Neil Gregory Almstead Sells 24,613 Shares of PTC Therapeutics (NASDAQ:PTCT) Stock

PTC Therapeutics, Inc. (NASDAQ:PTCT) insider Neil Gregory Almstead sold 24,613 shares of the firm’s stock in a transaction that occurred on Tuesday, July 7th. The shares were sold at an average price of $88.89, for a total value of $2,187,849.57. Following the completion of the sale, the insider owned 60,299 shares in the company, valued at approximately $5,359,978.11. This represents a 28.99% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Neil Gregory Almstead also recently made the following trade(s):

• On Monday, July 6th, Neil Gregory Almstead sold 22,161 shares of PTC Therapeutics stock. The shares were sold at an average price of $86.00, for a total transaction of $1,905,846.00.
• On Friday, June 26th, Neil Gregory Almstead sold 8,130 shares of PTC Therapeutics stock. The shares were sold at an average price of $85.26, for a total value of $693,163.80.
• On Thursday, June 25th, Neil Gregory Almstead sold 20,960 shares of PTC Therapeutics stock. The stock was sold at an average price of $85.97, for a total value of $1,801,931.20.
• On Wednesday, June 24th, Neil Gregory Almstead sold 5,323 shares of PTC Therapeutics stock. The stock was sold at an average price of $85.03, for a total transaction of $452,614.69.
• On Monday, June 22nd, Neil Gregory Almstead sold 23,749 shares of PTC Therapeutics stock. The shares were sold at an average price of $80.90, for a total value of $1,921,294.10.

PTC Therapeutics Stock Performance

Shares of NASDAQ:PTCT traded down $0.63 during midday trading on Wednesday, reaching $88.57. The company had a trading volume of 1,322,369 shares, compared to its average volume of 1,493,301. The company has a fifty day simple moving average of $74.39 and a two-hundred day simple moving average of $72.51. The firm has a market cap of $7.35 billion, a price-to-earnings ratio of -38.01, a price-to-earnings-growth ratio of 3.93 and a beta of 0.53. PTC Therapeutics, Inc. has a 1-year low of $43.17 and a 1-year high of $89.85.

PTC Therapeutics (NASDAQ:PTCT) last posted its quarterly earnings data on Thursday, May 7th. The biopharmaceutical company reported ($0.03) earnings per share for the quarter, topping the consensus estimate of ($0.45) by $0.42. The firm had revenue of $272.55 million for the quarter, compared to analysts’ expectations of $217.42 million. PTC Therapeutics had a negative net margin of 22.58% and a negative return on equity of 362.45%. The company’s quarterly revenue was up 43.5% compared to the same quarter last year. During the same period in the previous year, the company posted $10.04 EPS. Analysts expect that PTC Therapeutics, Inc. will post 0.78 EPS for the current year.

Hedge Funds Weigh In On PTC Therapeutics

Several hedge funds and other institutional investors have recently modified their holdings of PTCT. UMB Bank n.a. bought a new position in shares of PTC Therapeutics in the fourth quarter worth about $26,000. Comerica Bank grew its stake in shares of PTC Therapeutics by 868.5% during the third quarter. Comerica Bank now owns 523 shares of the biopharmaceutical company’s stock valued at $32,000 after purchasing an additional 469 shares during the last quarter. Salomon & Ludwin LLC acquired a new stake in shares of PTC Therapeutics in the fourth quarter valued at approximately $41,000. IFP Advisors Inc increased its holdings in shares of PTC Therapeutics by 68.1% in the third quarter. IFP Advisors Inc now owns 765 shares of the biopharmaceutical company’s stock valued at $47,000 after purchasing an additional 310 shares in the last quarter. Finally, Allworth Financial LP raised its position in PTC Therapeutics by 63.8% in the 4th quarter. Allworth Financial LP now owns 634 shares of the biopharmaceutical company’s stock worth $48,000 after purchasing an additional 247 shares during the last quarter.

Analyst Ratings Changes

Several brokerages have commented on PTCT. Citigroup upgraded PTC Therapeutics from a “neutral” rating to a “buy” rating and increased their price target for the company from $75.00 to $108.00 in a report on Tuesday, June 9th. Royal Bank Of Canada raised their target price on shares of PTC Therapeutics from $82.00 to $85.00 and gave the company a “sector perform” rating in a research note on Tuesday. Truist Financial upgraded shares of PTC Therapeutics to a “strong-buy” rating in a report on Wednesday, March 25th. Jefferies Financial Group raised shares of PTC Therapeutics from a “hold” rating to a “buy” rating and boosted their target price for the stock from $76.00 to $85.00 in a research report on Wednesday, May 27th. Finally, Raymond James Financial initiated coverage on shares of PTC Therapeutics in a report on Friday, April 10th. They set an “outperform” rating and a $108.00 price target for the company. One equities research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, one has assigned a Hold rating and two have issued a Sell rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $91.57.

About PTC Therapeutics

PTC Therapeutics, Inc is a biopharmaceutical company focused on the discovery, development and commercialization of small molecule and biologic therapies for the treatment of rare genetic disorders. Since its founding in 1998, PTC has dedicated its efforts to addressing high unmet medical needs by targeting underlying genetic causes of disease. The company’s research platform emphasizes mechanisms such as nonsense suppression and RNA modulation, enabling the development of novel treatments for conditions with limited therapeutic options.

Among PTC’s approved products is Translarna (ataluren), a first-in-class therapy designed to treat nonsense mutation Duchenne muscular dystrophy in select markets.