Neil Gregory Almstead Sells 22,161 Shares of PTC Therapeutics (NASDAQ:PTCT) Stock

PTC Therapeutics, Inc. (NASDAQ:PTCT) insider Neil Gregory Almstead sold 22,161 shares of PTC Therapeutics stock in a transaction that occurred on Monday, July 6th. The shares were sold at an average price of $86.00, for a total transaction of $1,905,846.00. Following the completion of the sale, the insider owned 60,299 shares of the company’s stock, valued at approximately $5,185,714. The trade was a 26.87% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, 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 Tuesday, July 7th, Neil Gregory Almstead sold 24,613 shares of PTC Therapeutics stock. The stock was sold at an average price of $88.89, for a total transaction of $2,187,849.57.
• 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 transaction of $1,801,931.20.
• 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 value of $452,614.69.
• On Monday, June 22nd, Neil Gregory Almstead sold 23,749 shares of PTC Therapeutics stock. The stock was sold at an average price of $80.90, for a total transaction of $1,921,294.10.

PTC Therapeutics Trading Up 1.1%

Shares of PTCT opened at $89.57 on Friday. The company has a market capitalization of $7.43 billion, a PE ratio of -38.44, a PEG ratio of 4.07 and a beta of 0.53. The stock’s 50-day moving average price is $75.16 and its two-hundred day moving average price is $72.69. PTC Therapeutics, Inc. has a 12 month low of $43.17 and a 12 month high of $90.87.

PTC Therapeutics (NASDAQ:PTCT) last issued its quarterly earnings results on Thursday, May 7th. The biopharmaceutical company reported ($0.03) earnings per share (EPS) 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 company’s revenue for the quarter was up 43.5% on a year-over-year basis. During the same quarter in the previous year, the company earned $10.04 EPS. Equities research analysts predict that PTC Therapeutics, Inc. will post 0.78 EPS for the current fiscal year.

Institutional Investors Weigh In On PTC Therapeutics

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. lifted its stake in PTC Therapeutics by 6.2% during the fourth quarter. Vanguard Group Inc. now owns 8,803,203 shares of the biopharmaceutical company’s stock worth $668,691,000 after purchasing an additional 514,204 shares during the last quarter. Janus Henderson Group PLC boosted its stake in PTC Therapeutics by 48.3% in the first quarter. Janus Henderson Group PLC now owns 7,193,433 shares of the biopharmaceutical company’s stock worth $489,997,000 after buying an additional 2,342,101 shares in the last quarter. Wellington Management Group LLP boosted its stake in PTC Therapeutics by 4.8% in the third quarter. Wellington Management Group LLP now owns 4,918,619 shares of the biopharmaceutical company’s stock worth $301,856,000 after buying an additional 224,481 shares in the last quarter. State Street Corp grew its position in PTC Therapeutics by 34.2% during the fourth quarter. State Street Corp now owns 4,206,126 shares of the biopharmaceutical company’s stock valued at $319,497,000 after acquiring an additional 1,071,343 shares during the last quarter. Finally, Toronto Dominion Bank grew its position in PTC Therapeutics by 27.5% during the fourth quarter. Toronto Dominion Bank now owns 4,138,215 shares of the biopharmaceutical company’s stock valued at $314,339,000 after acquiring an additional 891,690 shares during the last quarter.

PTC Therapeutics News Summary

Here are the key news stories impacting PTC Therapeutics this week:

• Positive Sentiment: Zacks Research upgraded PTC Therapeutics from hold to strong-buy, reflecting improved earnings expectations and signaling that analysts see more upside potential for PTCT. Article Title
• Positive Sentiment: Biotech is showing relative strength in the market, and that sector-wide momentum may be helping sentiment around PTC Therapeutics as investors rotate into healthcare names with growth potential. Article Title
• Neutral Sentiment: Several insider sales were disclosed, including moves by VP Mark Elliott Boulding and insider Neil Gregory Almstead. The transactions were made under pre-arranged 10b5-1 plans, which often lessens the negative read-through, but the selling can still temper enthusiasm. Article Title

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on PTCT. Royal Bank Of Canada upped their price objective on shares of PTC Therapeutics from $82.00 to $85.00 and gave the company a “sector perform” rating in a report on Tuesday. Truist Financial upgraded shares of PTC Therapeutics to a “strong-buy” rating in a report on Wednesday, March 25th. Weiss Ratings downgraded PTC Therapeutics from a “hold (c-)” rating to a “sell (d)” rating in a research report on Monday, May 11th. Raymond James Financial initiated coverage on shares of PTC Therapeutics in a research report on Friday, April 10th. They issued an “outperform” rating and a $108.00 price objective on the stock. Finally, Jefferies Financial Group raised PTC Therapeutics from a “hold” rating to a “buy” rating and upped their price target for the company from $76.00 to $85.00 in a research report on Wednesday, May 27th. Two equities research analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating, one has assigned a Hold rating and two have given a Sell rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $91.57.

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.