PTC Therapeutics (NASDAQ:PTCT) Insider Neil Gregory Almstead Sells 5,323 Shares of Stock

PTC Therapeutics, Inc. (NASDAQ:PTCT) insider Neil Gregory Almstead sold 5,323 shares of the stock in a transaction that occurred on Wednesday, June 24th. The stock was sold at an average price of $85.03, for a total value of $452,614.69. Following the sale, the insider owned 60,137 shares in the company, valued at $5,113,449.11. The trade was a 8.13% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible 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 stock was sold at an average price of $85.97, for a total transaction of $1,801,931.20.
• 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 value 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 Price Performance

NASDAQ PTCT opened at $84.43 on Friday. PTC Therapeutics, Inc. has a 12 month low of $43.17 and a 12 month high of $87.50. The company’s 50 day simple moving average is $72.57 and its 200 day simple moving average is $72.12. The firm 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 (NASDAQ:PTCT) last announced its earnings results on Thursday, May 7th. The biopharmaceutical company reported ($0.03) earnings per share for the quarter, beating the consensus estimate 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 analysts’ expectations of $217.42 million. During the same quarter last year, the business posted $10.04 earnings per share. The company’s quarterly revenue was up 43.5% on a year-over-year basis. Sell-side analysts anticipate that PTC Therapeutics, Inc. will post 0.78 earnings per share for the current fiscal year.

Institutional Trading of PTC Therapeutics

A number of hedge funds and other institutional investors have recently made changes to their positions in PTCT. Janus Henderson Group PLC increased its position in PTC Therapeutics by 48.3% in the 1st quarter. Janus Henderson Group PLC now owns 7,193,433 shares of the biopharmaceutical company’s stock valued at $489,997,000 after acquiring an additional 2,342,101 shares in the last quarter. Jefferies Financial Group Inc. acquired a new stake in shares of PTC Therapeutics in the third quarter valued at approximately $97,252,000. State Street Corp raised its position in PTC Therapeutics by 34.2% in the 4th quarter. State Street Corp now owns 4,206,126 shares of the biopharmaceutical company’s stock worth $319,497,000 after purchasing an additional 1,071,343 shares during the last quarter. Toronto Dominion Bank raised its position in PTC Therapeutics by 27.5% in the 4th quarter. Toronto Dominion Bank now owns 4,138,215 shares of the biopharmaceutical company’s stock worth $314,339,000 after purchasing an additional 891,690 shares during the last quarter. Finally, BNP Paribas Financial Markets lifted its holdings 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 buying an additional 808,515 shares in the last quarter.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on PTCT shares. Citigroup upgraded PTC Therapeutics from a “neutral” rating to a “buy” rating and upped their target price for the company from $75.00 to $108.00 in a report on Tuesday, June 9th. Raymond James Financial assumed coverage on shares of PTC Therapeutics in a research note on Friday, April 10th. They issued an “outperform” rating and a $108.00 price objective for the company. Morgan Stanley restated an “overweight” rating and set a $94.00 target price on shares of PTC Therapeutics in a report on Friday, May 8th. 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. Finally, TD Cowen upgraded PTC Therapeutics from a “hold” rating to a “buy” rating and increased their target price for the company from $75.00 to $90.00 in a research note on Friday, May 8th. One equities research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, one has given a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $91.36.

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.