Wellington Management Group LLP Decreases Stake in PTC Therapeutics, Inc. (NASDAQ:PTCT)

Wellington Management Group LLP reduced its stake in PTC Therapeutics, Inc. (NASDAQ:PTCT - Free Report) by 39.3% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 4,787,123 shares of the biopharmaceutical company's stock after selling 3,105,676 shares during the quarter. Wellington Management Group LLP owned about 6.07% of PTC Therapeutics worth $216,091,000 as of its most recent SEC filing.

Several other large investors also recently bought and sold shares of PTCT. Vanguard Group Inc. lifted its stake in shares of PTC Therapeutics by 0.6% during the fourth quarter. Vanguard Group Inc. now owns 9,178,822 shares of the biopharmaceutical company's stock worth $414,332,000 after buying an additional 53,688 shares during the period. State Street Corp raised its stake in PTC Therapeutics by 5.4% in the 3rd quarter. State Street Corp now owns 2,899,040 shares of the biopharmaceutical company's stock worth $107,554,000 after acquiring an additional 149,700 shares during the last quarter. Geode Capital Management LLC lifted its position in PTC Therapeutics by 0.6% during the 3rd quarter. Geode Capital Management LLC now owns 1,798,666 shares of the biopharmaceutical company's stock worth $66,743,000 after acquiring an additional 10,886 shares during the period. Pictet Asset Management Holding SA grew its stake in PTC Therapeutics by 107.4% during the 4th quarter. Pictet Asset Management Holding SA now owns 736,388 shares of the biopharmaceutical company's stock valued at $33,241,000 after purchasing an additional 381,319 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. increased its holdings in shares of PTC Therapeutics by 7.3% in the third quarter. Charles Schwab Investment Management Inc. now owns 706,730 shares of the biopharmaceutical company's stock valued at $26,220,000 after purchasing an additional 47,902 shares during the period.

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Insiders Place Their Bets

In other PTC Therapeutics news, insider Neil Gregory Almstead sold 1,265 shares of the business's stock in a transaction that occurred on Tuesday, January 7th. The stock was sold at an average price of $45.34, for a total transaction of $57,355.10. Following the completion of the sale, the insider now directly owns 104,783 shares in the company, valued at approximately $4,750,861.22. The trade was a 1.19 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Mark Elliott Boulding sold 1,543 shares of the firm's stock in a transaction that occurred on Tuesday, January 7th. The shares were sold at an average price of $45.34, for a total value of $69,959.62. Following the completion of the transaction, the vice president now owns 108,846 shares in the company, valued at approximately $4,935,077.64. This trade represents a 1.40 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 36,009 shares of company stock worth $1,841,161. Company insiders own 5.50% of the company's stock.

PTC Therapeutics Stock Performance

Shares of NASDAQ:PTCT traded down $0.42 during midday trading on Monday, reaching $42.82. 1,260,596 shares of the company's stock traded hands, compared to its average volume of 801,535. The company has a fifty day simple moving average of $51.16 and a two-hundred day simple moving average of $45.75. PTC Therapeutics, Inc. has a 1 year low of $24.00 and a 1 year high of $58.38. The company has a market cap of $3.38 billion, a P/E ratio of -7.21 and a beta of 0.58.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on PTCT. Cantor Fitzgerald upped their target price on PTC Therapeutics from $76.00 to $113.00 and gave the company an "overweight" rating in a research report on Monday, February 3rd. Morgan Stanley reaffirmed an "overweight" rating and issued a $70.00 price objective (up from $67.00) on shares of PTC Therapeutics in a report on Friday, March 7th. JPMorgan Chase & Co. reduced their target price on shares of PTC Therapeutics from $78.00 to $75.00 and set an "overweight" rating for the company in a report on Monday, March 31st. Citigroup upped their price target on shares of PTC Therapeutics from $32.00 to $45.00 and gave the company a "sell" rating in a report on Wednesday, February 12th. Finally, Bank of America upgraded PTC Therapeutics from an "underperform" rating to a "neutral" rating and lifted their price objective for the company from $41.00 to $55.00 in a research note on Tuesday, March 11th. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock currently has an average 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.