Fisher Asset Management LLC Cuts Stake in PTC Therapeutics, Inc. (NASDAQ:PTCT)

Fisher Asset Management LLC decreased its position in PTC Therapeutics, Inc. (NASDAQ:PTCT) by 6.2% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 95,778 shares of the biopharmaceutical company’s stock after selling 6,359 shares during the quarter. Fisher Asset Management LLC’s holdings in PTC Therapeutics were worth $2,640,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also made changes to their positions in PTCT. Victory Capital Management Inc. purchased a new stake in PTC Therapeutics in the fourth quarter worth $271,000. Hexagon Capital Partners LLC grew its position in shares of PTC Therapeutics by 132.0% during the 4th quarter. Hexagon Capital Partners LLC now owns 979 shares of the biopharmaceutical company’s stock worth $27,000 after buying an additional 557 shares in the last quarter. Headlands Technologies LLC lifted its stake in PTC Therapeutics by 248.0% in the fourth quarter. Headlands Technologies LLC now owns 4,684 shares of the biopharmaceutical company’s stock worth $129,000 after acquiring an additional 3,338 shares during the period. Duality Advisers LP grew its holdings in PTC Therapeutics by 29.5% during the 4th quarter. Duality Advisers LP now owns 46,598 shares of the biopharmaceutical company’s stock worth $1,284,000 after acquiring an additional 10,625 shares in the last quarter. Finally, Handelsbanken Fonder AB increased its position in PTC Therapeutics by 25.6% during the 4th quarter. Handelsbanken Fonder AB now owns 16,700 shares of the biopharmaceutical company’s stock valued at $460,000 after purchasing an additional 3,400 shares during the period.

Analysts Set New Price Targets

Several brokerages recently issued reports on PTCT. TD Cowen cut their price objective on shares of PTC Therapeutics from $32.00 to $30.00 and set a “market perform” rating on the stock in a report on Friday, March 1st. Cantor Fitzgerald reissued an “overweight” rating and set a $45.00 price target on shares of PTC Therapeutics in a research report on Friday, April 12th. Morgan Stanley upgraded PTC Therapeutics from an “underweight” rating to an “equal weight” rating and boosted their target price for the stock from $28.00 to $30.00 in a research note on Monday, April 29th. Royal Bank of Canada lifted their target price on shares of PTC Therapeutics from $22.00 to $28.00 and gave the stock a “sector perform” rating in a research note on Friday, March 1st. Finally, Jefferies Financial Group upped their price target on shares of PTC Therapeutics from $33.00 to $35.00 and gave the company a “buy” rating in a research note on Wednesday, March 20th. Four research analysts have rated the stock with a sell rating, seven have given a hold rating and three have issued a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Hold” and an average price target of $33.67.

Insider Activity at PTC Therapeutics

In other PTC Therapeutics news, CEO Matthew B. Klein sold 3,361 shares of the stock in a transaction that occurred on Friday, April 19th. The shares were sold at an average price of $24.89, for a total transaction of $83,655.29. Following the sale, the chief executive officer now directly owns 225,807 shares in the company, valued at approximately $5,620,336.23. The transaction was disclosed in a document filed with the SEC, which is available through this link. In the last 90 days, insiders have sold 4,674 shares of company stock worth $118,363. 5.30% of the stock is currently owned by company insiders.

PTC Therapeutics Stock Performance

NASDAQ PTCT opened at $31.79 on Wednesday. PTC Therapeutics, Inc. has a fifty-two week low of $17.53 and a fifty-two week high of $59.84. The stock’s fifty day moving average is $29.01 and its two-hundred day moving average is $26.41. The firm has a market capitalization of $2.44 billion, a P/E ratio of -4.14 and a beta of 0.63.

PTC Therapeutics (NASDAQ:PTCT) last issued its quarterly earnings data on Thursday, April 25th. The biopharmaceutical company reported ($1.20) earnings per share (EPS) for the quarter, beating the consensus estimate of ($1.21) by $0.01. The company had revenue of $210.12 million during the quarter, compared to analysts’ expectations of $160.27 million. As a group, sell-side analysts forecast that PTC Therapeutics, Inc. will post -5.36 EPS for the current year.

About PTC Therapeutics

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.