Pinnacle Associates Ltd. lowered its stake in shares of PTC Therapeutics, Inc. (NASDAQ:PTCT) by 14.4% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 201,207 shares of the biopharmaceutical company’s stock after selling 33,775 shares during the quarter. Pinnacle Associates Ltd. owned about 0.40% of PTC Therapeutics worth $9,457,000 at the end of the most recent reporting period.
A number of other large investors also recently modified their holdings of the stock. BlackRock Inc. grew its position in PTC Therapeutics by 5.4% during the third quarter. BlackRock Inc. now owns 3,639,709 shares of the biopharmaceutical company’s stock worth $171,067,000 after buying an additional 187,548 shares in the last quarter. FMR LLC lifted its stake in PTC Therapeutics by 16.8% during the second quarter. FMR LLC now owns 1,303,254 shares of the biopharmaceutical company’s stock worth $43,959,000 after purchasing an additional 187,900 shares during the last quarter. Northern Trust Corp lifted its stake in PTC Therapeutics by 10.8% during the second quarter. Northern Trust Corp now owns 736,892 shares of the biopharmaceutical company’s stock worth $24,855,000 after purchasing an additional 71,756 shares during the last quarter. Frontier Capital Management Co. LLC lifted its stake in PTC Therapeutics by 795.5% during the third quarter. Frontier Capital Management Co. LLC now owns 504,017 shares of the biopharmaceutical company’s stock worth $23,689,000 after purchasing an additional 447,735 shares during the last quarter. Finally, Candriam Luxembourg S.C.A. lifted its stake in PTC Therapeutics by 108.7% during the third quarter. Candriam Luxembourg S.C.A. now owns 325,523 shares of the biopharmaceutical company’s stock worth $15,300,000 after purchasing an additional 169,523 shares during the last quarter. 96.37% of the stock is currently owned by institutional investors and hedge funds.
Several equities research analysts have weighed in on the company. JPMorgan Chase & Co. upped their target price on PTC Therapeutics to $51.00 and gave the stock a “neutral” rating in a research note on Friday, September 28th. Cantor Fitzgerald assumed coverage on PTC Therapeutics in a research note on Monday, October 1st. They set an “overweight” rating and a $66.00 target price for the company. Credit Suisse Group set a $55.00 target price on PTC Therapeutics and gave the stock a “buy” rating in a research note on Wednesday, October 3rd. Bank of America upgraded PTC Therapeutics from an “underperform” rating to a “neutral” rating in a research note on Wednesday, October 3rd. Finally, ValuEngine upgraded PTC Therapeutics from a “buy” rating to a “strong-buy” rating in a research note on Friday, August 10th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and six have assigned a buy rating to the company’s stock. PTC Therapeutics currently has an average rating of “Buy” and an average target price of $45.63.
PTC Therapeutics (NASDAQ:PTCT) last released its earnings results on Monday, November 5th. The biopharmaceutical company reported ($1.06) earnings per share for the quarter, missing the consensus estimate of ($0.40) by ($0.66). PTC Therapeutics had a negative return on equity of 27.95% and a negative net margin of 30.61%. The business had revenue of $53.59 million for the quarter, compared to the consensus estimate of $70.56 million. During the same quarter in the previous year, the company earned ($0.82) earnings per share. The firm’s revenue for the quarter was up 28.0% on a year-over-year basis. Sell-side analysts forecast that PTC Therapeutics, Inc. will post -1.92 EPS for the current year.
COPYRIGHT VIOLATION WARNING: This piece was originally posted by WKRB News and is the sole property of of WKRB News. If you are reading this piece on another website, it was illegally copied and reposted in violation of US & international copyright laws. The legal version of this piece can be read at https://www.wkrb13.com/2018/11/25/pinnacle-associates-ltd-has-9-46-million-position-in-ptc-therapeutics-inc-ptct.html.
PTC Therapeutics Company Profile
PTC Therapeutics, Inc, a biopharmaceutical company, focuses on the discovery, development, and commercialization of medicines for the treatment of rare disorders. The company offers Translarna (ataluren) for the treatment of nonsense mutation Duchenne muscular dystrophy in ambulatory patients; and Emflaza (deflazacort) for treating Duchenne muscular dystrophy.
Featured Article: Insider Trading – What You Need to Know
Receive News & Ratings for PTC Therapeutics Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for PTC Therapeutics and related companies with MarketBeat.com's FREE daily email newsletter.