Panagora Asset Management Inc. Raises Position in PTC Therapeutics, Inc. (NASDAQ:PTCT)

Panagora Asset Management Inc. boosted its position in PTC Therapeutics, Inc. (NASDAQ:PTCT - Free Report) by 9.1% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 315,100 shares of the biopharmaceutical company's stock after acquiring an additional 26,398 shares during the period. Panagora Asset Management Inc. owned 0.41% of PTC Therapeutics worth $9,636,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in PTCT. Hexagon Capital Partners LLC lifted its stake in shares of PTC Therapeutics by 132.0% in the 4th quarter. Hexagon Capital Partners LLC now owns 979 shares of the biopharmaceutical company's stock valued at $27,000 after purchasing an additional 557 shares during the period. Diversified Trust Co boosted its holdings in PTC Therapeutics by 5.6% during the second quarter. Diversified Trust Co now owns 15,317 shares of the biopharmaceutical company's stock worth $468,000 after buying an additional 818 shares during the last quarter. ProShare Advisors LLC boosted its holdings in PTC Therapeutics by 9.3% during the first quarter. ProShare Advisors LLC now owns 18,313 shares of the biopharmaceutical company's stock worth $533,000 after buying an additional 1,564 shares during the last quarter. Allspring Global Investments Holdings LLC acquired a new position in shares of PTC Therapeutics during the 1st quarter worth about $46,000. Finally, State Board of Administration of Florida Retirement System increased its stake in shares of PTC Therapeutics by 9.4% in the 1st quarter. State Board of Administration of Florida Retirement System now owns 22,101 shares of the biopharmaceutical company's stock valued at $643,000 after acquiring an additional 1,890 shares during the last quarter.

PTC Therapeutics Price Performance

Shares of PTCT traded down $0.21 during mid-day trading on Friday, hitting $35.32. 358,164 shares of the company's stock were exchanged, compared to its average volume of 877,071. PTC Therapeutics, Inc. has a 52 week low of $17.53 and a 52 week high of $41.93. The company has a market cap of $2.71 billion, a PE ratio of -4.60 and a beta of 0.65. The company has a 50-day simple moving average of $33.07 and a 200 day simple moving average of $31.80.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on the stock. The Goldman Sachs Group lifted their price objective on shares of PTC Therapeutics from $18.00 to $32.00 and gave the stock a "sell" rating in a research note on Tuesday, May 28th. Barclays boosted their price target on shares of PTC Therapeutics from $25.00 to $31.00 and gave the company an "equal weight" rating in a report on Friday, August 9th. Cantor Fitzgerald restated an "overweight" rating and issued a $64.00 price objective on shares of PTC Therapeutics in a research report on Wednesday, August 21st. Citigroup lifted their target price on PTC Therapeutics from $18.00 to $26.00 and gave the stock a "sell" rating in a report on Tuesday, May 21st. Finally, Raymond James upgraded PTC Therapeutics from an "underperform" rating to a "market perform" rating in a report on Monday, May 20th. Three investment analysts have rated the stock with a sell rating, seven have issued a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Hold" and a consensus target price of $36.64.

Insider Buying and Selling

In other PTC Therapeutics news, CFO Pierre Gravier sold 2,269 shares of PTC Therapeutics stock in a transaction on Tuesday, July 16th. The shares were sold at an average price of $34.02, for a total value of $77,191.38. Following the sale, the chief financial officer now directly owns 53,531 shares in the company, valued at approximately $1,821,124.62. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 5.50% of the stock is currently owned by corporate insiders.

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.