Renaissance Technologies LLC Boosts Holdings in PTC Therapeutics, Inc. (NASDAQ:PTCT)

Renaissance Technologies LLC lifted its holdings in shares of PTC Therapeutics, Inc. (NASDAQ:PTCT - Free Report) by 7.4% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 818,100 shares of the biopharmaceutical company's stock after acquiring an additional 56,700 shares during the quarter. Renaissance Technologies LLC owned 1.07% of PTC Therapeutics worth $25,017,000 at the end of the most recent quarter.

A number of other hedge funds have also bought and sold shares of the business. Allspring Global Investments Holdings LLC purchased a new stake in shares of PTC Therapeutics during the 1st quarter valued at $46,000. Quest Partners LLC purchased a new stake in PTC Therapeutics during the second quarter worth about $128,000. Lazard Asset Management LLC raised its position in PTC Therapeutics by 268.9% in the first quarter. Lazard Asset Management LLC now owns 6,504 shares of the biopharmaceutical company's stock worth $188,000 after acquiring an additional 4,741 shares during the period. Headlands Technologies LLC raised its position in PTC Therapeutics by 83.2% in the second quarter. Headlands Technologies LLC now owns 6,611 shares of the biopharmaceutical company's stock worth $202,000 after acquiring an additional 3,002 shares during the period. Finally, Sanibel Captiva Trust Company Inc. purchased a new position in PTC Therapeutics in the second quarter valued at about $205,000.

Analysts Set New Price Targets

A number of research firms recently commented on PTCT. Bank of America lifted their price target on shares of PTC Therapeutics from $25.00 to $32.00 and gave the stock an "underperform" rating in a report on Friday, June 21st. Barclays upped their price target on PTC Therapeutics from $25.00 to $31.00 and gave the company an "equal weight" rating in a research report on Friday, August 9th. The Goldman Sachs Group lifted their target price 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. Baird R W raised shares of PTC Therapeutics to a "strong-buy" rating in a research report on Wednesday, September 4th. Finally, UBS Group initiated coverage on shares of PTC Therapeutics in a report on Monday, August 26th. They issued a "buy" rating and a $47.00 price objective for the company. Three equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and an average price target of $37.64.

PTC Therapeutics Price Performance

NASDAQ:PTCT traded up $0.48 during trading hours on Friday, hitting $36.64. 909,461 shares of the company's stock traded hands, compared to its average volume of 854,618. PTC Therapeutics, Inc. has a 52 week low of $17.53 and a 52 week high of $40.69. The business's fifty day simple moving average is $33.35 and its two-hundred day simple moving average is $32.38.

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 analysts' consensus estimates of ($1.00) by ($0.16). The firm 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 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CFO Pierre Gravier sold 2,269 shares of the firm's stock in a transaction on Tuesday, July 16th. The shares were sold at an average price of $34.02, for a total transaction of $77,191.38. Following the sale, the chief financial officer now owns 53,531 shares in the company, valued at approximately $1,821,124.62. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Corporate insiders own 5.50% of the company's stock.

About PTC Therapeutics

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.