PTC Therapeutics (NASDAQ:PTCT) Insider Neil Gregory Almstead Sells 24,613 Shares

PTC Therapeutics, Inc. (NASDAQ:PTCT) insider Neil Gregory Almstead sold 24,613 shares of the stock in a transaction dated Tuesday, July 7th. The shares were sold at an average price of $88.89, for a total value of $2,187,849.57. Following the transaction, the insider owned 60,299 shares in the company, valued at $5,359,978.11. This trade represents a 28.99% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Neil Gregory Almstead also recently made the following trade(s):

• On Monday, July 6th, Neil Gregory Almstead sold 22,161 shares of PTC Therapeutics stock. The shares were sold at an average price of $86.00, for a total value of $1,905,846.00.
• On Friday, June 26th, Neil Gregory Almstead sold 8,130 shares of PTC Therapeutics stock. The stock was sold at an average price of $85.26, for a total value of $693,163.80.
• 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 value 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 value 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.

PTC Therapeutics Stock Performance

PTCT stock opened at $88.57 on Thursday. The company has a market capitalization of $7.35 billion, a PE ratio of -38.01, a price-to-earnings-growth ratio of 4.10 and a beta of 0.53. PTC Therapeutics, Inc. has a one year low of $43.17 and a one year high of $89.85. The company’s 50 day moving average price is $74.77 and its two-hundred day moving average price is $72.61.

PTC Therapeutics (NASDAQ:PTCT) last announced its quarterly earnings data on Thursday, May 7th. The biopharmaceutical company reported ($0.03) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.45) by $0.42. The company had revenue of $272.55 million during the quarter, compared to analysts’ expectations of $217.42 million. PTC Therapeutics had a negative net margin of 22.58% and a negative return on equity of 362.45%. The firm’s revenue was up 43.5% on a year-over-year basis. During the same quarter in the prior year, the company earned $10.04 EPS. On average, research analysts predict that PTC Therapeutics, Inc. will post 0.78 EPS for the current year.

Analysts Set New Price Targets

PTCT has been the topic of several analyst reports. Wells Fargo & Company lifted their price objective on PTC Therapeutics from $86.00 to $95.00 and gave the stock an “overweight” rating in a report on Friday, May 8th. Raymond James Financial started coverage on PTC Therapeutics in a research report on Friday, April 10th. They set an “outperform” rating and a $108.00 price target on the stock. Morgan Stanley reaffirmed an “overweight” rating and issued a $94.00 price target on shares of PTC Therapeutics in a research note on Friday, May 8th. Citigroup upgraded PTC Therapeutics from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $75.00 to $108.00 in a research report on Tuesday, June 9th. Finally, Truist Financial raised PTC Therapeutics to a “strong-buy” rating in a research note on Wednesday, March 25th. One investment analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, one has issued a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat, PTC Therapeutics has a consensus rating of “Moderate Buy” and a consensus target price of $91.57.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of PTCT. UMB Bank n.a. purchased a new position in shares of PTC Therapeutics during the fourth quarter valued at approximately $26,000. Comerica Bank increased its position in PTC Therapeutics by 868.5% during the 3rd 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 period. Salomon & Ludwin LLC bought a new position in PTC Therapeutics in the 4th quarter worth $41,000. IFP Advisors Inc raised its holdings in PTC Therapeutics by 68.1% in the 3rd quarter. IFP Advisors Inc now owns 765 shares of the biopharmaceutical company’s stock worth $47,000 after purchasing an additional 310 shares in the last quarter. Finally, Allworth Financial LP lifted its position in shares of 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 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.