BNP Paribas Financial Markets Cuts Stock Holdings in PTC Therapeutics, Inc. (NASDAQ:PTCT)

BNP Paribas Financial Markets cut its stake in shares of PTC Therapeutics, Inc. (NASDAQ:PTCT) by 42.8% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 72,946 shares of the biopharmaceutical company’s stock after selling 54,655 shares during the period. BNP Paribas Financial Markets owned about 0.09% of PTC Therapeutics worth $2,706,000 as of its most recent SEC filing.

A number of other hedge funds have also recently bought and sold shares of PTCT. Armistice Capital LLC increased its position in shares of PTC Therapeutics by 2.9% during the second quarter. Armistice Capital LLC now owns 6,962,227 shares of the biopharmaceutical company’s stock valued at $212,905,000 after acquiring an additional 198,227 shares during the last quarter. Ensign Peak Advisors Inc increased its position in shares of PTC Therapeutics by 650.9% during the 2nd quarter. Ensign Peak Advisors Inc now owns 208,302 shares of the biopharmaceutical company’s stock valued at $6,370,000 after purchasing an additional 180,561 shares during the last quarter. Millennium Management LLC increased its position in shares of PTC Therapeutics by 123.2% during the 2nd quarter. Millennium Management LLC now owns 317,579 shares of the biopharmaceutical company’s stock valued at $9,712,000 after purchasing an additional 175,289 shares during the last quarter. Marshall Wace LLP raised its stake in shares of PTC Therapeutics by 708.7% during the 2nd quarter. Marshall Wace LLP now owns 179,679 shares of the biopharmaceutical company’s stock worth $5,495,000 after purchasing an additional 157,460 shares during the period. Finally, Squarepoint Ops LLC purchased a new position in shares of PTC Therapeutics in the 2nd quarter worth about $3,758,000.

Insider Transactions at PTC Therapeutics

In other news, insider Neil Gregory Almstead sold 69,550 shares of the company’s stock in a transaction dated Monday, December 2nd. The stock was sold at an average price of $52.06, for a total value of $3,620,773.00. Following the completion of the transaction, the insider now directly owns 86,202 shares in the company, valued at approximately $4,487,676.12. This represents a 44.65 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Christine Marie Utter sold 17,800 shares of the firm’s stock in a transaction dated Monday, December 2nd. The shares were sold at an average price of $51.77, for a total value of $921,506.00. Following the transaction, the chief accounting officer now directly owns 52,428 shares in the company, valued at approximately $2,714,197.56. This represents a 25.35 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 196,950 shares of company stock valued at $10,251,735. 5.50% of the stock is owned by corporate insiders.

PTC Therapeutics Stock Down 0.7 %

PTC Therapeutics stock opened at $48.04 on Friday. The stock has a market cap of $3.70 billion, a price-to-earnings ratio of -8.09 and a beta of 0.63. The business has a 50-day simple moving average of $41.49 and a 200 day simple moving average of $36.80. PTC Therapeutics, Inc. has a 52 week low of $23.58 and a 52 week high of $54.16.

Analysts Set New Price Targets

Several analysts have commented on the stock. Barclays lifted their price objective on shares of PTC Therapeutics from $45.00 to $56.00 and gave the stock an “equal weight” rating in a research report on Tuesday. Baird R W upgraded PTC Therapeutics to a “strong-buy” rating in a research note on Wednesday, September 4th. JPMorgan Chase & Co. raised their target price on PTC Therapeutics from $51.00 to $62.00 and gave the stock an “overweight” rating in a research report on Tuesday, November 19th. Raymond James began coverage on PTC Therapeutics in a research report on Thursday, October 10th. They set a “market perform” rating on the stock. Finally, Royal Bank of Canada raised PTC Therapeutics from a “sector perform” rating to an “outperform” rating and lifted their price objective for the stock from $39.00 to $63.00 in a report on Tuesday. Three investment analysts have rated the stock with a sell rating, four have given a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $52.38.

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.