Point72 Hong Kong Ltd Reduces Stake in PTC Therapeutics, Inc. (NASDAQ:PTCT)

Point72 Hong Kong Ltd trimmed its position in PTC Therapeutics, Inc. (NASDAQ:PTCT - Free Report) by 80.2% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 11,402 shares of the biopharmaceutical company's stock after selling 46,128 shares during the period. Point72 Hong Kong Ltd's holdings in PTC Therapeutics were worth $423,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in PTCT. Assenagon Asset Management S.A. boosted its holdings in shares of PTC Therapeutics by 21.7% in the 2nd quarter. Assenagon Asset Management S.A. now owns 372,827 shares of the biopharmaceutical company's stock valued at $11,401,000 after acquiring an additional 66,596 shares during the last quarter. Intech Investment Management LLC purchased a new stake in PTC Therapeutics in the third quarter valued at $698,000. Bank of New York Mellon Corp boosted its holdings in PTC Therapeutics by 17.1% in the second quarter. Bank of New York Mellon Corp now owns 279,049 shares of the biopharmaceutical company's stock valued at $8,533,000 after purchasing an additional 40,840 shares during the last quarter. Quest Partners LLC raised its stake in shares of PTC Therapeutics by 433.9% during the 3rd quarter. Quest Partners LLC now owns 22,359 shares of the biopharmaceutical company's stock valued at $830,000 after buying an additional 18,171 shares during the last quarter. Finally, Renaissance Technologies LLC raised its stake in shares of PTC Therapeutics by 7.4% during the 2nd quarter. Renaissance Technologies LLC now owns 818,100 shares of the biopharmaceutical company's stock valued at $25,017,000 after buying an additional 56,700 shares during the last quarter.

Analyst Upgrades and Downgrades

Several analysts recently commented on PTCT shares. Raymond James assumed coverage on PTC Therapeutics in a report on Thursday, October 10th. They set a "market perform" rating on the stock. StockNews.com lowered shares of PTC Therapeutics from a "buy" rating to a "hold" rating in a report on Tuesday, November 19th. Baird R W raised shares of PTC Therapeutics to a "strong-buy" rating in a report on Wednesday, September 4th. UBS Group raised their price target on shares of PTC Therapeutics from $47.00 to $71.00 and gave the company a "buy" rating in a research report on Tuesday. Finally, Cantor Fitzgerald reiterated an "overweight" rating and issued a $64.00 price objective on shares of PTC Therapeutics in a research report on Tuesday, September 17th. Three research analysts have rated the stock with a sell rating, five have issued a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, PTC Therapeutics currently has a consensus rating of "Hold" and a consensus target price of $51.15.

PTC Therapeutics Stock Performance

Shares of PTCT traded down $1.78 during trading hours on Tuesday, hitting $50.29. 1,453,421 shares of the stock were exchanged, compared to its average volume of 857,085. The stock's 50-day moving average price is $40.80 and its two-hundred day moving average price is $36.57. The company has a market cap of $3.88 billion, a price-to-earnings ratio of -8.47 and a beta of 0.63. PTC Therapeutics, Inc. has a 12-month low of $23.58 and a 12-month high of $54.16.

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.