Bank of New York Mellon Corp Purchases 40,840 Shares of PTC Therapeutics, Inc. (NASDAQ:PTCT)

Bank of New York Mellon Corp grew its position in shares of PTC Therapeutics, Inc. (NASDAQ:PTCT - Free Report) by 17.1% during the 2nd quarter, according to the company in its most recent filing with the SEC. The firm owned 279,049 shares of the biopharmaceutical company's stock after purchasing an additional 40,840 shares during the quarter. Bank of New York Mellon Corp owned 0.36% of PTC Therapeutics worth $8,533,000 as of its most recent filing with the SEC.

Several other hedge funds also recently modified their holdings of the company. Allspring Global Investments Holdings LLC acquired a new position in shares of PTC Therapeutics in the 1st quarter worth $46,000. Lazard Asset Management LLC grew its holdings in shares of PTC Therapeutics by 268.9% during the first quarter. Lazard Asset Management LLC now owns 6,504 shares of the biopharmaceutical company's stock valued at $188,000 after buying an additional 4,741 shares in the last quarter. Sanibel Captiva Trust Company Inc. purchased a new position in shares of PTC Therapeutics during the second quarter valued at $205,000. Victory Capital Management Inc. purchased a new position in shares of PTC Therapeutics during the fourth quarter valued at $271,000. Finally, Los Angeles Capital Management LLC boosted its position in PTC Therapeutics by 23.1% during the first quarter. Los Angeles Capital Management LLC now owns 10,800 shares of the biopharmaceutical company's stock valued at $314,000 after purchasing an additional 2,024 shares during the last quarter.

Analyst Ratings Changes

A number of analysts recently issued reports on PTCT shares. Robert W. Baird started coverage on PTC Therapeutics in a research report on Wednesday, September 4th. They set an "outperform" rating and a $44.00 price objective for the company. Bank of America lifted their price objective on PTC Therapeutics from $25.00 to $32.00 and gave the company an "underperform" rating in a research report on Friday, June 21st. Morgan Stanley lifted their price objective on PTC Therapeutics from $30.00 to $32.00 and gave the company an "equal weight" rating in a research report on Friday, July 12th. The Goldman Sachs Group boosted their price target on PTC Therapeutics from $18.00 to $32.00 and gave the stock a "sell" rating in a research report on Tuesday, May 28th. Finally, Cantor Fitzgerald reaffirmed an "overweight" rating and issued a $64.00 price target on shares of PTC Therapeutics in a research report on Wednesday, August 21st. Three research analysts have rated the stock with a sell rating, seven have assigned a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average price target of $37.13.

PTC Therapeutics Price Performance

Shares of NASDAQ PTCT traded up $0.73 during trading hours on Wednesday, hitting $32.27. 675,836 shares of the company's stock were exchanged, compared to its average volume of 865,212. PTC Therapeutics, Inc. has a 1-year low of $17.53 and a 1-year high of $40.86. The stock has a market capitalization of $2.48 billion, a price-to-earnings ratio of -4.11 and a beta of 0.64. The company's 50-day moving average price is $32.98 and its 200-day moving average price is $32.17.

PTC Therapeutics (NASDAQ:PTCT - Get Free Report) last issued its quarterly earnings results on Thursday, August 8th. The biopharmaceutical company reported ($1.16) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.00) by ($0.16). The company had revenue of $186.70 million during the quarter, compared to analysts' expectations of $192.12 million. On average, research analysts expect that PTC Therapeutics, Inc. will post -5.09 earnings per share for the current year.

Insider Activity at PTC Therapeutics

In related news, CFO Pierre Gravier sold 2,269 shares of the business's stock in a transaction dated Tuesday, July 16th. The stock was sold at an average price of $34.02, for a total transaction of $77,191.38. Following the transaction, the chief financial officer now directly owns 53,531 shares in the company, valued at $1,821,124.62. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate 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.