Insider Selling: PTC Therapeutics (NASDAQ:PTCT) CEO Sells 10,292 Shares of Stock

Key Points

• CEO Matthew Klein sold 10,292 shares of PTC Therapeutics at an average price of $68.57, generating approximately $705,722. The sale reduced his holdings by 2.61% and was conducted under a Rule 10b5-1 plan to cover tax obligations from vested equity awards.
• PTC Therapeutics shares rose 2.4% to $70.85, while the company reported quarterly EPS of $0.92 versus the $0.24 consensus estimate. Revenue reached $360.52 million, up 101.5% year over year and above analyst expectations.
• Analysts remain broadly positive, with the stock carrying a “Moderate Buy” consensus rating and an average price target of $95.75; recent targets range as high as $130.

PTC Therapeutics, Inc. (NASDAQ:PTCT - Get Free Report) CEO Matthew Klein sold 10,292 shares of the stock in a transaction dated Tuesday, August 4th. The shares were sold at an average price of $68.57, for a total transaction of $705,722.44. Following the completion of the transaction, the chief executive officer owned 383,868 shares of the company's stock, valued at $26,321,828.76. This represents a 2.61% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

PTC Therapeutics Stock Up 2.4%

PTC Therapeutics stock traded up $1.64 during trading hours on Thursday, hitting $70.85. 928,897 shares of the company traded hands, compared to its average volume of 1,472,214. PTC Therapeutics, Inc. has a 1-year low of $43.17 and a 1-year high of $90.87. The firm has a market cap of $5.91 billion, a P/E ratio of -122.16, a P/E/G ratio of 1.92 and a beta of 0.56. The firm's 50-day simple moving average is $77.56 and its two-hundred day simple moving average is $72.55.

PTC Therapeutics (NASDAQ:PTCT - Get Free Report) last posted its quarterly earnings data on Thursday, July 30th. The biopharmaceutical company reported $0.92 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.24 by $0.68. PTC Therapeutics had a negative net margin of 3.80% and a negative return on equity of 362.45%. The business had revenue of $360.52 million during the quarter, compared to analysts' expectations of $298.63 million. During the same period last year, the firm posted ($0.83) earnings per share. The business's revenue was up 101.5% on a year-over-year basis. On average, equities research analysts predict that PTC Therapeutics, Inc. will post 1.3 earnings per share for the current year.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on PTCT shares. Zacks Research upgraded PTC Therapeutics from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, July 7th. Morgan Stanley upped their price objective on PTC Therapeutics from $93.00 to $104.00 and gave the company an "overweight" rating in a report on Friday, July 31st. Raymond James Financial assumed coverage on PTC Therapeutics in a report on Friday, April 10th. They set an "outperform" rating and a $108.00 target price on the stock. Cantor Fitzgerald boosted their price target on shares of PTC Therapeutics from $124.00 to $130.00 and gave the stock an "overweight" rating in a research report on Thursday, July 16th. Finally, Wall Street Zen raised shares of PTC Therapeutics from a "hold" rating to a "strong-buy" rating in a report on Saturday, August 1st. Two investment analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating, one has given a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, PTC Therapeutics presently has a consensus rating of "Moderate Buy" and an average target price of $95.75.

Institutional Investors Weigh In On PTC Therapeutics

Institutional investors and hedge funds have recently modified their holdings of the stock. UMB Bank n.a. acquired a new position in shares of PTC Therapeutics in the 4th quarter worth $26,000. Comerica Bank lifted its holdings in shares of PTC Therapeutics by 868.5% during the third quarter. Comerica Bank now owns 523 shares of the biopharmaceutical company's stock valued at $32,000 after purchasing an additional 469 shares during the last quarter. Salomon & Ludwin LLC acquired a new position in shares of PTC Therapeutics in the 4th quarter valued at $41,000. IFP Advisors Inc boosted its position in shares of PTC Therapeutics by 68.1% in the 3rd quarter. IFP Advisors Inc now owns 765 shares of the biopharmaceutical company's stock valued at $47,000 after purchasing an additional 310 shares during the period. Finally, Allworth Financial LP increased its stake in PTC Therapeutics by 63.8% in the 4th quarter. Allworth Financial LP now owns 634 shares of the biopharmaceutical company's stock worth $48,000 after purchasing an additional 247 shares in the last quarter.

About PTC Therapeutics

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.

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