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

PTC Therapeutics, Inc. (NASDAQ:PTCT) insider Neil Gregory Almstead sold 24,613 shares of PTC Therapeutics stock in a transaction that occurred on Tuesday, July 7th. The stock was sold at an average price of $88.89, for a total transaction of $2,187,849.57. Following the completion of the transaction, the insider owned 60,299 shares of the company’s stock, valued at $5,359,978.11. This represents a 28.99% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, 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 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 shares were 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 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.

PTC Therapeutics Stock Up 1.1%

Shares of NASDAQ PTCT opened at $89.57 on Friday. The stock has a market cap of $7.43 billion, a PE ratio of -38.44, a price-to-earnings-growth ratio of 4.07 and a beta of 0.53. PTC Therapeutics, Inc. has a 52-week low of $43.17 and a 52-week high of $90.87. The business has a 50-day moving average price of $75.16 and a 200 day moving average price of $72.69.

PTC Therapeutics (NASDAQ:PTCT) last announced its 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. PTC Therapeutics had a negative net margin of 22.58% and a negative return on equity of 362.45%. The business had revenue of $272.55 million for the quarter, compared to analyst estimates of $217.42 million. During the same period last year, the firm posted $10.04 earnings per share. The company’s revenue for the quarter was up 43.5% compared to the same quarter last year. Sell-side analysts anticipate that PTC Therapeutics, Inc. will post 0.78 earnings per share for the current year.

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

Analyst Ratings Changes

Several brokerages have recently weighed in on PTCT. TD Cowen raised shares of PTC Therapeutics from a “hold” rating to a “buy” rating and lifted their target price for the company from $75.00 to $90.00 in a report on Friday, May 8th. Truist Financial upgraded PTC Therapeutics to a “strong-buy” rating in a research report on Wednesday, March 25th. Royal Bank Of Canada increased their price target on shares of PTC Therapeutics from $82.00 to $85.00 and gave the company a “sector perform” rating in a research report on Tuesday. Morgan Stanley reaffirmed an “overweight” rating and set a $94.00 price objective on shares of PTC Therapeutics in a research note on Friday, May 8th. Finally, Wells Fargo & Company lifted their target price on shares of PTC Therapeutics from $86.00 to $95.00 and gave the stock an “overweight” rating in a research note on Friday, May 8th. Two research analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating, one has assigned a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $91.57.

Institutional Investors Weigh In On PTC Therapeutics

A number of large investors have recently modified their holdings of PTCT. EverSource Wealth Advisors LLC grew its position in PTC Therapeutics by 16.9% in the first quarter. EverSource Wealth Advisors LLC now owns 1,045 shares of the biopharmaceutical company’s stock valued at $71,000 after acquiring an additional 151 shares in the last quarter. PNC Financial Services Group Inc. increased its holdings 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 valued at $213,000 after buying an additional 244 shares during the last quarter. Allworth Financial LP increased its holdings 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 valued at $48,000 after acquiring an additional 247 shares during the last quarter. Measured Wealth Private Client Group LLC increased its stake in 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 last quarter. Finally, Evolve Private Wealth LLC raised its stake in PTC Therapeutics by 5.2% during the first quarter. Evolve Private Wealth LLC now owns 6,122 shares of the biopharmaceutical company’s stock worth $417,000 after acquiring an additional 305 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.