Geode Capital Management LLC Buys 10,886 Shares of PTC Therapeutics, Inc. (NASDAQ:PTCT)

Geode Capital Management LLC boosted its stake in shares of PTC Therapeutics, Inc. (NASDAQ:PTCT) by 0.6% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,798,666 shares of the biopharmaceutical company’s stock after acquiring an additional 10,886 shares during the period. Geode Capital Management LLC owned 2.33% of PTC Therapeutics worth $66,743,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in PTCT. Armistice Capital LLC raised its position in shares of PTC Therapeutics by 2.9% in the 2nd quarter. Armistice Capital LLC now owns 6,962,227 shares of the biopharmaceutical company’s stock valued at $212,905,000 after buying an additional 198,227 shares in the last quarter. Cowen AND Company LLC raised its position in PTC Therapeutics by 0.8% during the second quarter. Cowen AND Company LLC now owns 3,756,469 shares of the biopharmaceutical company’s stock valued at $114,873,000 after purchasing an additional 30,843 shares in the last quarter. State Street Corp lifted its stake in PTC Therapeutics by 5.4% during the third quarter. State Street Corp now owns 2,899,040 shares of the biopharmaceutical company’s stock worth $107,554,000 after purchasing an additional 149,700 shares during the last quarter. Renaissance Technologies LLC boosted its holdings in shares of PTC Therapeutics by 7.4% in the 2nd quarter. Renaissance Technologies LLC now owns 818,100 shares of the biopharmaceutical company’s stock valued at $25,017,000 after purchasing an additional 56,700 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. increased its stake in shares of PTC Therapeutics by 7.3% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 706,730 shares of the biopharmaceutical company’s stock valued at $26,220,000 after purchasing an additional 47,902 shares during the last quarter.

Insider Activity at PTC Therapeutics

In related news, insider Neil Gregory Almstead sold 69,550 shares of the business’s stock in a transaction on Monday, December 2nd. The shares were sold at an average price of $52.06, for a total value of $3,620,773.00. Following the transaction, the insider now owns 86,202 shares in the company, valued at $4,487,676.12. The trade was a 44.65 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Jerome B. Zeldis sold 24,000 shares of the company’s stock in a transaction on Monday, December 2nd. The shares were sold at an average price of $51.50, for a total transaction of $1,236,000.00. Following the sale, the director now directly owns 14,500 shares in the company, valued at $746,750. This trade represents a 62.34 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 196,950 shares of company stock worth $10,251,735 over the last ninety days. Insiders own 5.50% of the company’s stock.

PTC Therapeutics Trading Up 2.2 %

NASDAQ PTCT opened at $46.24 on Friday. The firm has a market capitalization of $3.57 billion, a PE ratio of -7.78 and a beta of 0.63. The business’s 50-day moving average price is $43.50 and its two-hundred day moving average price is $37.52. PTC Therapeutics, Inc. has a 12 month low of $23.58 and a 12 month high of $54.16.

Analyst Upgrades and Downgrades

PTCT has been the topic of several research analyst reports. StockNews.com lowered PTC Therapeutics from a “buy” rating to a “hold” rating in a research note on Wednesday. Baird R W upgraded shares of PTC Therapeutics to a “strong-buy” rating in a research note on Wednesday, September 4th. Morgan Stanley upgraded shares of PTC Therapeutics from an “equal weight” rating to an “overweight” rating and upped their price objective for the stock from $45.00 to $67.00 in a research report on Friday, December 13th. Wells Fargo & Company raised their target price on shares of PTC Therapeutics from $56.00 to $68.00 and gave the company an “overweight” rating in a research report on Tuesday, November 26th. Finally, JPMorgan Chase & Co. upped their price target on shares of PTC Therapeutics from $51.00 to $62.00 and gave the stock an “overweight” rating in a report on Tuesday, November 19th. Three investment analysts have rated the stock with a sell rating, four have assigned a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, PTC Therapeutics currently has an average rating of “Hold” and a consensus target price of $54.08.

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.