Cibc World Markets Corp Invests $322,000 in PTC Therapeutics, Inc. (NASDAQ:PTCT)

Cibc World Markets Corp purchased a new stake in PTC Therapeutics, Inc. (NASDAQ:PTCT) in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The fund purchased 7,127 shares of the biopharmaceutical company’s stock, valued at approximately $322,000.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Point72 Asset Management L.P. grew its position in PTC Therapeutics by 945.6% in the third quarter. Point72 Asset Management L.P. now owns 575,860 shares of the biopharmaceutical company’s stock worth $21,364,000 after acquiring an additional 643,960 shares in the last quarter. Parkman Healthcare Partners LLC acquired a new stake in shares of PTC Therapeutics in the 3rd quarter valued at $7,234,000. State Street Corp boosted its holdings in PTC Therapeutics by 5.4% in the third quarter. State Street Corp now owns 2,899,040 shares of the biopharmaceutical company’s stock worth $107,554,000 after purchasing an additional 149,700 shares in the last quarter. Raymond James Financial Inc. acquired a new position in PTC Therapeutics during the fourth quarter worth $2,200,000. Finally, Charles Schwab Investment Management Inc. raised its holdings in PTC Therapeutics by 7.3% during the third quarter. Charles Schwab Investment Management Inc. now owns 706,730 shares of the biopharmaceutical company’s stock valued at $26,220,000 after buying an additional 47,902 shares in the last quarter.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on PTCT. Cantor Fitzgerald increased their price objective on PTC Therapeutics from $76.00 to $113.00 and gave the company an “overweight” rating in a report on Monday, February 3rd. Morgan Stanley reissued an “overweight” rating and issued a $70.00 price target (up previously from $67.00) on shares of PTC Therapeutics in a research report on Friday, March 7th. Citigroup upped their price objective on shares of PTC Therapeutics from $32.00 to $45.00 and gave the stock a “sell” rating in a report on Wednesday, February 12th. Scotiabank began coverage on shares of PTC Therapeutics in a report on Friday, March 7th. They issued a “sector perform” rating and a $55.00 target price on the stock. Finally, Wells Fargo & Company upped their price target on shares of PTC Therapeutics from $56.00 to $68.00 and gave the company an “overweight” rating in a report on Tuesday, November 26th. Two analysts have rated the stock with a sell rating, five have assigned a hold rating, eight have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $64.00.

Insider Buying and Selling

In related news, CEO Matthew B. Klein sold 8,279 shares of the stock in a transaction dated Tuesday, December 31st. The shares were sold at an average price of $45.16, for a total value of $373,879.64. Following the completion of the transaction, the chief executive officer now owns 217,528 shares of the company’s stock, valued at $9,823,564.48. This represents a 3.67 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Eric Pauwels sold 1,599 shares of PTC Therapeutics stock in a transaction that occurred on Tuesday, January 7th. The shares were sold at an average price of $45.34, for a total value of $72,498.66. Following the sale, the chief executive officer now directly owns 88,941 shares in the company, valued at $4,032,584.94. The trade was a 1.77 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 43,391 shares of company stock valued at $2,172,927 over the last ninety days. 5.50% of the stock is owned by company insiders.

PTC Therapeutics Trading Down 0.2 %

Shares of PTCT stock opened at $57.03 on Tuesday. The company has a market capitalization of $4.50 billion, a P/E ratio of -9.60 and a beta of 0.66. PTC Therapeutics, Inc. has a 12 month low of $24.00 and a 12 month high of $58.38. The stock has a 50 day moving average of $50.04 and a two-hundred day moving average of $44.58.

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.