Renaissance Technologies LLC Grows Stock Position in PTC Therapeutics, Inc. (NASDAQ:PTCT)

Renaissance Technologies LLC boosted its holdings in PTC Therapeutics, Inc. (NASDAQ:PTCT - Free Report) by 21.3% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 653,100 shares of the biopharmaceutical company's stock after buying an additional 114,900 shares during the quarter. Renaissance Technologies LLC owned approximately 0.85% of PTC Therapeutics worth $29,481,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in PTCT. Invesco Ltd. boosted its stake in PTC Therapeutics by 107.0% in the fourth quarter. Invesco Ltd. now owns 111,391 shares of the biopharmaceutical company's stock valued at $5,028,000 after acquiring an additional 57,582 shares in the last quarter. ADAR1 Capital Management LLC raised its stake in PTC Therapeutics by 140.1% during the 4th quarter. ADAR1 Capital Management LLC now owns 48,023 shares of the biopharmaceutical company's stock valued at $2,168,000 after acquiring an additional 28,023 shares during the last quarter. Federated Hermes Inc. acquired a new stake in PTC Therapeutics during the 4th quarter worth approximately $2,159,000. Wells Fargo & Company MN grew its stake in shares of PTC Therapeutics by 43.1% in the 4th quarter. Wells Fargo & Company MN now owns 38,148 shares of the biopharmaceutical company's stock valued at $1,722,000 after purchasing an additional 11,499 shares during the last quarter. Finally, Trexquant Investment LP increased its holdings in shares of PTC Therapeutics by 43.8% in the fourth quarter. Trexquant Investment LP now owns 313,417 shares of the biopharmaceutical company's stock valued at $14,148,000 after purchasing an additional 95,418 shares during the period.

PTC Therapeutics Price Performance

PTCT traded up $0.15 during trading on Thursday, hitting $46.56. The company's stock had a trading volume of 260,337 shares, compared to its average volume of 817,981. PTC Therapeutics, Inc. has a twelve month low of $24.00 and a twelve month high of $58.38. The stock has a market cap of $3.67 billion, a PE ratio of -7.84 and a beta of 0.58. The firm's 50 day moving average price is $50.27 and its 200-day moving average price is $45.94.

Insider Activity at PTC Therapeutics

In related news, Director Stephanie Okey sold 5,000 shares of the stock in a transaction on Thursday, March 13th. The stock was sold at an average price of $54.00, for a total value of $270,000.00. Following the transaction, the director now directly owns 8,867 shares of the company's stock, valued at approximately $478,818. This trade represents a 36.06 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Lee Scott Golden sold 897 shares of the firm's stock in a transaction dated Wednesday, April 2nd. The stock was sold at an average price of $46.95, for a total value of $42,114.15. Following the completion of the transaction, the executive vice president now owns 75,997 shares in the company, valued at approximately $3,568,059.15. This trade represents a 1.17 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 29,501 shares of company stock worth $1,546,088. 5.50% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on PTCT. Citigroup lifted their price objective on shares of PTC Therapeutics from $32.00 to $45.00 and gave the company a "sell" rating in a research report on Wednesday, February 12th. Cantor Fitzgerald increased their price target on shares of PTC Therapeutics from $76.00 to $113.00 and gave the stock an "overweight" rating in a report on Monday, February 3rd. Royal Bank of Canada lifted their price objective on PTC Therapeutics from $60.00 to $63.00 and gave the company an "outperform" rating in a report on Tuesday, February 18th. Morgan Stanley restated an "overweight" rating and set a $70.00 target price (up from $67.00) on shares of PTC Therapeutics in a research report on Friday, March 7th. Finally, StockNews.com downgraded PTC Therapeutics from a "buy" rating to a "hold" rating in a research note on Monday, February 17th. Two analysts have rated the stock with a sell rating, five have issued a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, PTC Therapeutics has a consensus rating of "Moderate Buy" and an average target price of $63.77.

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.