Insider Selling: PTC Therapeutics (NASDAQ:PTCT) Insider Sells $222,376.00 in Stock

PTC Therapeutics, Inc. (NASDAQ:PTCT) insider Neil Gregory Almstead sold 2,464 shares of PTC Therapeutics stock in a transaction that occurred on Thursday, July 9th. The stock was sold at an average price of $90.25, for a total value of $222,376.00. Following the completion of the transaction, the insider directly owned 60,299 shares in the company, valued at approximately $5,441,984.75. This represents a 3.93% 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 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 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 Tuesday, July 7th, Neil Gregory Almstead sold 24,613 shares of PTC Therapeutics stock. The stock was sold at an average price of $88.89, for a total transaction of $2,187,849.57.
• On Friday, June 26th, Neil Gregory Almstead sold 8,130 shares of PTC Therapeutics stock. The stock was sold at an average price of $85.26, for a total transaction 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 transaction of $1,801,931.20.
• On Wednesday, June 24th, Neil Gregory Almstead sold 5,323 shares of PTC Therapeutics stock. The shares were 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 transaction of $1,921,294.10.

PTC Therapeutics Price Performance

Shares of PTCT traded down $3.52 during trading hours on Monday, hitting $81.33. 985,944 shares of the stock were exchanged, compared to its average volume of 1,484,511. PTC Therapeutics, Inc. has a fifty-two week low of $43.17 and a fifty-two week high of $90.87. The business has a 50-day moving average of $75.56 and a 200-day moving average of $72.73. The firm has a market capitalization of $6.75 billion, a P/E ratio of -34.91, a price-to-earnings-growth ratio of 3.90 and a beta of 0.53.

PTC Therapeutics (NASDAQ:PTCT) last announced its earnings results on Thursday, May 7th. The biopharmaceutical company reported ($0.03) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.45) by $0.42. The business had revenue of $272.55 million during the quarter, compared to the consensus estimate 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 quarterly revenue was up 43.5% on a year-over-year basis. During the same quarter last year, the firm earned $10.04 earnings per share. As a group, analysts forecast that PTC Therapeutics, Inc. will post 0.78 earnings per share for the current fiscal year.

Analysts Set New Price Targets

PTCT has been the subject of several research analyst reports. Truist Financial raised PTC Therapeutics to a “strong-buy” rating in a research report on Wednesday, March 25th. Wells Fargo & Company raised their target price on PTC Therapeutics from $86.00 to $95.00 and gave the stock an “overweight” rating in a research note on Friday, May 8th. Jefferies Financial Group upgraded PTC Therapeutics from a “hold” rating to a “buy” rating and lifted their target price for the stock from $76.00 to $85.00 in a report on Wednesday, May 27th. Weiss Ratings lowered PTC Therapeutics from a “hold (c-)” rating to a “sell (d)” rating in a research note on Monday, May 11th. Finally, Citigroup raised PTC Therapeutics from a “neutral” rating to a “buy” rating and boosted their price target for the company from $75.00 to $108.00 in a research note on Tuesday, June 9th. Two equities research analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating, one has issued a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, PTC Therapeutics presently has a consensus rating of “Moderate Buy” and an average price target of $91.57.

Hedge Funds Weigh In On PTC Therapeutics

Several large investors have recently added to or reduced their stakes in the business. UMB Bank n.a. acquired a new position in PTC Therapeutics during the 4th quarter valued at about $26,000. Comerica Bank raised its stake in shares of PTC Therapeutics by 868.5% in the third quarter. Comerica Bank now owns 523 shares of the biopharmaceutical company’s stock worth $32,000 after purchasing an additional 469 shares during the last quarter. Salomon & Ludwin LLC purchased a new stake in shares of PTC Therapeutics in the fourth quarter worth approximately $41,000. Allworth Financial LP lifted its holdings in shares of PTC Therapeutics by 63.8% in the fourth 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. Finally, First Horizon Corp bought a new position in shares of PTC Therapeutics in the fourth quarter valued at approximately $53,000.

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.