Bank of New York Mellon Corp Sells 2,576 Shares of PTC Therapeutics, Inc. (NASDAQ:PTCT)

Posted by on Mar 11th, 2023

Bank of New York Mellon Corp lessened its stake in PTC Therapeutics, Inc. (NASDAQ:PTCT – Get Rating) by 0.3% during the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,015,294 shares of the biopharmaceutical company’s stock after selling 2,576 shares during the quarter. Bank of New York Mellon Corp owned approximately 1.41% of PTC Therapeutics worth $50,967,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of PTCT. Motley Fool Asset Management LLC increased its position in shares of PTC Therapeutics by 16.3% during the second quarter. Motley Fool Asset Management LLC now owns 38,277 shares of the biopharmaceutical company’s stock valued at $1,676,000 after acquiring an additional 5,351 shares during the last quarter. Seven Eight Capital LP purchased a new stake in shares of PTC Therapeutics during the third quarter valued at approximately $248,000. Handelsinvest Investeringsforvaltning increased its position in shares of PTC Therapeutics by 2.8% during the third quarter. Handelsinvest Investeringsforvaltning now owns 103,700 shares of the biopharmaceutical company’s stock valued at $5,206,000 after acquiring an additional 2,800 shares during the last quarter. Walleye Capital LLC increased its position in shares of PTC Therapeutics by 502.1% during the second quarter. Walleye Capital LLC now owns 60,412 shares of the biopharmaceutical company’s stock valued at $2,420,000 after acquiring an additional 50,379 shares during the last quarter. Finally, Nadler Financial Group Inc. purchased a new stake in shares of PTC Therapeutics during the third quarter valued at approximately $248,000.

PTC Therapeutics Trading Down 3.7 %

Shares of NASDAQ PTCT opened at $44.23 on Friday. PTC Therapeutics, Inc. has a fifty-two week low of $25.01 and a fifty-two week high of $55.58. The stock has a fifty day moving average of $45.22 and a 200-day moving average of $44.80.

PTC Therapeutics (NASDAQ:PTCT – Get Rating) last posted its quarterly earnings data on Tuesday, February 21st. The biopharmaceutical company reported ($2.35) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.96) by ($0.39). The company had revenue of $167.41 million during the quarter, compared to the consensus estimate of $183.07 million. The business’s revenue for the quarter was up 1.3% compared to the same quarter last year. During the same period last year, the company earned ($2.03) earnings per share. As a group, sell-side analysts forecast that PTC Therapeutics, Inc. will post -4.56 earnings per share for the current fiscal year.

Insider Activity at PTC Therapeutics

In related news, CEO Stuart Walter Peltz sold 2,320 shares of PTC Therapeutics stock in a transaction on Tuesday, January 31st. The stock was sold at an average price of $45.63, for a total transaction of $105,861.60. Following the completion of the sale, the chief executive officer now owns 166,962 shares of the company’s stock, valued at $7,618,476.06. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other PTC Therapeutics news, CFO Emily Luisa Hill sold 758 shares of PTC Therapeutics stock in a transaction dated Monday, January 9th. The stock was sold at an average price of $41.66, for a total transaction of $31,578.28. Following the completion of the sale, the chief financial officer now owns 48,001 shares of the company’s stock, valued at $1,999,721.66. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Stuart Walter Peltz sold 2,320 shares of PTC Therapeutics stock in a transaction dated Tuesday, January 31st. The stock was sold at an average price of $45.63, for a total value of $105,861.60. Following the sale, the chief executive officer now directly owns 166,962 shares of the company’s stock, valued at approximately $7,618,476.06. The disclosure for this sale can be found here. Over the last quarter, insiders sold 15,951 shares of company stock valued at $700,923. Company insiders own 6.00% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on PTCT. Cantor Fitzgerald decreased their price target on PTC Therapeutics from $68.00 to $66.00 and set an “overweight” rating for the company in a research report on Wednesday, February 22nd. The Goldman Sachs Group began coverage on PTC Therapeutics in a research report on Wednesday, December 14th. They issued a “sell” rating and a $35.00 target price for the company. Morgan Stanley raised their target price on PTC Therapeutics from $40.00 to $50.00 and gave the stock an “equal weight” rating in a research report on Friday, February 3rd. Credit Suisse Group reissued a “neutral” rating and issued a $48.00 target price on shares of PTC Therapeutics in a research report on Wednesday, February 22nd. Finally, Raymond James decreased their target price on PTC Therapeutics from $60.00 to $55.00 and set an “outperform” rating for the company in a research report on Thursday, February 23rd. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $52.80.

PTC Therapeutics Company Profile

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PTC Therapeutics, Inc is a biopharmaceutical company, which engages in the discovery and commercialization of clinically differentiated medicines. It focuses on the development of new treatments for multiple therapeutic areas, including rare diseases and oncology. The firm’s portfolio includes Translarna, Emflaza, Tegsedi, Waylivra, and Evrysdi.

Further Reading

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Institutional Ownership by Quarter for PTC Therapeutics (NASDAQ:PTCT)

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