4th quarter. Smartleaf Asset Management LLC now owns 613 shares of the biopharmaceutical company’s stock worth $28,000 after buying an additional 270 shares during the last quarter. Sterling Capital Management LLC increased its holdings in shares of PTC Therapeutics by 424.4% in the 4th quarter. Sterling Capital Management LLC now owns 645 shares of the biopharmaceutical company’s stock worth $29,000 after buying an additional 522 shares during the last quarter. Venturi Wealth Management LLC bought a new stake in shares of PTC Therapeutics in the 4th quarter worth about $68,000. R Squared Ltd bought a new stake in shares of PTC Therapeutics in the 4th quarter worth about $79,000. Finally, KBC Group NV increased its holdings in shares of PTC Therapeutics by 36.4% in the 4th quarter. KBC Group NV now owns 3,045 shares of the biopharmaceutical company’s stock worth $137,000 after buying an additional 813 shares during the last quarter.

PTC Therapeutics Price Performance

PTC Therapeutics stock opened at $46.01 on Friday. The firm has a 50-day moving average of $48.22 and a two-hundred day moving average of $47.19. PTC Therapeutics, Inc. has a 1 year low of $28.72 and a 1 year high of $58.38. The stock has a market cap of $3.65 billion, a price-to-earnings ratio of -7.75 and a beta of 0.52.

PTC Therapeutics (NASDAQ:PTCT) last announced its quarterly earnings results on Tuesday, May 6th. The biopharmaceutical company reported $10.04 earnings per share for the quarter, topping the consensus estimate of $0.85 by $9.19. The business had revenue of $1.18 billion during the quarter, compared to analysts’ expectations of $437.16 million. During the same period in the previous year, the company posted ($1.20) EPS. PTC Therapeutics’s revenue for the quarter was down 9.6% on a year-over-year basis. Research analysts expect that PTC Therapeutics, Inc. will post -4.52 earnings per share for the current year.

Analysts Set New Price Targets

A number of equities analysts recently commented on the stock. Scotiabank assumed coverage on shares of PTC Therapeutics in a research note on Friday, March 7th. They set a “sector perform” rating and a $55.00 price target for the company. Cantor Fitzgerald dropped their price target on shares of PTC Therapeutics from $113.00 to $112.00 and set an “overweight” rating for the company in a research note on Wednesday, May 7th. StockNews.com cut shares of PTC Therapeutics from a “strong-buy” rating to a “buy” rating in a research note on Friday. Bank of America raised shares of PTC Therapeutics from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $55.00 to $68.00 in a research note on Friday, May 9th. Finally, Barclays dropped their price target on shares of PTC Therapeutics from $56.00 to $42.00 and set an “equal weight” rating for the company in a research note on Thursday, May 8th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $61.92.

Insider Transactions at PTC Therapeutics

In other news, Director Allan Steven Jacobson sold 1,230 shares of the company’s stock in a transaction that occurred on Tuesday, March 4th. The shares were sold at an average price of $51.52, for a total value of $63,369.60. Following the completion of the sale, the director now owns 19,118 shares of the company’s stock, valued at approximately $984,959.36. This represents a 6.04% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Lee Scott Golden sold 795 shares of the company’s stock in a transaction that occurred on Wednesday, February 19th. The stock was sold at an average price of $50.10, for a total transaction of $39,829.50. Following the completion of the sale, the executive vice president now directly owns 77,856 shares of the company’s stock, valued at $3,900,585.60. The trade was a 1.01% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 32,305 shares of company stock valued at $1,682,755. Company 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.