KLP Kapitalforvaltning AS Invests $646,000 in PTC Therapeutics, Inc. (NASDAQ:PTCT)

KLP Kapitalforvaltning AS purchased a new position in shares of PTC Therapeutics, Inc. (NASDAQ:PTCT - Free Report) in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 14,300 shares of the biopharmaceutical company's stock, valued at approximately $646,000.

A number of other large investors have also modified their holdings of the company. Charles Schwab Investment Management Inc. grew its position in 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 worth $26,220,000 after purchasing an additional 47,902 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in PTC Therapeutics by 6.1% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 15,413 shares of the biopharmaceutical company's stock worth $572,000 after buying an additional 884 shares in the last quarter. Edgestream Partners L.P. increased its position in PTC Therapeutics by 37.6% in the 3rd quarter. Edgestream Partners L.P. now owns 30,383 shares of the biopharmaceutical company's stock valued at $1,127,000 after acquiring an additional 8,303 shares during the period. Parkman Healthcare Partners LLC bought a new stake in PTC Therapeutics during the 3rd quarter valued at $7,234,000. Finally, Point72 Asset Management L.P. raised its stake in PTC Therapeutics by 945.6% during the 3rd quarter. Point72 Asset Management L.P. now owns 575,860 shares of the biopharmaceutical company's stock valued at $21,364,000 after acquiring an additional 643,960 shares in the last quarter.

PTC Therapeutics Trading Down 7.5 %

NASDAQ PTCT traded down $3.49 during trading on Friday, reaching $43.24. 1,309,479 shares of the company's stock were exchanged, compared to its average volume of 799,625. The firm has a market capitalization of $3.41 billion, a PE ratio of -7.28 and a beta of 0.58. PTC Therapeutics, Inc. has a fifty-two week low of $24.00 and a fifty-two week high of $58.38. The company's fifty day simple moving average is $51.22 and its 200-day simple moving average is $45.70.

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Analysts Set New Price Targets

Several equities analysts have commented on the stock. Bank of America raised shares of PTC Therapeutics from an "underperform" rating to a "neutral" rating and raised their target price for the company from $41.00 to $55.00 in a research note on Tuesday, March 11th. JPMorgan Chase & Co. decreased their target price on PTC Therapeutics from $78.00 to $75.00 and set an "overweight" rating for the company in a research note on Monday, March 31st. Morgan Stanley reiterated an "overweight" rating and issued a $70.00 price target (up from $67.00) on shares of PTC Therapeutics in a research report on Friday, March 7th. Citigroup lifted their price objective on shares of PTC Therapeutics from $32.00 to $45.00 and gave the stock a "sell" rating in a research note on Wednesday, February 12th. Finally, Scotiabank started coverage on shares of PTC Therapeutics in a research report on Friday, March 7th. They issued a "sector perform" rating and a $55.00 price target on the stock. Two analysts have rated the stock with a sell rating, five have assigned a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, PTC Therapeutics has an average rating of "Moderate Buy" and an average price target of $63.77.

Insider Buying and Selling at PTC Therapeutics

In other news, Director Stephanie Okey sold 5,000 shares of the firm's stock in a transaction dated Thursday, March 13th. The stock was sold at an average price of $54.00, for a total transaction of $270,000.00. Following the completion of the sale, the director now directly owns 8,867 shares of the company's stock, valued at $478,818. This trade represents a 36.06 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CAO Christine Marie Utter sold 1,291 shares of the business's stock in a transaction that occurred on Tuesday, January 7th. The shares were sold at an average price of $45.34, for a total value of $58,533.94. Following the completion of the sale, the chief accounting officer now directly owns 65,983 shares of the company's stock, valued at approximately $2,991,669.22. The trade was a 1.92 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 36,009 shares of company stock valued at $1,841,161 in the last quarter. Company insiders own 5.50% of the company's stock.

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.