Bayforest Capital Ltd Takes Position in PTC Therapeutics, Inc. (NASDAQ:PTCT)

Bayforest Capital Ltd purchased a new stake in PTC Therapeutics, Inc. (NASDAQ:PTCT) during the 1st quarter, HoldingsChannel.com reports. The institutional investor purchased 8,153 shares of the biopharmaceutical company’s stock, valued at approximately $415,000.

Several other hedge funds also recently added to or reduced their stakes in PTCT. Sterling Capital Management LLC raised its position in shares of PTC Therapeutics by 424.4% in the fourth quarter. Sterling Capital Management LLC now owns 645 shares of the biopharmaceutical company’s stock worth $29,000 after acquiring an additional 522 shares during the period. GAMMA Investing LLC raised its position in shares of PTC Therapeutics by 86.3% in the first quarter. GAMMA Investing LLC now owns 952 shares of the biopharmaceutical company’s stock worth $49,000 after acquiring an additional 441 shares during the period. GF Fund Management CO. LTD. acquired a new position in shares of PTC Therapeutics in the fourth quarter worth about $73,000. Point72 Asia Singapore Pte. Ltd. acquired a new position in shares of PTC Therapeutics in the fourth quarter worth about $77,000. Finally, Smallwood Wealth Investment Management LLC acquired a new position in shares of PTC Therapeutics in the first quarter worth about $86,000.

Insider Activity

In related news, VP Mark Elliott Boulding sold 883 shares of the company’s stock in a transaction dated Friday, May 16th. The shares were sold at an average price of $46.02, for a total transaction of $40,635.66. Following the completion of the sale, the vice president owned 103,901 shares of the company’s stock, valued at approximately $4,781,524.02. This represents a 0.84% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Pierre Gravier sold 2,516 shares of the company’s stock in a transaction dated Tuesday, July 15th. The shares were sold at an average price of $49.46, for a total transaction of $124,441.36. Following the sale, the chief financial officer directly owned 71,920 shares of the company’s stock, valued at approximately $3,557,163.20. This represents a 3.38% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 5,328 shares of company stock valued at $254,158. 5.50% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on the stock. Cantor Fitzgerald upped their price objective on shares of PTC Therapeutics from $112.00 to $120.00 and gave the stock an “overweight” rating in a research report on Tuesday. Truist Financial upped their price objective on shares of PTC Therapeutics from $80.00 to $86.00 and gave the stock a “buy” rating in a research report on Tuesday. Bank of America upped their price objective on shares of PTC Therapeutics from $68.00 to $84.00 and gave the stock a “buy” rating in a research report on Tuesday. Robert W. Baird decreased their price objective on shares of PTC Therapeutics from $70.00 to $66.00 and set an “outperform” rating for the company in a research report on Wednesday, May 7th. Finally, Barclays upped their price target on shares of PTC Therapeutics from $42.00 to $46.00 and gave the stock an “equal weight” rating in a research report on Tuesday. One investment analyst has rated the stock with a sell rating, four have given a hold rating, ten have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, PTC Therapeutics presently has an average rating of “Moderate Buy” and an average target price of $69.38.

PTC Therapeutics Trading Up 3.3%

Shares of NASDAQ PTCT opened at $50.94 on Thursday. PTC Therapeutics, Inc. has a 12-month low of $29.01 and a 12-month high of $58.38. The stock has a market cap of $4.04 billion, a PE ratio of 7.82 and a beta of 0.50. The company has a 50-day moving average of $48.95 and a 200 day moving average of $48.58.

PTC Therapeutics (NASDAQ:PTCT) last announced its quarterly earnings data on Tuesday, May 6th. The biopharmaceutical company reported $10.04 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.85 by $9.19. PTC Therapeutics had a net margin of 33.56% and a negative return on equity of 78.56%. The company had revenue of $1.18 billion during the quarter, compared to analysts’ expectations of $437.16 million. During the same quarter in the prior year, the company earned ($1.20) EPS. PTC Therapeutics’s revenue was down 9.6% compared to the same quarter last year. On average, sell-side analysts forecast that PTC Therapeutics, Inc. will post -4.52 EPS for the current fiscal year.

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.