State Street Corp Purchases 149,700 Shares of PTC Therapeutics, Inc. (NASDAQ:PTCT)

State Street Corp grew its holdings in shares of PTC Therapeutics, Inc. (NASDAQ:PTCT - Free Report) by 5.4% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 2,899,040 shares of the biopharmaceutical company's stock after buying an additional 149,700 shares during the quarter. State Street Corp owned 3.76% of PTC Therapeutics worth $107,554,000 at the end of the most recent quarter.

A number of other hedge funds have also made changes to their positions in the business. KBC Group NV raised its position in PTC Therapeutics by 29.2% in the third quarter. KBC Group NV now owns 2,232 shares of the biopharmaceutical company's stock valued at $83,000 after purchasing an additional 504 shares during the period. CWM LLC lifted its position in PTC Therapeutics by 354.7% during the 3rd quarter. CWM LLC now owns 2,687 shares of the biopharmaceutical company's stock worth $100,000 after acquiring an additional 2,096 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. grew its position in PTC Therapeutics by 21.5% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,782 shares of the biopharmaceutical company's stock valued at $104,000 after acquiring an additional 492 shares in the last quarter. Quest Partners LLC purchased a new stake in shares of PTC Therapeutics during the second quarter valued at approximately $128,000. Finally, Quarry LP grew its holdings in PTC Therapeutics by 100.0% during the 2nd quarter. Quarry LP now owns 5,000 shares of the biopharmaceutical company's stock valued at $153,000 after purchasing an additional 2,500 shares in the last quarter.

PTC Therapeutics Trading Up 4.8 %

PTCT stock traded up $2.24 on Monday, hitting $48.61. 599,049 shares of the company's stock traded hands, compared to its average volume of 850,637. PTC Therapeutics, Inc. has a 1-year low of $23.58 and a 1-year high of $54.16. The stock has a fifty day moving average of $42.72 and a 200-day moving average of $37.18. The stock has a market cap of $3.75 billion, a price-to-earnings ratio of -8.15 and a beta of 0.63.

Insider Activity

In other news, insider Neil Gregory Almstead sold 69,550 shares of PTC Therapeutics stock in a transaction on Monday, December 2nd. The stock was sold at an average price of $52.06, for a total transaction of $3,620,773.00. Following the transaction, the insider now owns 86,202 shares in the company, valued at approximately $4,487,676.12. The trade was a 44.65 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Jerome B. Zeldis sold 24,000 shares of PTC Therapeutics stock in a transaction dated Monday, December 2nd. The shares were sold at an average price of $51.50, for a total value of $1,236,000.00. Following the transaction, the director now directly owns 14,500 shares in the company, valued at approximately $746,750. This trade represents a 62.34 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 196,950 shares of company stock valued at $10,251,735 over the last three months. Insiders own 5.50% of the company's stock.

Analysts Set New Price Targets

PTCT has been the topic of several recent analyst reports. JPMorgan Chase & Co. boosted their price target on PTC Therapeutics from $51.00 to $62.00 and gave the stock an "overweight" rating in a research note on Tuesday, November 19th. Barclays boosted their price objective on PTC Therapeutics from $45.00 to $56.00 and gave the company an "equal weight" rating in a report on Tuesday, December 3rd. Morgan Stanley upgraded PTC Therapeutics from an "equal weight" rating to an "overweight" rating and lifted their target price for the stock from $45.00 to $67.00 in a research report on Friday. The Goldman Sachs Group upped their price target on PTC Therapeutics from $32.00 to $42.00 and gave the company a "sell" rating in a research report on Wednesday, December 4th. Finally, Robert W. Baird lifted their price objective on shares of PTC Therapeutics from $52.00 to $70.00 and gave the stock an "outperform" rating in a report on Tuesday, December 3rd. Three investment analysts have rated the stock with a sell rating, three have issued a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $54.08.

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.