PTC Therapeutics (NASDAQ:PTCT) Stock Price Down 6.7% After Insider Selling

PTC Therapeutics, Inc. (NASDAQ:PTCT) dropped 6.7% on Monday after an insider sold shares in the company. The stock traded as low as $71.15 and last traded at $72.3010. Approximately 383,301 shares traded hands during mid-day trading, a decline of 73% from the average daily volume of 1,443,200 shares. The stock had previously closed at $77.53.

Specifically, insider Neil Gregory Almstead sold 881 shares of the business’s stock in a transaction on Thursday, January 8th. The shares were sold at an average price of $76.45, for a total transaction of $67,352.45. Following the completion of the sale, the insider directly owned 115,196 shares of the company’s stock, valued at $8,806,734.20. The trade was a 0.76% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, VP Mark Elliott Boulding sold 2,314 shares of PTC Therapeutics stock in a transaction dated Friday, January 9th. The stock was sold at an average price of $77.93, for a total value of $180,330.02. Following the sale, the vice president directly owned 111,312 shares in the company, valued at approximately $8,674,544.16. The trade was a 2.04% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In other news, VP Mark Elliott Boulding sold 4,033 shares of the company’s stock in a transaction dated Thursday, January 8th. The shares were sold at an average price of $76.56, for a total value of $308,766.48. Following the sale, the vice president owned 113,626 shares in the company, valued at approximately $8,699,206.56. This represents a 3.43% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on PTCT shares. TD Cowen upped their target price on PTC Therapeutics from $50.00 to $63.00 and gave the company a “hold” rating in a report on Wednesday, November 5th. Wells Fargo & Company increased their price target on PTC Therapeutics from $73.00 to $93.00 and gave the company an “overweight” rating in a research note on Wednesday, November 5th. Wall Street Zen raised shares of PTC Therapeutics from a “hold” rating to a “buy” rating in a research note on Saturday, January 3rd. Jefferies Financial Group lifted their price target on PTC Therapeutics from $63.00 to $77.00 and gave the stock a “buy” rating in a research note on Tuesday, October 28th. Finally, Royal Bank Of Canada downgraded shares of PTC Therapeutics from an “outperform” rating to a “sector perform” rating and boosted their target price for the company from $82.00 to $91.00 in a research note on Monday, December 1st. Nine investment analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $77.27.

PTC Therapeutics Price Performance

The stock has a market capitalization of $6.21 billion, a price-to-earnings ratio of 9.03 and a beta of 0.49. The firm has a 50 day simple moving average of $77.07 and a 200-day simple moving average of $63.38.

PTC Therapeutics (NASDAQ:PTCT) last announced its earnings results on Tuesday, November 4th. The biopharmaceutical company reported $0.20 EPS for the quarter, topping the consensus estimate of ($1.19) by $1.39. PTC Therapeutics had a negative return on equity of 194.11% and a net margin of 42.25%.The company had revenue of $211.01 million for the quarter, compared to analysts’ expectations of $177.42 million. During the same quarter in the prior year, the business earned ($1.39) earnings per share. The business’s revenue for the quarter was up 7.2% on a year-over-year basis. On average, sell-side analysts forecast that PTC Therapeutics, Inc. will post -4.52 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Jefferies Financial Group Inc. acquired a new position in PTC Therapeutics during the third quarter worth $97,252,000. SG Americas Securities LLC boosted its holdings in shares of PTC Therapeutics by 587.5% during the 4th quarter. SG Americas Securities LLC now owns 894,461 shares of the biopharmaceutical company’s stock worth $67,943,000 after buying an additional 764,364 shares during the period. Hood River Capital Management LLC grew its position in shares of PTC Therapeutics by 654.4% in the second quarter. Hood River Capital Management LLC now owns 636,502 shares of the biopharmaceutical company’s stock valued at $31,087,000 after purchasing an additional 552,130 shares during the last quarter. State Street Corp increased its position in PTC Therapeutics by 22.1% during the 2nd quarter. State Street Corp now owns 2,996,454 shares of the biopharmaceutical company’s stock worth $146,347,000 after buying an additional 541,558 shares during the period. Finally, Palo Alto Investors LP raised its stake in PTC Therapeutics by 112.2% in the 3rd quarter. Palo Alto Investors LP now owns 862,613 shares of the biopharmaceutical company’s stock worth $52,939,000 after purchasing an additional 456,144 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.