PTC Therapeutics (NASDAQ:PTCT) CEO Sells $705,722.44 in Stock

PTC Therapeutics, Inc. (NASDAQ:PTCT) CEO Matthew Klein sold 10,292 shares of PTC Therapeutics stock in a transaction that occurred on Tuesday, August 4th. The stock was sold at an average price of $68.57, for a total value of $705,722.44. Following the completion of the sale, the chief executive officer directly owned 383,868 shares in the company, valued at $26,321,828.76. This represents a 2.61% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

PTC Therapeutics Stock Performance

NASDAQ PTCT opened at $73.31 on Friday. The business has a fifty day moving average price of $77.54 and a 200 day moving average price of $72.55. The company has a market cap of $6.12 billion, a P/E ratio of -126.40, a P/E/G ratio of 2.26 and a beta of 0.56. PTC Therapeutics, Inc. has a one year low of $43.17 and a one year high of $90.87.

PTC Therapeutics (NASDAQ:PTCT) last announced its earnings results on Thursday, July 30th. The biopharmaceutical company reported $0.92 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.24 by $0.68. PTC Therapeutics had a negative net margin of 3.80% and a negative return on equity of 362.45%. The company had revenue of $360.52 million for the quarter, compared to analysts’ expectations of $298.63 million. During the same quarter in the previous year, the company posted ($0.83) EPS. The firm’s quarterly revenue was up 101.5% on a year-over-year basis. As a group, sell-side analysts predict that PTC Therapeutics, Inc. will post 1.17 EPS for the current fiscal year.

Institutional Investors Weigh In On PTC Therapeutics

A number of hedge funds have recently modified their holdings of PTCT. UMB Bank n.a. acquired a new stake in PTC Therapeutics during the fourth quarter worth about $26,000. Comerica Bank boosted its holdings in PTC Therapeutics by 868.5% in the 3rd 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 position in PTC Therapeutics in the 4th quarter valued at about $41,000. IFP Advisors Inc grew its stake in shares of PTC Therapeutics by 68.1% in the 3rd quarter. IFP Advisors Inc now owns 765 shares of the biopharmaceutical company’s stock valued at $47,000 after buying an additional 310 shares during the period. Finally, Allworth Financial LP grew its stake in shares of PTC Therapeutics by 63.8% in the 4th quarter. Allworth Financial LP now owns 634 shares of the biopharmaceutical company’s stock valued at $48,000 after buying an additional 247 shares during the period.

Analysts Set New Price Targets

PTCT has been the topic of a number of recent research reports. Wall Street Zen upgraded shares of PTC Therapeutics from a “hold” rating to a “strong-buy” rating in a research report on Saturday, August 1st. Citigroup upgraded shares of PTC Therapeutics from a “neutral” rating to a “buy” rating and increased their price objective for the company from $75.00 to $108.00 in a report on Tuesday, June 9th. Zacks Research lowered shares of PTC Therapeutics from a “strong-buy” rating to a “hold” rating in a research note on Thursday. Jefferies Financial Group upgraded 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 report on Wednesday, May 27th. Finally, Morgan Stanley increased their price target on PTC Therapeutics from $93.00 to $104.00 and gave the company an “overweight” rating in a report on Friday, July 31st. One investment analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, two have assigned a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, PTC Therapeutics currently has an average rating of “Moderate Buy” and an average target price of $98.09.

PTC Therapeutics Company Profile

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.