PTC Therapeutics (NASDAQ:PTCT) Insider Neil Gregory Almstead Sells 20,960 Shares

PTC Therapeutics, Inc. (NASDAQ:PTCT) insider Neil Gregory Almstead sold 20,960 shares of the business’s stock in a transaction dated Thursday, June 25th. The shares were sold at an average price of $85.97, for a total transaction of $1,801,931.20. Following the completion of the sale, the insider directly owned 60,137 shares of the company’s stock, valued at approximately $5,169,977.89. This trade represents a 25.85% 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 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 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.
• 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 Stock Down 0.1%

NASDAQ:PTCT traded down $0.08 during midday trading on Friday, hitting $84.43. The stock had a trading volume of 3,903,105 shares, compared to its average volume of 1,404,402. The stock has a 50-day moving average of $72.35 and a 200 day moving average of $72.03. The company has a market capitalization of $7.00 billion, a price-to-earnings ratio of -36.24, a PEG ratio of 3.88 and a beta of 0.56. PTC Therapeutics, Inc. has a one year low of $43.17 and a one year high of $87.50.

PTC Therapeutics (NASDAQ:PTCT) last issued its earnings results on Thursday, May 7th. The biopharmaceutical company reported ($0.03) earnings per share for the quarter, beating 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 business had revenue of $272.55 million during the quarter, compared to analyst estimates of $217.42 million. During the same period in the previous year, the company posted $10.04 EPS. PTC Therapeutics’s revenue was up 43.5% on a year-over-year basis. On average, sell-side analysts anticipate that PTC Therapeutics, Inc. will post 0.78 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

PTCT has been the topic of several recent research reports. Morgan Stanley reiterated an “overweight” rating and set a $94.00 target price on shares of PTC Therapeutics in a report on Friday, May 8th. Citigroup raised shares of PTC Therapeutics from a “neutral” rating to a “buy” rating and upped their price target for the stock from $75.00 to $108.00 in a research report on Tuesday, June 9th. Truist Financial upgraded shares of PTC Therapeutics to a “strong-buy” rating in a research note on Wednesday, March 25th. Royal Bank Of Canada lifted their price objective on shares of PTC Therapeutics from $81.00 to $82.00 and gave the company a “sector perform” rating in a report on Friday, May 8th. Finally, Jefferies Financial Group raised shares of PTC Therapeutics from a “hold” rating to a “buy” rating and boosted their price objective for the stock from $76.00 to $85.00 in a research note on Wednesday, May 27th. One investment analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, one has assigned a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, PTC Therapeutics has a consensus rating of “Moderate Buy” and an average target price of $91.36.

Hedge Funds Weigh In On PTC Therapeutics

Several institutional investors and hedge funds have recently added to or reduced their stakes in PTCT. Defilade Capital Management L.P. bought a new position in PTC Therapeutics in the first quarter worth about $25,628,000. Segall Bryant & Hamill LLC boosted its holdings in shares of PTC Therapeutics by 287.4% in the 1st quarter. Segall Bryant & Hamill LLC now owns 195,380 shares of the biopharmaceutical company’s stock valued at $13,311,000 after buying an additional 144,949 shares in the last quarter. Bank of America Corp DE grew its position in shares of PTC Therapeutics by 31.8% in the 1st quarter. Bank of America Corp DE now owns 1,886,841 shares of the biopharmaceutical company’s stock worth $128,550,000 after buying an additional 455,284 shares during the last quarter. Edgestream Partners L.P. purchased a new position in shares of PTC Therapeutics in the 1st quarter worth approximately $566,000. Finally, Janus Henderson Group PLC raised its stake in shares of PTC Therapeutics by 48.3% during the 1st 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 in the last quarter.

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.