Insider Selling: PTC Therapeutics (NASDAQ:PTCT) Insider Sells $1,921,294.10 in Stock

PTC Therapeutics, Inc. (NASDAQ:PTCT) insider Neil Gregory Almstead sold 23,749 shares of the company’s stock in a transaction dated 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 $4,865,083.30. The trade was a 28.31% decrease in their position. The transaction was disclosed in a document filed 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 Thursday, June 25th, Neil Gregory Almstead sold 20,960 shares of PTC Therapeutics stock. The shares were 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 stock was sold at an average price of $85.03, for a total transaction of $452,614.69.
• 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 transaction of $3,590,287.12.

PTC Therapeutics Stock Performance

NASDAQ:PTCT opened at $84.43 on Friday. The company has a fifty day moving average of $72.57 and a two-hundred day moving average of $72.12. The stock has a market capitalization of $7.00 billion, a PE ratio of -36.24, a P/E/G ratio of 3.89 and a beta of 0.56. PTC Therapeutics, Inc. has a fifty-two week low of $43.17 and a fifty-two week high of $87.50.

PTC Therapeutics (NASDAQ:PTCT) last announced its earnings results on Thursday, May 7th. The biopharmaceutical company reported ($0.03) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.45) by $0.42. The business 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%. The company’s revenue for the quarter 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 forecast that PTC Therapeutics, Inc. will post 0.78 earnings per share for the current year.

Hedge Funds Weigh In On PTC Therapeutics

A number of institutional investors have recently added to or reduced their stakes in PTCT. Empowered Funds LLC purchased a new stake in PTC Therapeutics in the 1st quarter valued at $1,999,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its holdings in shares of PTC Therapeutics by 11.5% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 178,755 shares of the biopharmaceutical company’s stock worth $9,109,000 after acquiring an additional 18,504 shares during the period. Quantbot Technologies LP boosted its position in shares of PTC Therapeutics by 280.1% during the 2nd quarter. Quantbot Technologies LP now owns 2,478 shares of the biopharmaceutical company’s stock valued at $121,000 after acquiring an additional 1,826 shares during the last quarter. Arrowstreet Capital Limited Partnership acquired a new position in shares of PTC Therapeutics during the 2nd quarter valued at about $1,661,000. Finally, EverSource Wealth Advisors LLC boosted its position in shares of PTC Therapeutics by 247.4% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,143 shares of the biopharmaceutical company’s stock valued at $56,000 after acquiring an additional 814 shares during the last quarter.

Analyst Ratings Changes

A number of equities analysts have commented on the company. Morgan Stanley reissued an “overweight” rating and set a $94.00 target price on shares of PTC Therapeutics in a report on Friday, May 8th. Raymond James Financial assumed coverage on PTC Therapeutics in a research note on Friday, April 10th. They issued an “outperform” rating and a $108.00 price target on the stock. Truist Financial raised PTC Therapeutics to a “strong-buy” rating in a research note on Wednesday, March 25th. Citigroup upgraded PTC Therapeutics from a “neutral” rating to a “buy” rating and raised their price objective for the company from $75.00 to $108.00 in a report on Tuesday, June 9th. Finally, 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. 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. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price 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.