Jacobs Levy Equity Management Inc. Sells 229,494 Shares of PTC Therapeutics, Inc. (NASDAQ:PTCT)

Jacobs Levy Equity Management Inc. cut its position in shares of PTC Therapeutics, Inc. (NASDAQ:PTCT - Free Report) by 13.4% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 1,486,297 shares of the biopharmaceutical company's stock after selling 229,494 shares during the quarter. Jacobs Levy Equity Management Inc. owned approximately 1.93% of PTC Therapeutics worth $55,142,000 as of its most recent SEC filing.

Other institutional investors have also recently modified their holdings of the company. Choreo LLC boosted its holdings in PTC Therapeutics by 4.1% during the 2nd quarter. Choreo LLC now owns 11,426 shares of the biopharmaceutical company's stock valued at $356,000 after acquiring an additional 452 shares during the period. Mirae Asset Global Investments Co. Ltd. lifted its holdings in PTC Therapeutics by 21.5% in the 3rd 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 during the period. KBC Group NV lifted its holdings in PTC Therapeutics by 29.2% in the 3rd quarter. KBC Group NV now owns 2,232 shares of the biopharmaceutical company's stock worth $83,000 after buying an additional 504 shares during the period. Arizona State Retirement System lifted its holdings in PTC Therapeutics by 3.4% in the 2nd quarter. Arizona State Retirement System now owns 19,301 shares of the biopharmaceutical company's stock worth $590,000 after buying an additional 636 shares during the period. Finally, Creative Planning lifted its holdings in PTC Therapeutics by 8.1% in the 3rd quarter. Creative Planning now owns 10,944 shares of the biopharmaceutical company's stock worth $406,000 after buying an additional 816 shares during the period.

Analysts Set New Price Targets

Several equities research analysts have weighed in on the company. Barclays increased their price objective on PTC Therapeutics from $45.00 to $56.00 and gave the stock an "equal weight" rating in a report on Tuesday. UBS Group increased their price objective on PTC Therapeutics from $47.00 to $71.00 and gave the stock a "buy" rating in a report on Tuesday. Baird R W upgraded PTC Therapeutics to a "strong-buy" rating in a research note on Wednesday, September 4th. Robert W. Baird lifted their price target on PTC Therapeutics from $52.00 to $70.00 and gave the company an "outperform" rating in a research report on Tuesday. Finally, Raymond James started coverage on PTC Therapeutics in a research report on Thursday, October 10th. They set a "market perform" rating on the stock. 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 issued a strong buy rating to the company. According to MarketBeat, the company presently has an average rating of "Hold" and a consensus target price of $52.38.

PTC Therapeutics Stock Performance

Shares of PTCT stock traded down $0.43 during mid-day trading on Wednesday, hitting $49.86. The company's stock had a trading volume of 941,523 shares, compared to its average volume of 857,446. PTC Therapeutics, Inc. has a 52-week low of $23.58 and a 52-week high of $54.16. The business has a 50-day moving average price of $41.06 and a 200 day moving average price of $36.66. The stock has a market cap of $3.85 billion, a price-to-earnings ratio of -8.39 and a beta of 0.63.

Insider Transactions at PTC Therapeutics

In related news, Director Jerome B. Zeldis sold 24,000 shares of the company's stock in a transaction on Monday, December 2nd. The stock was sold at an average price of $51.50, for a total transaction of $1,236,000.00. Following the completion of the sale, the director now owns 14,500 shares in the company, valued at approximately $746,750. This represents a 62.34 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Christine Marie Utter sold 17,800 shares of the company's stock in a transaction on Monday, December 2nd. The shares were sold at an average price of $51.77, for a total value of $921,506.00. Following the sale, the chief accounting officer now owns 52,428 shares of the company's stock, valued at approximately $2,714,197.56. This trade represents a 25.35 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 196,950 shares of company stock worth $10,251,735 over the last quarter. 5.50% of the stock is currently owned by insiders.

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.