Neil Gregory Almstead Sells 2,464 Shares of PTC Therapeutics (NASDAQ:PTCT) Stock

PTC Therapeutics, Inc. (NASDAQ:PTCT) insider Neil Gregory Almstead sold 2,464 shares of the firm’s stock in a transaction dated Thursday, July 9th. The shares were sold at an average price of $90.25, for a total transaction of $222,376.00. Following the sale, the insider directly owned 60,299 shares in the company, valued at approximately $5,441,984.75. The trade was a 3.93% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, 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 Monday, July 6th, Neil Gregory Almstead sold 22,161 shares of PTC Therapeutics stock. The stock was sold at an average price of $86.00, for a total transaction of $1,905,846.00.
• On Tuesday, July 7th, Neil Gregory Almstead sold 24,613 shares of PTC Therapeutics stock. The shares were 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 shares were sold at an average price of $85.26, for a total transaction 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 transaction 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 transaction 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 Down 4.0%

NASDAQ:PTCT opened at $78.06 on Wednesday. The company has a market cap of $6.48 billion, a PE ratio of -33.50, a price-to-earnings-growth ratio of 3.74 and a beta of 0.53. The company has a 50 day simple moving average of $76.15 and a two-hundred day simple moving average of $72.75. PTC Therapeutics, Inc. has a 12 month low of $43.17 and a 12 month high of $90.87.

PTC Therapeutics (NASDAQ:PTCT) last released its quarterly 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. The firm had revenue of $272.55 million for the quarter, compared to analysts’ expectations of $217.42 million. PTC Therapeutics had a negative return on equity of 362.45% and a negative net margin of 22.58%.The company’s revenue was up 43.5% compared to the same quarter last year. During the same period in the prior year, the firm earned $10.04 EPS. Research analysts forecast that PTC Therapeutics, Inc. will post 0.78 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on PTCT shares. Zacks Research raised PTC Therapeutics from a “hold” rating to a “strong-buy” rating in a report on Tuesday, July 7th. TD Cowen raised shares of PTC Therapeutics from a “hold” rating to a “buy” rating and upped their price target for the company from $75.00 to $90.00 in a research report on Friday, May 8th. Raymond James Financial started coverage on shares of PTC Therapeutics in a research report on Friday, April 10th. They set an “outperform” rating and a $108.00 price target for the company. Royal Bank Of Canada increased their price objective on shares of PTC Therapeutics from $82.00 to $85.00 and gave the stock a “sector perform” rating in a research note on Tuesday, July 7th. Finally, Morgan Stanley reissued an “overweight” rating and issued a $94.00 price objective on shares of PTC Therapeutics in a report on Friday, May 8th. 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 issued a Sell rating to the company’s stock. According to MarketBeat.com, PTC Therapeutics currently has an average rating of “Moderate Buy” and an average target price of $91.57.

Hedge Funds Weigh In On PTC Therapeutics

Institutional investors and hedge funds have recently bought and sold shares of the stock. Handelsbanken Fonder AB increased its position in PTC Therapeutics by 15.1% in the second quarter. Handelsbanken Fonder AB now owns 29,000 shares of the biopharmaceutical company’s stock worth $2,366,000 after buying an additional 3,800 shares in the last quarter. GAMMA Investing LLC raised its stake in shares of PTC Therapeutics by 58.1% in the second quarter. GAMMA Investing LLC now owns 1,453 shares of the biopharmaceutical company’s stock worth $119,000 after buying an additional 534 shares during the period. Avior Wealth Management LLC purchased a new position in shares of PTC Therapeutics during the 2nd quarter valued at about $308,000. Harbor Investment Advisory LLC purchased a new position in shares of PTC Therapeutics during the 2nd quarter valued at about $81,000. Finally, Defilade Capital Management L.P. bought a new position in shares of PTC Therapeutics during the 1st quarter valued at approximately $25,628,000.

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.