PTC Therapeutics (NASDAQ:PTCT) Insider Sells 20,960 Shares of Stock

Key Points

• PTC Therapeutics insider Neil Gregory Almstead sold 20,960 shares on June 25 at an average price of $85.97, totaling about $1.8 million. The sale was made under a pre-arranged Rule 10b5-1 trading plan.
• Almstead has made several other recent sales of PTCT stock, including transactions on June 24, June 22, and April 1, reducing his ownership by 25.85% in the latest filing.
• Despite the insider selling, PTC Therapeutics has strong analyst support, with a consensus “Moderate Buy” rating and an average price target of $91.36. The company recently beat earnings and revenue estimates, reporting quarterly revenue growth of 43.5% year over year.

PTC Therapeutics, Inc. (NASDAQ:PTCT - Get Free Report) insider Neil Gregory Almstead sold 20,960 shares of the company's stock in a transaction that occurred on Thursday, June 25th. The stock was sold at an average price of $85.97, for a total value of $1,801,931.20. Following the sale, the insider directly owned 60,137 shares in the company, valued at $5,169,977.89. This trade represents a 25.85% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 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 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.
• 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

PTCT stock traded down $0.08 during trading on Friday, hitting $84.43. 3,903,105 shares of the company's stock traded hands, compared to its average volume of 1,404,402. PTC Therapeutics, Inc. has a 52 week low of $43.17 and a 52 week high of $87.50. The business has a fifty day simple moving average of $72.35 and a 200 day simple moving average of $72.03. The stock has a market capitalization of $7.00 billion, a price-to-earnings ratio of -36.24, a P/E/G ratio of 3.88 and a beta of 0.56.

PTC Therapeutics (NASDAQ:PTCT - Get Free Report) last posted 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 firm had revenue of $272.55 million for 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%. The business's quarterly revenue was up 43.5% on a year-over-year basis. During the same period in the previous year, the firm posted $10.04 EPS. Research analysts forecast that PTC Therapeutics, Inc. will post 0.78 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on PTCT. Raymond James Financial assumed coverage on PTC Therapeutics in a research report on Friday, April 10th. They set an "outperform" rating and a $108.00 price objective on the stock. Truist Financial raised PTC Therapeutics to a "strong-buy" rating in a research report on Wednesday, March 25th. Jefferies Financial Group upgraded PTC Therapeutics from a "hold" rating to a "buy" rating and increased their price target for the company from $76.00 to $85.00 in a report on Wednesday, May 27th. TD Cowen upgraded PTC Therapeutics from a "hold" rating to a "buy" rating and raised their price target for the stock from $75.00 to $90.00 in a research report on Friday, May 8th. Finally, Royal Bank Of Canada lifted their price objective on shares of PTC Therapeutics from $81.00 to $82.00 and gave the stock a "sector perform" rating in a research note on Friday, May 8th. One research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, one has given a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat, PTC Therapeutics currently has a consensus rating of "Moderate Buy" and an average price target of $91.36.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of PTCT. EverSource Wealth Advisors LLC lifted its stake in shares of PTC Therapeutics by 16.9% during the 1st quarter. EverSource Wealth Advisors LLC now owns 1,045 shares of the biopharmaceutical company's stock worth $71,000 after acquiring an additional 151 shares during the last quarter. PNC Financial Services Group Inc. increased its stake in PTC Therapeutics by 8.5% in the first quarter. PNC Financial Services Group Inc. now owns 3,128 shares of the biopharmaceutical company's stock worth $213,000 after purchasing an additional 244 shares during the period. Allworth Financial LP lifted its position in shares of PTC Therapeutics by 63.8% during the fourth quarter. Allworth Financial LP now owns 634 shares of the biopharmaceutical company's stock worth $48,000 after purchasing an additional 247 shares during the last quarter. Optiver Holding B.V. lifted its position in shares of PTC Therapeutics by 96.5% during the third quarter. Optiver Holding B.V. now owns 507 shares of the biopharmaceutical company's stock worth $31,000 after purchasing an additional 249 shares during the last quarter. Finally, Measured Wealth Private Client Group LLC boosted its stake in shares of PTC Therapeutics by 5.6% during the fourth quarter. Measured Wealth Private Client Group LLC now owns 4,963 shares of the biopharmaceutical company's stock valued at $377,000 after purchasing an additional 265 shares during the period.

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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