Bank of New York Mellon Corp Has $8.53 Million Stock Position in PTC Therapeutics, Inc. (NASDAQ:PTCT)

Bank of New York Mellon Corp boosted its stake in shares of PTC Therapeutics, Inc. (NASDAQ:PTCT) by 17.1% during the 2nd quarter, Holdings Channel.com reports. The institutional investor owned 279,049 shares of the biopharmaceutical company’s stock after purchasing an additional 40,840 shares during the quarter. Bank of New York Mellon Corp’s holdings in PTC Therapeutics were worth $8,533,000 at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. Russell Investments Group Ltd. lifted its stake in PTC Therapeutics by 57.9% in the 1st quarter. Russell Investments Group Ltd. now owns 301,790 shares of the biopharmaceutical company’s stock worth $8,779,000 after acquiring an additional 110,670 shares in the last quarter. Vise Technologies Inc. lifted its position in shares of PTC Therapeutics by 20.1% in the fourth quarter. Vise Technologies Inc. now owns 12,808 shares of the biopharmaceutical company’s stock worth $353,000 after purchasing an additional 2,140 shares in the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. lifted its position in shares of PTC Therapeutics by 8.7% in the first quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 439,365 shares of the biopharmaceutical company’s stock worth $12,782,000 after purchasing an additional 35,173 shares in the last quarter. Edgestream Partners L.P. boosted its holdings in shares of PTC Therapeutics by 49.3% during the first quarter. Edgestream Partners L.P. now owns 53,522 shares of the biopharmaceutical company’s stock worth $1,557,000 after purchasing an additional 17,681 shares during the period. Finally, Burney Co. purchased a new position in PTC Therapeutics during the first quarter valued at approximately $1,223,000.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on the stock. Citigroup increased their target price on shares of PTC Therapeutics from $18.00 to $26.00 and gave the stock a “sell” rating in a research report on Tuesday, May 21st. Barclays increased their price objective on PTC Therapeutics from $25.00 to $31.00 and gave the stock an “equal weight” rating in a report on Friday, August 9th. Morgan Stanley boosted their target price on PTC Therapeutics from $30.00 to $32.00 and gave the company an “equal weight” rating in a research note on Friday, July 12th. Bank of America upped their target price on PTC Therapeutics from $25.00 to $32.00 and gave the stock an “underperform” rating in a research report on Friday, June 21st. Finally, Jefferies Financial Group lifted their price target on PTC Therapeutics from $35.00 to $46.00 and gave the company a “buy” rating in a report on Monday, May 20th. Three research analysts have rated the stock with a sell rating, seven have assigned a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $37.13.

PTC Therapeutics Stock Up 0.4 %

Shares of PTC Therapeutics stock opened at $31.54 on Wednesday. The stock has a 50 day moving average price of $32.96 and a two-hundred day moving average price of $32.14. PTC Therapeutics, Inc. has a 12-month low of $17.53 and a 12-month high of $41.27. The stock has a market capitalization of $2.43 billion, a P/E ratio of -4.11 and a beta of 0.64.

PTC Therapeutics (NASDAQ:PTCT) last posted its quarterly earnings data on Thursday, August 8th. The biopharmaceutical company reported ($1.16) earnings per share for the quarter, missing the consensus estimate of ($1.00) by ($0.16). The company had revenue of $186.70 million during the quarter, compared to analyst estimates of $192.12 million. Sell-side analysts anticipate that PTC Therapeutics, Inc. will post -5.09 earnings per share for the current year.

Insiders Place Their Bets

In other news, CFO Pierre Gravier sold 2,269 shares of the company’s stock in a transaction dated Tuesday, July 16th. The shares were sold at an average price of $34.02, for a total transaction of $77,191.38. Following the completion of the transaction, the chief financial officer now owns 53,531 shares of the company’s stock, valued at $1,821,124.62. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 5.50% of the company’s stock.

PTC Therapeutics 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.