Assenagon Asset Management S.A. Decreases Stock Position in PTC Therapeutics, Inc. (NASDAQ:PTCT)

Assenagon Asset Management S.A. trimmed its holdings in PTC Therapeutics, Inc. (NASDAQ:PTCT) by 10.7% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 439,670 shares of the biopharmaceutical company’s stock after selling 52,794 shares during the period. Assenagon Asset Management S.A. owned 0.57% of PTC Therapeutics worth $19,847,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently added to or reduced their stakes in PTCT. KBC Group NV grew its position in shares of PTC Therapeutics by 29.2% in the third quarter. KBC Group NV now owns 2,232 shares of the biopharmaceutical company’s stock valued at $83,000 after purchasing an additional 504 shares during the last quarter. CWM LLC grew its holdings in PTC Therapeutics by 354.7% during the 3rd quarter. CWM LLC now owns 2,687 shares of the biopharmaceutical company’s stock valued at $100,000 after buying an additional 2,096 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. increased its position in PTC Therapeutics by 21.5% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,782 shares of the biopharmaceutical company’s stock worth $104,000 after buying an additional 492 shares in the last quarter. Quarry LP raised its holdings in shares of PTC Therapeutics by 100.0% in the second quarter. Quarry LP now owns 5,000 shares of the biopharmaceutical company’s stock worth $153,000 after acquiring an additional 2,500 shares during the last quarter. Finally, Mackenzie Financial Corp purchased a new stake in shares of PTC Therapeutics in the second quarter valued at $287,000.

Insider Activity at PTC Therapeutics

In related news, VP Mark Elliott Boulding sold 85,600 shares of the firm’s stock in a transaction dated Monday, December 2nd. The stock was sold at an average price of $52.26, for a total transaction of $4,473,456.00. Following the sale, the vice president now directly owns 92,389 shares in the company, valued at approximately $4,828,249.14. This trade represents a 48.09 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP Lee Scott Golden sold 810 shares of the company’s stock in a transaction that occurred on Tuesday, January 7th. The stock was sold at an average price of $45.34, for a total value of $36,725.40. Following the completion of the transaction, the executive vice president now owns 79,849 shares of the company’s stock, valued at approximately $3,620,353.66. This represents a 1.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 211,737 shares of company stock worth $10,920,687. 5.50% of the stock is currently owned by corporate insiders.

PTC Therapeutics Stock Up 1.8 %

Shares of PTCT stock opened at $43.84 on Friday. PTC Therapeutics, Inc. has a fifty-two week low of $23.58 and a fifty-two week high of $54.16. The firm’s 50 day moving average price is $45.26 and its two-hundred day moving average price is $38.78. The stock has a market cap of $3.38 billion, a price-to-earnings ratio of -7.38 and a beta of 0.62.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on PTCT. Morgan Stanley raised shares of PTC Therapeutics from an “equal weight” rating to an “overweight” rating and boosted their target price for the company from $45.00 to $67.00 in a research note on Friday, December 13th. Robert W. Baird upped their price objective on shares of PTC Therapeutics from $52.00 to $70.00 and gave the company an “outperform” rating in a research note on Tuesday, December 3rd. Royal Bank of Canada raised shares of PTC Therapeutics from a “sector perform” rating to an “outperform” rating and lifted their target price for the stock from $39.00 to $63.00 in a research note on Tuesday, December 3rd. StockNews.com lowered PTC Therapeutics from a “buy” rating to a “hold” rating in a research note on Wednesday, December 18th. Finally, Barclays lifted their price objective 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. Three investment analysts have rated the stock with a sell rating, four have given a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, PTC Therapeutics presently has a consensus rating of “Hold” and a consensus target price of $55.00.

PTC Therapeutics Company 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.