Thrivent Financial for Lutherans Trims Stake in PTC Therapeutics, Inc. (NASDAQ:PTCT)

Thrivent Financial for Lutherans reduced its stake in PTC Therapeutics, Inc. (NASDAQ:PTCT) by 48.0% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 20,339 shares of the biopharmaceutical company’s stock after selling 18,759 shares during the period. Thrivent Financial for Lutherans’ holdings in PTC Therapeutics were worth $919,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of PTCT. Charles Schwab Investment Management Inc. increased its holdings in shares of 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 acquiring an additional 47,902 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in PTC Therapeutics by 6.1% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 15,413 shares of the biopharmaceutical company’s stock valued at $572,000 after purchasing an additional 884 shares in the last quarter. Edgestream Partners L.P. raised its holdings in PTC Therapeutics by 37.6% in the third quarter. Edgestream Partners L.P. now owns 30,383 shares of the biopharmaceutical company’s stock worth $1,127,000 after buying an additional 8,303 shares during the last quarter. Parkman Healthcare Partners LLC bought a new position in shares of PTC Therapeutics in the third quarter worth approximately $7,234,000. Finally, Point72 Asset Management L.P. lifted its stake in shares of 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 buying an additional 643,960 shares in the last quarter.

PTC Therapeutics Stock Down 8.6 %

Shares of PTCT stock opened at $46.60 on Wednesday. PTC Therapeutics, Inc. has a 52-week low of $24.00 and a 52-week high of $58.38. The stock has a market cap of $3.68 billion, a PE ratio of -7.85 and a beta of 0.66. The business has a 50-day simple moving average of $51.21 and a 200-day simple moving average of $45.46.

Wall Street Analysts Forecast Growth

Several research firms recently commented on PTCT. Morgan Stanley reaffirmed an “overweight” rating and set a $70.00 price objective (up from $67.00) on shares of PTC Therapeutics in a research report on Friday, March 7th. UBS Group raised their price target on shares of PTC Therapeutics from $47.00 to $71.00 and gave the company a “buy” rating in a report on Tuesday, December 3rd. Cantor Fitzgerald boosted their price objective on shares of PTC Therapeutics from $76.00 to $113.00 and gave the company an “overweight” rating in a report on Monday, February 3rd. Barclays raised their target price on shares of PTC Therapeutics from $45.00 to $56.00 and gave the stock an “equal weight” rating in a report on Tuesday, December 3rd. Finally, Bank of America raised shares of PTC Therapeutics from an “underperform” rating to a “neutral” rating and lifted their target price for the stock from $41.00 to $55.00 in a research report on Tuesday, March 11th. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating, eight have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $63.77.

Insider Activity

In other PTC Therapeutics news, VP Mark Elliott Boulding sold 15,521 shares of the stock in a transaction that occurred on Wednesday, March 12th. The stock was sold at an average price of $53.30, for a total transaction of $827,269.30. Following the completion of the transaction, the vice president now owns 103,901 shares of the company’s stock, valued at $5,537,923.30. This represents a 13.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Stephanie Okey sold 5,000 shares of PTC Therapeutics stock in a transaction on Thursday, March 13th. The stock was sold at an average price of $54.00, for a total transaction of $270,000.00. Following the sale, the director now directly owns 8,867 shares in the company, valued at approximately $478,818. This trade represents a 36.06 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 35,112 shares of company stock worth $1,799,047 over the last three months. 5.50% of the stock is currently owned by corporate insiders.

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.