Key Points
- Director Michael Schmertzler sold 10,000 PTC Therapeutics shares for approximately $678,400 at an average price of $67.84 under a pre-arranged Rule 10b5-1 plan. He retains 1,326,594 shares, and has also sold 25,000 shares in two August transactions.
- PTC Therapeutics shares opened at $66.06, down 1.9%, with a market capitalization of approximately $5.51 billion. The stock is trading below its 50-day and 200-day moving averages and remains within a 52-week range of $57.74 to $90.87.
- The company exceeded quarterly expectations, reporting $0.92 earnings per share versus the $0.24 consensus and $360.52 million in revenue, up 101.5% year over year. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $98.55.
PTC Therapeutics, Inc. (NASDAQ:PTCT - Get Free Report) Director Michael Schmertzler sold 10,000 shares of the stock in a transaction dated Wednesday, September 9th. The stock was sold at an average price of $67.84, for a total transaction of $678,400.00. Following the completion of the sale, the director directly owned 1,326,594 shares in the company, valued at approximately $89,996,136.96. This trade represents a 0.75% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.
Michael Schmertzler also recently made the following trade(s):
- On Wednesday, August 26th, Michael Schmertzler sold 12,500 shares of PTC Therapeutics stock. The shares were sold at an average price of $72.94, for a total transaction of $911,750.00.
- On Wednesday, August 19th, Michael Schmertzler sold 12,500 shares of PTC Therapeutics stock. The stock was sold at an average price of $73.32, for a total transaction of $916,500.00.
PTC Therapeutics Trading Down 1.9%
NASDAQ PTCT opened at $66.06 on Friday. The company has a 50-day moving average price of $74.36 and a two-hundred day moving average price of $72.18. PTC Therapeutics, Inc. has a 52 week low of $57.74 and a 52 week high of $90.87. The stock has a market cap of $5.51 billion, a price-to-earnings ratio of -113.90, a price-to-earnings-growth ratio of 2.08 and a beta of 0.55.
PTC Therapeutics (NASDAQ:PTCT - Get Free Report) last released its quarterly earnings results on Thursday, July 30th. The biopharmaceutical company reported $0.92 earnings per share for the quarter, beating analysts' consensus estimates of $0.24 by $0.68. The company had revenue of $360.52 million for the quarter, compared to analysts' expectations of $298.63 million. PTC Therapeutics had a negative return on equity of 362.45% and a negative net margin of 3.80%.The business's revenue for the quarter was up 101.5% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($0.83) earnings per share. As a group, equities research analysts expect that PTC Therapeutics, Inc. will post 1.17 earnings per share for the current fiscal year.
Institutional Inflows and Outflows
Large investors have recently bought and sold shares of the company. Thrivent Financial for Lutherans bought a new stake in PTC Therapeutics during the fourth quarter worth approximately $4,191,000. Royce & Associates LP grew its position in PTC Therapeutics by 146.5% in the fourth quarter. Royce & Associates LP now owns 80,794 shares of the biopharmaceutical company's stock worth $6,137,000 after buying an additional 48,015 shares during the last quarter. Jefferies Financial Group Inc. increased its holdings in shares of PTC Therapeutics by 4.7% in the fourth quarter. Jefferies Financial Group Inc. now owns 1,658,481 shares of the biopharmaceutical company's stock valued at $125,978,000 after buying an additional 73,803 shares in the last quarter. Legal & General Group Plc increased its holdings in shares of PTC Therapeutics by 51.8% in the fourth quarter. Legal & General Group Plc now owns 366,265 shares of the biopharmaceutical company's stock valued at $27,821,000 after buying an additional 124,923 shares in the last quarter. Finally, Castleark Management LLC acquired a new stake in shares of PTC Therapeutics during the 4th quarter valued at $7,357,000.
Wall Street Analyst Weigh In
PTCT has been the topic of several recent analyst reports. Zacks Research downgraded PTC Therapeutics from a "strong-buy" rating to a "hold" rating in a research note on Thursday, August 6th. Cantor Fitzgerald increased their price target on PTC Therapeutics from $124.00 to $130.00 and gave the stock an "overweight" rating in a research note on Thursday, July 16th. Jefferies Financial Group raised PTC Therapeutics from a "hold" rating to a "buy" rating and raised their price target for the company from $76.00 to $85.00 in a report on Wednesday, May 27th. Weiss Ratings raised PTC Therapeutics from a "sell (d)" rating to a "sell (d+)" rating in a report on Tuesday, September 1st. Finally, Citigroup upgraded shares of PTC Therapeutics from a "neutral" rating to a "buy" rating and lifted their price objective for the company from $75.00 to $108.00 in a research note on Tuesday, June 9th. One analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, two have assigned a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, PTC Therapeutics currently has an average rating of "Moderate Buy" and a consensus target price of $98.55.
Read Our Latest Stock Report on PTCT
PTC Therapeutics Company Profile
(
Get Free Report)
PTC Therapeutics, Inc is a biopharmaceutical company focused on discovering, developing and commercializing medicines for rare diseases. The company uses technologies involving RNA biology, gene therapy and small-molecule drug discovery to address conditions with limited treatment options, including rare neurological and metabolic disorders.
PTC's commercial portfolio has included Translarna (ataluren), an investigational treatment in some markets for Duchenne muscular dystrophy associated with a nonsense mutation, and Emflaza (deflazacort), a corticosteroid approved in the United States for Duchenne muscular dystrophy.
See Also
This instant news alert was generated by narrative science technology and financial data from InsiderTrades.com in order to provide readers with the fastest and most accurate reporting. Please send any questions or comments about this story to [email protected].
