Insider Selling: PTC Therapeutics (NASDAQ:PTCT) Insider Sells $693,163.80 in Stock

PTC Therapeutics, Inc. (NASDAQ:PTCT) insider Neil Gregory Almstead sold 8,130 shares of the firm’s stock in a transaction dated Friday, June 26th. The shares were sold at an average price of $85.26, for a total transaction of $693,163.80. Following the completion of the sale, the insider owned 60,137 shares in the company, valued at $5,127,280.62. This represents a 11.91% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. 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 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 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 stock was sold at an average price of $69.04, for a total value of $3,590,287.12.

PTC Therapeutics Trading Up 2.4%

Shares of PTCT stock opened at $83.31 on Friday. PTC Therapeutics, Inc. has a 12-month low of $43.17 and a 12-month high of $87.50. The business’s fifty day simple moving average is $73.38 and its 200-day simple moving average is $72.29. The company has a market cap of $6.91 billion, a PE ratio of -35.76, a PEG ratio of 3.74 and a beta of 0.53.

PTC Therapeutics (NASDAQ:PTCT) last posted its quarterly earnings data 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. PTC Therapeutics had a negative return on equity of 362.45% and a negative net margin of 22.58%.The firm had revenue of $272.55 million during the quarter, compared to analysts’ expectations of $217.42 million. During the same quarter last year, the firm earned $10.04 EPS. The business’s quarterly revenue was up 43.5% on a year-over-year basis. On average, equities analysts forecast that PTC Therapeutics, Inc. will post 0.78 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on the company. Citigroup upgraded PTC Therapeutics from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $75.00 to $108.00 in a research note on Tuesday, June 9th. 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. Jefferies Financial Group raised shares of 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 research report on Wednesday, May 27th. Raymond James Financial started coverage on shares of PTC Therapeutics in a research note on Friday, April 10th. They set an “outperform” rating and a $108.00 price target on the stock. Finally, Morgan Stanley reaffirmed an “overweight” rating and issued a $94.00 price target on shares of PTC Therapeutics in a report on Friday, May 8th. One investment analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, one has issued a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $91.36.

Institutional Investors Weigh In On PTC Therapeutics

Institutional investors and hedge funds have recently modified their holdings of the company. Janus Henderson Group PLC increased its stake in shares of PTC Therapeutics by 48.3% in the first quarter. Janus Henderson Group PLC now owns 7,193,433 shares of the biopharmaceutical company’s stock worth $489,997,000 after acquiring an additional 2,342,101 shares during the period. Jefferies Financial Group Inc. acquired a new position in PTC Therapeutics during the third quarter valued at $97,252,000. State Street Corp boosted its holdings in PTC Therapeutics by 34.2% in the fourth quarter. State Street Corp now owns 4,206,126 shares of the biopharmaceutical company’s stock valued at $319,497,000 after purchasing an additional 1,071,343 shares during the last quarter. Toronto Dominion Bank boosted its holdings in PTC Therapeutics by 27.5% in the fourth quarter. Toronto Dominion Bank now owns 4,138,215 shares of the biopharmaceutical company’s stock valued at $314,339,000 after purchasing an additional 891,690 shares during the last quarter. Finally, BNP Paribas Financial Markets grew its position in PTC Therapeutics by 4,013.1% during the 4th quarter. BNP Paribas Financial Markets now owns 828,662 shares of the biopharmaceutical company’s stock worth $62,945,000 after purchasing an additional 808,515 shares during the period.

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.