Point72 Hong Kong Ltd Cuts Stock Position in PTC Therapeutics, Inc. (NASDAQ:PTCT)

Point72 Hong Kong Ltd trimmed its position in shares of PTC Therapeutics, Inc. (NASDAQ:PTCT) by 80.2% during the third quarter, HoldingsChannel.com reports. The institutional investor owned 11,402 shares of the biopharmaceutical company’s stock after selling 46,128 shares during the quarter. Point72 Hong Kong Ltd’s holdings in PTC Therapeutics were worth $423,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. KBC Group NV grew its position in PTC Therapeutics by 29.2% during the third quarter. KBC Group NV now owns 2,232 shares of the biopharmaceutical company’s stock valued at $83,000 after acquiring an additional 504 shares during the last quarter. CWM LLC boosted its stake in shares of PTC Therapeutics by 354.7% in the 3rd quarter. CWM LLC now owns 2,687 shares of the biopharmaceutical company’s stock valued at $100,000 after purchasing an additional 2,096 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. grew its holdings in shares of PTC Therapeutics by 21.5% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,782 shares of the biopharmaceutical company’s stock valued at $104,000 after purchasing an additional 492 shares during the last quarter. Quest Partners LLC bought a new position in shares of PTC Therapeutics during the 2nd quarter valued at $128,000. Finally, Quarry LP raised its position in PTC Therapeutics by 100.0% in the 2nd quarter. Quarry LP now owns 5,000 shares of the biopharmaceutical company’s stock worth $153,000 after purchasing an additional 2,500 shares during the period.

PTC Therapeutics Trading Up 18.7 %

PTCT stock opened at $52.07 on Tuesday. The business’s 50 day moving average price is $40.52 and its two-hundred day moving average price is $36.45. PTC Therapeutics, Inc. has a fifty-two week low of $23.58 and a fifty-two week high of $52.97.

Analyst Upgrades and Downgrades

PTCT has been the topic of a number of recent research reports. Raymond James assumed coverage on PTC Therapeutics in a research note on Thursday, October 10th. They set a “market perform” rating on the stock. Morgan Stanley raised their price target on PTC Therapeutics from $32.00 to $45.00 and gave the stock an “equal weight” rating in a research report on Friday, October 11th. StockNews.com downgraded PTC Therapeutics from a “buy” rating to a “hold” rating in a research report on Tuesday, November 19th. Barclays raised their target price on shares of PTC Therapeutics from $31.00 to $43.00 and gave the stock an “equal weight” rating in a report on Monday, November 11th. Finally, JPMorgan Chase & Co. upped their price target on shares of PTC Therapeutics from $51.00 to $62.00 and gave the company an “overweight” rating in a report on Tuesday, November 19th. Three investment analysts have rated the stock with a sell rating, six have assigned a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, PTC Therapeutics presently has a consensus rating of “Hold” and a consensus target price of $44.69.

PTC Therapeutics 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.