PTC Therapeutics (NASDAQ:PTCT) Insider Neil Gregory Almstead Sells 23,749 Shares of Stock

PTC Therapeutics, Inc. (NASDAQ:PTCT) insider Neil Gregory Almstead sold 23,749 shares of the stock in a transaction that occurred on Monday, June 22nd. The stock was sold at an average price of $80.90, for a total value of $1,921,294.10. Following the completion of the transaction, the insider directly owned 60,137 shares of the company’s stock, valued at approximately $4,865,083.30. The trade was a 28.31% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

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

• 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 value of $3,590,287.12.

PTC Therapeutics Price Performance

Shares of NASDAQ:PTCT opened at $84.41 on Thursday. The business’s fifty day moving average price is $72.12 and its two-hundred day moving average price is $71.98. PTC Therapeutics, Inc. has a fifty-two week low of $43.17 and a fifty-two week high of $87.50. The stock has a market capitalization of $7.00 billion, a price-to-earnings ratio of -36.23, a price-to-earnings-growth ratio of 3.78 and a beta of 0.56.

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

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Thrivent Financial for Lutherans bought a new position in shares of PTC Therapeutics in the fourth quarter worth about $4,191,000. Teachers Retirement System of The State of Kentucky grew its stake in shares of PTC Therapeutics by 86.9% during the fourth quarter. Teachers Retirement System of The State of Kentucky now owns 40,858 shares of the biopharmaceutical company’s stock valued at $3,103,000 after purchasing an additional 19,000 shares during the last quarter. Jefferies Financial Group Inc. acquired a new stake in shares of PTC Therapeutics in the third quarter valued at approximately $97,252,000. Ritholtz Wealth Management acquired a new stake in shares of PTC Therapeutics in the fourth quarter valued at approximately $1,863,000. Finally, Legal & General Group Plc increased its holdings in shares of PTC Therapeutics by 51.8% in the fourth quarter. Legal & General Group Plc now owns 366,265 shares of the biopharmaceutical company’s stock valued at $27,821,000 after purchasing an additional 124,923 shares in the last quarter.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on the stock. Raymond James Financial started 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. Weiss Ratings cut shares of PTC Therapeutics from a “hold (c-)” rating to a “sell (d)” rating in a research note on Monday, May 11th. Wells Fargo & Company raised their price objective on shares of PTC Therapeutics from $86.00 to $95.00 and gave the stock an “overweight” rating in a report on Friday, May 8th. Truist Financial raised shares of PTC Therapeutics to a “strong-buy” rating in a report on Wednesday, March 25th. Finally, Citigroup raised PTC Therapeutics from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $75.00 to $108.00 in a report on Tuesday, June 9th. One analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, one has given a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $91.36.

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.