Insider Selling: PTC Therapeutics (NASDAQ:PTCT) Insider Sells $452,614.69 in Stock

PTC Therapeutics, Inc. (NASDAQ:PTCT) insider Neil Gregory Almstead sold 5,323 shares of the business’s stock in a transaction on Wednesday, June 24th. The shares were sold at an average price of $85.03, for a total transaction of $452,614.69. Following the transaction, the insider directly owned 60,137 shares of the company’s stock, valued at approximately $5,113,449.11. This trade represents a 8.13% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

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

• 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 transaction of $1,801,931.20.
• On Monday, June 22nd, Neil Gregory Almstead sold 23,749 shares of PTC Therapeutics stock. The stock was sold at an average price of $80.90, for a total transaction of $1,921,294.10.
• On Wednesday, April 1st, Neil Gregory Almstead sold 52,003 shares of PTC Therapeutics stock. The shares were sold at an average price of $69.04, for a total transaction of $3,590,287.12.

PTC Therapeutics Price Performance

PTC Therapeutics stock opened at $84.43 on Monday. PTC Therapeutics, Inc. has a 52-week low of $43.17 and a 52-week high of $87.50. The firm has a market capitalization of $7.00 billion, a price-to-earnings ratio of -36.24, a PEG ratio of 3.88 and a beta of 0.55. The firm has a 50-day moving average price of $72.57 and a two-hundred day moving average price of $72.09.

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

Wall Street Analysts Forecast Growth

Several analysts recently commented on the company. Weiss Ratings cut PTC Therapeutics from a “hold (c-)” rating to a “sell (d)” rating in a research report on Monday, May 11th. Jefferies Financial Group upgraded PTC Therapeutics from a “hold” rating to a “buy” rating and boosted their price target for the stock from $76.00 to $85.00 in a research report on Wednesday, May 27th. Truist Financial raised PTC Therapeutics to a “strong-buy” rating in a research note on Wednesday, March 25th. Raymond James Financial began coverage on PTC Therapeutics in a report on Friday, April 10th. They set an “outperform” rating and a $108.00 price target on the stock. Finally, TD Cowen upgraded shares of PTC Therapeutics from a “hold” rating to a “buy” rating and lifted their price objective for the company from $75.00 to $90.00 in a research note on Friday, May 8th. One analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, one has given a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $91.36.

Institutional Trading of PTC Therapeutics

A number of hedge funds and other institutional investors have recently modified their holdings of PTCT. UMB Bank n.a. bought a new position in PTC Therapeutics during the fourth quarter valued at about $26,000. Optiver Holding B.V. lifted its holdings in PTC Therapeutics by 96.5% in the 3rd quarter. Optiver Holding B.V. now owns 507 shares of the biopharmaceutical company’s stock valued at $31,000 after acquiring an additional 249 shares during the last quarter. Comerica Bank lifted 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 acquiring an additional 469 shares during the last quarter. Salomon & Ludwin LLC bought a new position in shares of PTC Therapeutics during the 4th quarter valued at about $41,000. Finally, Allworth Financial LP boosted its position in shares of PTC Therapeutics by 63.8% during the 4th quarter. Allworth Financial LP now owns 634 shares of the biopharmaceutical company’s stock valued at $48,000 after purchasing an additional 247 shares in the last quarter.

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.