Pictet Asset Management Holding SA Boosts Stock Position in PTC Therapeutics, Inc. (NASDAQ:PTCT)

Pictet Asset Management Holding SA boosted its holdings in shares of PTC Therapeutics, Inc. (NASDAQ:PTCT) by 107.4% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 736,388 shares of the biopharmaceutical company’s stock after buying an additional 381,319 shares during the quarter. Pictet Asset Management Holding SA’s holdings in PTC Therapeutics were worth $33,241,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of PTCT. Arizona State Retirement System grew its stake in shares of PTC Therapeutics by 1.1% during the fourth quarter. Arizona State Retirement System now owns 20,095 shares of the biopharmaceutical company’s stock worth $907,000 after purchasing an additional 219 shares in the last quarter. Choreo LLC raised its position in PTC Therapeutics by 2.0% in the 4th quarter. Choreo LLC now owns 11,961 shares of the biopharmaceutical company’s stock valued at $541,000 after purchasing an additional 240 shares during the last quarter. Smartleaf Asset Management LLC raised its holdings in shares of PTC Therapeutics by 78.7% in the fourth quarter. Smartleaf Asset Management LLC now owns 613 shares of the biopharmaceutical company’s stock valued at $28,000 after buying an additional 270 shares during the last quarter. Janney Montgomery Scott LLC raised its stake in PTC Therapeutics by 8.3% during the 4th quarter. Janney Montgomery Scott LLC now owns 5,965 shares of the biopharmaceutical company’s stock valued at $269,000 after acquiring an additional 455 shares during the last quarter. Finally, Xponance Inc. lifted its holdings in shares of PTC Therapeutics by 10.4% during the fourth quarter. Xponance Inc. now owns 6,058 shares of the biopharmaceutical company’s stock worth $273,000 after purchasing an additional 570 shares during the period.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on PTCT. UBS Group raised their price objective on shares of PTC Therapeutics from $47.00 to $71.00 and gave the company a “buy” rating in a research report on Tuesday, December 3rd. Morgan Stanley restated 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. Bank of America upgraded shares of PTC Therapeutics from an “underperform” rating to a “neutral” rating and upped their target price for the company from $41.00 to $55.00 in a report on Tuesday, March 11th. Scotiabank started coverage on PTC Therapeutics in a research note on Friday, March 7th. They set a “sector perform” rating and a $55.00 price target on the stock. Finally, JPMorgan Chase & Co. raised their target price on shares of PTC Therapeutics from $72.00 to $78.00 and gave the stock an “overweight” rating in a research report on Friday, March 14th. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating, eight have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $64.00.

Insider Activity

In other PTC Therapeutics news, CEO Matthew B. Klein sold 8,279 shares of the company’s stock in a transaction that occurred on Tuesday, December 31st. The stock was sold at an average price of $45.16, for a total value of $373,879.64. Following the transaction, the chief executive officer now directly owns 217,528 shares of the company’s stock, valued at $9,823,564.48. This represents a 3.67 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP Lee Scott Golden sold 795 shares of the firm’s stock in a transaction on Wednesday, February 19th. The stock was sold at an average price of $50.10, for a total transaction of $39,829.50. Following the transaction, the executive vice president now directly owns 77,856 shares of the company’s stock, valued at approximately $3,900,585.60. This represents a 1.01 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 43,391 shares of company stock worth $2,172,927. 5.50% of the stock is currently owned by company insiders.

PTC Therapeutics Stock Performance

Shares of NASDAQ:PTCT opened at $54.24 on Monday. The company has a market cap of $4.28 billion, a P/E ratio of -9.13 and a beta of 0.66. The business’s 50-day simple moving average is $51.04 and its 200 day simple moving average is $45.24. PTC Therapeutics, Inc. has a one year low of $24.00 and a one year high of $58.38.

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.