R Squared Ltd Makes New $79,000 Investment in PTC Therapeutics, Inc. (NASDAQ:PTCT)

R Squared Ltd acquired a new position in PTC Therapeutics, Inc. (NASDAQ:PTCT) during the 4th quarter, HoldingsChannel reports. The fund acquired 1,750 shares of the biopharmaceutical company’s stock, valued at approximately $79,000.

Several other hedge funds have also bought and sold shares of PTCT. Point72 Asset Management L.P. boosted its position in PTC Therapeutics by 945.6% in the 3rd quarter. Point72 Asset Management L.P. now owns 575,860 shares of the biopharmaceutical company’s stock worth $21,364,000 after purchasing an additional 643,960 shares in the last quarter. Parkman Healthcare Partners LLC purchased a new position in shares of PTC Therapeutics during the 3rd quarter valued at approximately $7,234,000. Millennium Management LLC lifted 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 buying an additional 175,289 shares in the last quarter. State Street Corp lifted its position in shares of PTC Therapeutics by 5.4% during the 3rd quarter. State Street Corp now owns 2,899,040 shares of the biopharmaceutical company’s stock valued at $107,554,000 after buying an additional 149,700 shares in the last quarter. Finally, Assenagon Asset Management S.A. lifted its position in shares of PTC Therapeutics by 32.1% during the 3rd quarter. Assenagon Asset Management S.A. now owns 492,464 shares of the biopharmaceutical company’s stock valued at $18,270,000 after buying an additional 119,637 shares in the last quarter.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on PTCT. Barclays increased their target price on PTC Therapeutics from $45.00 to $56.00 and gave the company an “equal weight” rating in a research report on Tuesday, December 3rd. Raymond James initiated coverage on PTC Therapeutics in a research report on Thursday, October 10th. They set a “market perform” rating on the stock. StockNews.com downgraded PTC Therapeutics from a “buy” rating to a “hold” rating in a research note on Wednesday, December 18th. Cantor Fitzgerald reduced their price objective on PTC Therapeutics from $80.00 to $76.00 and set an “overweight” rating for the company in a research note on Wednesday, January 15th. Finally, UBS Group increased their price objective on PTC Therapeutics from $47.00 to $71.00 and gave the company a “buy” rating in a research note on Tuesday, December 3rd. Three equities research analysts have rated the stock with a sell rating, four have given a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $55.00.

PTC Therapeutics Stock Performance

PTCT opened at $45.88 on Friday. The business’s fifty day moving average is $45.93 and its two-hundred day moving average is $39.73. The company has a market cap of $3.54 billion, a price-to-earnings ratio of -7.72 and a beta of 0.62. PTC Therapeutics, Inc. has a one year low of $23.58 and a one year high of $54.16.

PTC Therapeutics (NASDAQ:PTCT) last issued its quarterly earnings data on Thursday, November 7th. The biopharmaceutical company reported ($1.39) earnings per share (EPS) for the quarter, beating the consensus estimate of ($1.54) by $0.15. The company had revenue of $196.79 million during the quarter, compared to analysts’ expectations of $173.51 million. During the same quarter in the prior year, the company earned ($1.76) earnings per share. On average, analysts predict that PTC Therapeutics, Inc. will post -4.66 EPS for the current fiscal year.

Insider Activity at PTC Therapeutics

In other PTC Therapeutics news, CEO Matthew B. Klein sold 8,279 shares of the firm’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 transaction of $373,879.64. Following the completion of the sale, the chief executive officer now owns 217,528 shares in the company, valued at $9,823,564.48. This trade represents a 3.67 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Mark Elliott Boulding sold 85,600 shares of the firm’s stock in a transaction that occurred on Monday, December 2nd. The shares were sold at an average price of $52.26, for a total value of $4,473,456.00. Following the sale, the vice president now owns 92,389 shares of the company’s stock, valued at approximately $4,828,249.14. This trade represents a 48.09 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 211,737 shares of company stock worth $10,920,687. 5.50% of the stock is currently owned by insiders.

About PTC Therapeutics

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.